Accident Help

[meenaggie]

Third-Party Claim (You are not at fault): If the accident was the fault of a third person, Connecticut case law holds that the negligent person is responsible for the diminished value of the vehicle. A person whose vehicle is damaged in an accident may submit a third-party claim alleging diminution of value against the negligent driver's auto insurance policy. The policy's property damage liability coverage pays for property damage for which the insured is legally responsible. The measurement of damages recoverable is the vehicle's reasonable market value before the accident minus its reasonable market value after the accident, plus interest from the date of loss.

First Party Claim (You are at fault): In Connecticut, a claim under a person's personal auto insurance policy (“first-party claim”) for diminution of value is typically not covered. The policy language specifies that the insurance covers the cost of repairing the vehicle or, if considered a total loss, the actual cash value. It does not specify payment for lost market value. The policy may even include specific language excluding coverage for diminution in value.

More info can be found at the link below. Have to love google - "diminished value in Connecticut".



http://www.cga.ct.gov/2007/rpt/2007-R-0011.htm

P.S. I live in Texas and my wife was in a "he said, she said" accident where fault was not established. I ended up selling the car for less than the repair bill becuase I was not able to use the diminished value to total the car.