QUESTION
My question has to do with my rights as a Massachusetts resident regarding the diminished value of my car after an accident that was not my fault.
Asked on Aug 02nd, 2012 on Automobile Accidents - Massachusetts
More details to this question:
Earlier this month my 2010 VW Golf (in excellent condition with only 17,000 miles) was hit from behind by a driver who lives in New York. According to the insurance estimate, the damage to my car is approximately $2,200 and includes repair to the frame.
According to the online Kelly Blue book value calculator (private party sale), my car before the accident was in excellent condition worth $14,437 and after the accident the same calculator now considers my car ¿Fair¿ and values it at $12,237. That¿s $2,200!
I would appreciate advice on my rights and whether insurance companies handle ¿diminished value claims¿ or if this is something I would have to pursue independently. Thanks.
1 ANSWER
Unfortunately, the at fault party's insurance is only responsible for fixing your vehicle. The MA auto policy does not speak of any responsibility for "diminished value." They owe you nothing else. In the laws eyes, you have been made whole. I know it is not fair, but this is the law.
Steven A. Schwartz
JOEL H. SCHWARTZ, P.C.
Boston, MA 02108
(617) 742-1170
sas@joelhschwartz.com
www.joelhschwartz.com
Answered on Aug 06th, 2012 at 1:43 PM