Legal Question in Insurance Law in New York
rear ended 3rd party insurance refuses to acknowledge diminished value
i was rear ended the other driver whom was at fault has liability coverage and they admit 100% fault but refuses to acknowledge payment for diminishied value.
i was driving a 2005 with just 5000 miles and only had the car for 9 months. the estimated damage is atlest $7,000.00 and the pre loss value is about $14,000.00 the diminishied value even after a good repair is estimated at 40% of pre loss value. the car has not even started repairs. will it make sence to ask for a total loss as i have been driving a rental paid for by the 3rd party and the waranty may be voided as a result of the accident. how do i demand they acknowledge the diminished value and get paid in full for my loss
1 Answer from Attorneys
Re: rear ended 3rd party insurance refuses to acknowledge diminished value
NYS does not recognize diminsihed value as an element of damages.
Good Luck.
RRG
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