Know your rights when your vehicle lost value after an accident law.
Introduction Vehicle Lost Value After An Accident Law Connecticut
Who wants to buy a car that has been in a wreck? I mean someone will. But no one is interested in paying full value for the car. They’ll want a discount of some sort.
So you’re in a car wreck. The shop is doing repairs. Maybe they have even given you a decent rental car. The person who hit you’s insurance company is paying for the repairs.
Should the insurance company in Connecticut have to pay for your car’s loss of value?
The answer is they do.
Vehicle Lost Value After An Accident Law Connecticut
Connecticut law says that when someone is at fault in an accident they have an obligation to make the person they hit whole. Not half whole. Not partially whole. But whole whole. This means they have to pay for your repairs, your rental car, your loss of income, your medical bills, your pain and suffering, and any future medical bills.
The Office of Legislative Research summarizes the difference between making a claim against the person who hit you and the claim against your own insurance (very different).
If the accident was your 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.
If the accident was the fault of someone else
Connecticut case 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 claim for diminution of value against the negligent driver’s auto insurance policy. The policy’s property damage liability coverage pays for this. The measure 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.
What To Do
The fact that the insurance company has to pay for the loss of your car is bedrock Connecticut law (Littlejohn v. Elionsky, 130 Conn. 541, 36 A.2d 52 (1944)).Insurance companies often try and tell people the law does not cover loss of value. Or they lie through omission by telling them nothing at all. Insurance companies are not your friend. These kinds of claims are called diminished value claims
I’m not a property damage lawyer. I don’t take any fee on property damage claims from car wrecks. I’m an injury lawyer who understands that one of the first problems my clients often face deals with getting their car fixed after a wreck. I know. I’ve been there. The last thing you want to deal with as you are trying to get better is an insurance company out to pay you as little as they possibly can. If you think they’re not going to be fair with your property value claim you can imagine how they’re going to treat your injury claim.
If you have been injured in a car wreck and would like a free consultation please contact me – Ryan McKeen at 860 471 8333 or ryan@cttrialfirm.com Take the next step. I can help you navigate this area of law.
I’ve been honored by the Connecticut Law Tribune as a Personal Injury Hall of Fame inductee. In 2015, I achieved one of the highest settlements in the State of Connecticut – 2.25 million. I have settled multiple cases for over $100,000. But none of that matters. That is about me. You can read more about me on my Avvo profile.