Does an The insurerinsurance company have to pay depreciation on a car after accident, if odometer reading is over $100,000?
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Does an The insurerinsurance company have to pay depreciation on a car after accident, if odometer reading is over $100,000?
The insurer is paying repairs but not the depreciation value on the car. Blue book takes odometer reading into consideration when it places value on car. So why won’t the insurer pay?
Asked on December 21, 2011 under Accident Law, Virginia
Answers:
Wayne Patterson / Wayne Patterson Attorney at Law
Answered 12 years ago | Contributor
The legal term is diminution of value or diminished value and the insurance companies have taken a stance that if a vehicle in a car accident has over 100,000 miles there is no loss of value. This is not neciessarily true and it is absolutely not the law. If you file suit against the other party, they will usually pay you something but you will have to file suit, usually in small claims court.
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