Is there a law in Alabama regarding diminished value.
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Is there a law in Alabama regarding diminished value.
I had a wreck and was not at fault. there was extensive damage to my truck.the repair bill was almost 50% of the trucks value, sections of the door post and frame had to be cut out and re-welded, and the entire passenger side had to be replaced. I took it to a reputable dealer who informed me that due to the extensive damage, it was now worth about $6000.00 less due to the accident. The other parties insurance co. said they would only pay $1500.00 and that was thier final offer. I refused this amount, and want to know what recourse I have.
Asked on June 30, 2009 under Accident Law, Alabama
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I think your damages are what the repairs would cost. Since if the value of the truck is down $6000, I'm assuming that the repairs are at least $3000, so $1500 wasn't a fair offer. If it had been, you might have been out of luck.
Please, put this case in a lawyer's hands. It sounds like the other person's insurance company is not ready to give you a fair settlement; getting a letter from an attorney might persuade them to "reconsider" and do the right thing. You aren't going to get compensated for the diminished value, though.
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