OT: Insurance question "diminished value"

[sscherin]

Insurance question

If I am hit (not at fault) will their insurance have to pay for diminished value in Colorado?

IE the car is now worth less because it's been in an accident and repaired.

The car in question is a 2004 model that had never been hit before.

[Lowenbrau]

There is not dimished value settlements in auto insurance. The main reason is that it is not a defined amount. It cannot be quantified what that would be, and in addition resale value is not a consideration. Sorry....



Mike

[sscherin]

Yes there is.. Georgia has a law regulating the how they calculate it.
It's called Rule 17.

I haven't found much information on where Colorado law stands on it.

http://www.jurispro.com/uploadArticles/Zalma-Dimunition.PDF

http://www.google.com/search?hl=en&q=diminished+value+colorado&spell=1

[Lowenbrau]

I am a sales manager for an insurance company here in Colorado and was an adjuster (property). There is no diminished value laws in Colorado that i am aware of...I was just trying to help you.

[Neptune270]

So, Lowenbrau! does your Honey ever buy the "Been there for weeks line"

[Lowenbrau]

uh...no.

[sscherin]

OK thanks.. I thought you were trying to say there was no Diminished value at all.. I can understand nothing for CO.

Thanks for the info..
I'm just trying to go into this with as much info as possible.