Re: diminished value was: insurance company hassles

[Michael Fennell <mfennell@xxxxxxxxxxxxxxxxxx>]

Mark Williams wrote:

>  I do think that the Average Jane or Joe
>  would agree that a repainted fender on a Ferrari F50 would diminish the
>  value. 

[lots of good stuff snipped]

then:

> I can tell you that in the state of Texas (where the state writes the
> insurance policy) recent law has overturned diminished value for an
> insured.  These claims were paid in the past but the Texas Department of
> Insurance has recently ruled that as an insured, one is NOT eligible for
> a diminished value claim. In an uninsured motorist claim (where the
> insured is handled as a claimant) or when a claimant has damages due to
> the negligence of an insured , then there is the ability to have a
> diminished value claim.  Otherwise, NO insured is entitled to diminished
> value. 

"when a claimant has damages due to the negligence of an insured"  Doesn't
that mean any accident when the claimant isn't at fault?

IOW, if you hit my $600k F50 (yeah, right), I'm elegible for diminished
value (and those Ferrari guys are NUTS about "no paintwork") but if I hit
something myself, too bad.  If I'm understanding this right, that seems
fair to me.

In truth, I've never known anyone to get reimbursed for diminished value
(I live in NJ, BTW) but I don't work for an insurance company.  I just
give one money. 

Mike Fennell

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