No Insurance for Diminished Value of a Vehicle
Most of us have experienced the nightmare of a "fender-bender." Even if you are lucky enough to escape physical injury, a simple car accident can still lead to problems, aggravations, frustrations, and inconveniences. You may find yourself without a vehicle or with a vehicle that needs repairs. You may struggle with insurance companies in order to get a property settlement. Even after your vehicle has been repaired, it remains damaged in your eyes and in the eyes of others. It has lost that new feel and look. When you try to sell it, potential buyers will be suspicious of the repairs and may be leery of buying a previously "wrecked" vehicle. Unfortunately, there is not a thing you can do about it except to drive defensively and stay out of accidents.
The Texas Supreme Court recently ruled that the Texas Standard Personal Auto Policy does not provide coverage to compensate an insured policyholder for the diminished market value of his or her vehicle if it has been adequately repaired. For all of us covered under the Texas Standard Personal Auto Policy (which is just about everyone), buckle up, drive safely, and try to avoid accidents. If you find yourself in a car accident and your vehicle needs repair, be satisfied if the insurer makes complete and adequate repairs to your vehicle. There is no reason to fight with the insurance company to try to recover for the diminished value of your car, a matter for which the insurance company has no legal liability. Save your energy for those fights you can win!
Remember, if you need a personal injury lawyer or a wrongful death lawyer, the lawyers at Dallas law firm Street and Ragsdale are here for you. Contact our lawyers if you'd like free no-obligation assistance with your case.
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