What are my legal rights iregarding diminished value?
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What are my legal rights iregarding diminished value?
The at-fault driver’s insurance company states they will only compensate if I trade in. Over $14,000 worth of damages they are charging to fix my vehicle which has less than 18,000 miles on it. It’s still in body shop and the accident happened over 1 month ago.
Asked on February 5, 2013 under Accident Law, South Dakota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country the measure of damages with respect to a car in your mattr is the lesser of the costs of repairs or the vehicle's fair market value at the time of the accident. You seemingly are entitled to the costs of the repair of your vehicle and no "diminished value" if you keep it under the law.
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