Is there such thing as limits for property damage pay out for third party Diminished Value Claim?

Asked over 1 year ago - Fort Lauderdale, FL

Was in an accident. Other driver's insurance admitted 100% liability. My car's damage was $9300, fixed and paid for by the other's insurance company. I filed for Diminished value of ~$8000 . They said that there is a property damage limit of 10k (they only brought policy of up tp10K property damage). After fixing the car, they can only pay out ~$1700. Could that be true? Is there anything else I can do to make the insurance company pay?

Attorney answers (7)

  1. Chris Matthew Limberopoulos

    Contributor Level 16

    6

    Lawyers agree

    Answered . You can file suit against the other driver for the entire amount of the damages.
    Don't sign off on anything until you have consulted with a lawyer.

  2. Jeffrey Robert Davis

    Contributor Level 14

    6

    Lawyers agree

    Answered . If the insurance carrier has handled the claim correctly and in a timely manner,the 10,000 limit of coverage is the most you can get from the insurance company. You can reject the insurance money and proceed to sue the at fault driver/owner individually if you believe they have sufficient assets to cover your full loss.

  3. Matthew Phillip Konecky

    Contributor Level 15

    6

    Lawyers agree

    Answered . It could be true that there is only a $10,000.00 property damage limit. You should have a personal injury attorney in your area review the other parties insurance policy and your insurance policy to make sure there is not another way you could recover more. Review my website to see if it answers any other questions you may have.

  4. Richard H. Wooster

    Contributor Level 11

    5

    Lawyers agree

    Answered . Yes, property damage coverage can be limited just like personal injury limits. That is only a limit on the amount of insurance available. If the at fault driver has any assets or income, you can get a judgment against them personally.

    This response does not create a lawyer client relationship. Each case is determined on its specific facts and... more
  5. S. David Rosenthal Esquire

    Pro

    Contributor Level 18

    4

    Lawyers agree

    1

    Answered . Yes, insurance policies do have limits for property damage liability. You should get the "declaration page" from the at fault person's insurance company so you can verify the limit and make your decisions accordingly.

    Good luck.

  6. Christian K. Lassen II

    Pro

    Contributor Level 20

    3

    Lawyers agree

    Answered . Yes.

    Only 29% Contingency Fee! Phone: 215-510-6755 www.InjuryLawyerPhiladelphia.com
  7. Marc Philip Lyons

    Contributor Level 2

    Answered . If you confirm that the responsible party only has a 10k policy, you are limited by that amount. Most likely, an individual with a small policy like this does not have assets worthy of not accepting the policy limits in exchange for a complete release. You should retain an attorney to verify assets and advise you of the best course of action.

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