Arizona Recognizes Diminished Value Claims for Unsold Vehicles
Insurances companies are ruthless. You want proof?
Consider the recent case of _ Oliver v. Henry_ where the insurer fought, all the way through the Court of Appeals, the fact that an accident victim expereinced a loss in the value of his vehicle after an accident. Though the vehcile was repaired, the insurer balked at the idea that the victim experienced any actual or provable loss in the vehicle's value since he did not "sell, exchange or otherwise dispose of the vehicle."
Fortunately, the Court set this straight holding that, even though the victim retained the vehicle and even though the vehicle was repaired, the accident victim still suffered an actual and provable financial loss to the vehicle's total value. While we don't consider this an earth-shattering conclusion, it shows how difficult insurers make it for victims of accidents to be "put back" to their pre-accident status.
Which insurer can you thank for this one? Why your "Good Neighbors" at State Farm.