|
|
Article: State Farm Loses Appeal on Diminished-Value Claims. (State Beat - Georgia).
- Article from:
- Claims
- Article date:
- January 1, 2002
CopyrightCOPYRIGHT 2002 Insurance Week, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Insurers will have to reimburse motorists for the diminished value of their vehicles, in addition to the cost of repairs after a collision, the Georgia Supreme Court has ruled in State Farm Mutual Automobile Insurance Co v. Mabry, et. al.
The decision will do nothing but drive up the cost of insurance for Georgia motorists, according to the Alliance of American Insurers, which expressed disappointment with the riling. "It is a clearly recognized fact that when an insurer has paid for full and adequate physical repair to a damaged vehicle, its obligation under the policy is satisfied, and it is not required to pay for any reduction in market value of the vehicle," ...