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Article: The contentious issue of diminished value. (For the Record).
- Article from:
- Claims
- Article date:
- June 1, 2002
- Author:
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)
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Several class action suits have been filed on behalf of policyholders in jurisdictions throughout the country based upon the theory that once an automobile is repaired, the value of the vehicle is lessened. The lawsuits seek compensation for the alleged loss in value, and often are woven into class action litigation concerning aftermarket parts.
Insurers have countered that if a vehicle is properly repaired, it generally does not lose value, even if it has been in an accident. Though there are well over 60 million automobiles in the country that have been repaired as a result of accidents, none of the price appraisal guides, such as the NADA Official Used Car ...