How does a victim in an accident recover the loss in value to his vehiclecar fax if he chose to use his own insurance to have his car repaired?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How does a victim in an accident recover the loss in value to his vehiclecar fax if he chose to use his own insurance to have his car repaired?
Victim me used own collision coverage to have car repaired but now concerned
about loss in value to my vehicle after repairs have been completed.
Asked on July 31, 2016 under Accident Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
There is no recovery for loss of value after the completion of repairs: when a car is damaged by another, at-fault driver, the at-fault driver is liable to pay any repair costs not paid by your insurance; however, he or she is not obligated to pay for your theoretical loss of future value. (It is theoretical becasue you don't know now if or when you will sell the car, or for what amount; therefore, the loss hypothetical or speculative, and the law does not provide compensation for speculative or theoretical losses, only for actual provable ones.)
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.