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I would never pay out on a diminished value claim.
Why? It's a completely legitimate claim. Example: you are stopped at a red light in your brand new GT4. You are broadsided by a Ford F150 with a "make America great again" bumper sticker. GT4 is crunched up real good. You are zero percent at fault. Your GT4 is no longer worth what it was 30 seconds earlier, in fact it's worth significantly less even after all repairs have been completed, easily $10k or more in diminished value. Which car would you personally purchase first, an accident free vehicle or a smashed up and repaired vehicle all other factors being the same?
Why? It's a completely legitimate claim. Example: you are stopped at a red light in your brand new GT4. You are broadsided by a Ford F150 with a "make America great again" bumper sticker. GT4 is crunched up real good. You are zero percent at fault. Your GT4 is no longer worth what it was 30 seconds earlier, in fact it's worth significantly less even after all repairs have been completed, easily $10k or more in diminished value. Which car would you personally purchase first, an accident free vehicle or a smashed up and repaired vehicle all other factors being the same?
Let me tell you, its going to be the greatest car repair ever. Best ever. It going to be great. I guarantee you will love it.
You drive on the road you take the risk, and they are called accidents for a reason. Only the only thing good about living in a no fault state is I don't have to worry abut someone attempting to claim diminished value. The whole idea I think is inhearantly absurd.
You drive on the road you take the risk, and they are called accidents for a reason. Only the only thing good about living in a no fault state is I don't have to worry abut someone attempting to claim diminished value. The whole idea I think is inhearantly absurd.
You've obviously never tried to trade in a car that has been in an accident and "fixed". If you think you get already bent over trading in a car that's never had any work done, just wait...it's a whole new level.
You would really pay the same for your M3 if it had been rear-ended and fixed as compared to an identical car that has never had any damage whatsoever? Really?
You drive on the road you take the risk, and they are called accidents for a reason. Only the only thing good about living in a no fault state is I don't have to worry abut someone attempting to claim diminished value. The whole idea I think is inhearantly absurd.
As we've told you before, MI does not equate to the entirety of the US and just because it has certain laws has no bearing on the laws in other states.
We have also previously shown that you don't even know the laws in MI nearly as well as you think, and this is yet another instance of that being true. MI does indeed allow for Diminished Value claims and you have up to 3 years on the statute of limitations for said claim. You can not, however, make the claim against an uninsured motorist (e.g. having your own insurance pay out the DV).
So unless you are driving around without insurance at all or fleeing the scene of accidents, yes you are indeed on the hook for DV claims regardless of if you like it or not.
As we've told you before, MI does not equate to the entirety of the US and just because it has certain laws has no bearing on the laws in other states.
We have also previously shown that you don't even know the laws in MI nearly as well as you think, and this is yet another instance of that being true. MI does indeed allow for Diminished Value claims and you have up to 3 years on the statute of limitations for said claim. You can not, however, make the claim against an uninsured motorist (e.g. having your own insurance pay out the DV).
So unless you are driving around without insurance at all or fleeing the scene of accidents, yes you are indeed on the hook for DV claims regardless of if you like it or not.
Just because you found a web site claiming you have three years to claim diminished value, please cite a MCL that states such. While I may be wrong, I have yet to find any law allowing such action. And no where in my post did I ever claim, or suggest anything or any law in any state other than my own. And at the end of the day, good luck seeing someone civilly over a car accident in MI, mini tort laws limit the amounts and types of action a person could pursue in civil court. I don't pretent to be the end all be all when it comes to insurance in MI, however I deal with these types of actions on almost a daily basis, and in 16yrs I've yet to come across one in MI. Doesn't mean they don't exist, however I've yet to find it.
Just because you found a web site claiming you have three years to claim diminished value, please cite a MCL that states such. While I may be wrong, I have yet to find any law allowing such action. And no where in my post did I ever claim, or suggest anything or any law in any state other than my own. And at the end of the day, good luck seeing someone civilly over a car accident in MI, mini tort laws limit the amounts and types of action a person could pursue in civil court. I don't pretent to be the end all be all when it comes to insurance in MI, however I deal with these types of actions on almost a daily basis, and in 16yrs I've yet to come across one in MI. Doesn't mean they don't exist, however I've yet to find it.
The closest I could get without reading every chapter is that it is all buried somewhere in section 500 from an Act in 1958.
Enough MI based law firm websites make the claims about both the existence of DV in the state as well as the time limit, however, that I'll continue to bet that they know what they are talking about unlike some that try to sound knowledgable about things when they are in fact not.
Just because you haven't experienced a DV claim doesn't mean it's not possible, it just means you haven't seen it. The average driver isn't aware that DV even exists and many insurers go out of their way to convince people to not pursue it if you do know enough to ask.
In michgan you cannot make a third party claim against damages sustained to your vehicle in an accident expect when it is parked. When it is parked your vehicle falls under the property portion of the mandatory minimum PL/PD coverage. That is the only time you can make a third party claim against the at fault drivers insurance to recoup damages to your vehicle cause from an accident. Again in Michigan it doesn't matter who's at fault, who caused the accident, or who did whatever. If you are not carrying full coverage insurance with either broad form or standard collision, then you are not getting a dime if your vehicle is wrecked.
10-21-2016, 10:52 AM
