pearlite TL

iTrader: (1)

So i was hit in the Blockbuster parking lot and the guy stopped and told me he hit it and i got his insurance and the insurance company fixed it. I recieved a check in the mail for 450.00 for loss of vehicle worth. I think thats kinda low consider the damages were around 1100 dollars. Do i call this person back and demand more... or what this is the first time this has happen

LiquidLunch

I see you are in Atlanta, so the check you got was probably for dimunition of value which is recognized in Georgia. Georgia law states basically that since you car has been in an accident, the value of the car is reduced and thus the insurance company owed you for lost value as well as the cost of repairs.

Most states don't recognize dimunition of value. You should still be getting you car repaired at their expense or a check for the estimate of damages.

pearlite TL

iTrader: (1)

yes i got the car repaired at their expense and also recieved a check for the amount above. What I am asking is... is it fair what they gave me or am i getting screwed

LiquidLunch

The way they calculate dimunition of value is pre determined by the state of Georgia. The insurance company should be able to provide you with a worksheet showing how they determined the payout if you request it.

pearlite TL

iTrader: (1)

Thanks I will contact State Farm tomorrow on information.

chairguru22

That seems like a bonus check! Does PA have one of those??? I hope I never have to actually receive one though...

pearlite TL

iTrader: (1)

not sure, its nice but just wondered whether the check was worth enough and i dont see why every state doesnt do this!

Majofo

damn.. money for parts.. I hope someone bumps my car and I get dimunition funds.

jvinhj240

wow, they fixed your car and give you a check? i am more than happy to take that check anytime.

epleeds

thats awesome...wish they had that in virginia

pearlite TL

iTrader: (1)

ok so maybe i was being alittle greedy I will just take the check and move on

pokin

No offense, but +1
The guy is a saint and his insurance company appear to have resolved this very fairly.

LiquidLunch

Most states follow the rule of preloss condition- the insurance company is required to repair your car to the condition it was in prior to the accident and if they do so then the value of the car has not been diminished. This is good in theory, but some insurance companies know how to work around the laws.

Georgia is the only state that does not follow this idea.

TheChamp531

iTrader: (3)

So what would happen if the car is a total loss? Pay you the vehicle price times 2?!