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Chris C
Chris C asked in Business & FinanceInsurance · 1 decade ago

can you get a loss of value check from insurance if you wreck your car?

My wife wrecked her 2010 Toyota Tundra in a parking garage. Someone backed out and didnt see my wife and my wife turned to avoid an accident but ran into a huge pole. The guy backed out pulled next to my wife to see if she was ok and took off. It did about 7200 worth of damage. Well I had a guy at work tell me that I should get a loss of value check from the insurance but I have to ask for it. Is this true do they really do that do they really give you what your truck lost in value because of that wreck. I dont want to sound like a schmuck and call and ask. And will I be penalized in any way for getting this if it does exist.

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  • Just Me
    Lv 5
    1 decade ago
    Favorite Answer

    Yes, it is called diminished value. It's factored by the insurance company and required in some states. Not all companies pay diminished value. You'll need to speak to your adjuster about it. If it's payable, it's automatically included in your settlement. BTW, you won't sound like a schmuck, I'm asked about it every week.

    Source(s): Owner of an insurance and financial services agency. Husband is an adjuster. Together, we have over 42 years experience.
  • Robin
    5 years ago

    2

    Source(s): Vehicle History Reports Database : http://vin.trustdd.com/?CCcn
  • Anonymous
    Lv 7
    1 decade ago

    I think what you're talking about, is called "dimunition of value". Very, very rarely, does YOUR OWN policy pay a dimunition of value payment. It's going to depend on what state you live in, and what your policy form is. In general, the dimunition of value, is about 3% to 6% of the damages. So IF you have that coverage, which is Not Likely, you'd be looking at around $350. You can ask your adjuster for it.

    It's MUCH more common, to get that from the OTHER guy's insurance, if he's at fault, depending on which state you live in. Some states flat out don't allow dimunition of value payments.

    No, there's no penalty.

  • Anonymous
    1 decade ago

    Read your policy first.

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