Diminished Value
#21
Le Mans Master
z51vett
#22
Melting Slicks
I dont know what the laws are in your state. I suggest you call your DOT and get the facts direct from them or maybe your own Attorney. Where I live I know the State will take their license on an at fault accident for one year. To go beyond that 1 year either you or your Insurance Co needs to file suit and obtain a Judgement. That means they owe the judgement amount and they lose there right to Drive and own vehicles for 10 years. I know, I know, if they drive w/o Ins, they will drive w/o a license. At the end of 10 years, if you want to, you simply pay a small fee and Renew the Judgement. I kept renewing the Judgment for over 24 years and then he came to me and asked me what will it take to eliminate the Judgement. We entered into a Legal Agreement and he paid me monthly over several years. The State allowed him his license back as long as he kept up on the payments. You would really be surprised what having an Active Judgement on there record keeps them from doing. Cant get a CC, cant get a loan to buy a house, etc...
#23
Race Director
#24
Racer
Couple things...
Got hit in rear end by uninsured motorist. They had no insurance on their 10 yr old car, and obviously have no assets. My 07 Z51 coupe repaired under my uninsured motorist corverage (Louisiana) I had to pay $500.00 collission deductable out of my pocket. Does any one have suggestion on recovering diminished value on the vehicle? Also I had to pay $500.00 deductable for medical treatment for myself.
What peaked my interest here is you mention you paid a $500 deductible for medical expense you incurred and this confuses me.
I suspect if you look at your policy you will see coverage limits for BI (bodily injury), PD (property damage) and the next item should be "Medical Payments" which pays for medical expense for you/your passengers in the event of an accident. I have NEVER seen this coverage written with a deductible so it should be dollar one coverage. Did you turn your medical into your auto carrier? Maybe the $500 deductible you mention is from your private/group health insurance?
In any event, you have an alternative here and this involves the aformentioned "Uninsured Motorist" coverage. This coverage is intended to take the place of an uninsured motorist for any injury you/your passengers suffer as a result of the negligence of the uninsured motorist. It's like your company is taking the place of the liability the adverse driver SHOULD have had and you can therefore collect your damages just as if the other car was insured. Your damages would include medical expense, pain and suffering, lost wages etc.--just as if the other vehicle was insured. Your company would then take over subrogation (recovery) rights against the guilty party.
Hope some of this makes sense.
These posts get way down the list very quickly and I visit this site only every 4-5 days so I may not find any response you make. Feel free to email me at gbjerke@aol.com with any questions.
#25
I received diminished value under my uninsured motorist coverage (It does not go against your rates).
There are companies that figure diminished value for you - Do a google search for "Diminished Value Estimators" and you will get companies that will take all of your info (Charge a small fee) and prepare a COURT certified packet (Booklette) specifically for your vehicle to submitt to your insurance company. And, if it does go to court - The documents are already in court accepted format.
Marc
There are companies that figure diminished value for you - Do a google search for "Diminished Value Estimators" and you will get companies that will take all of your info (Charge a small fee) and prepare a COURT certified packet (Booklette) specifically for your vehicle to submitt to your insurance company. And, if it does go to court - The documents are already in court accepted format.
Marc
#26
Le Mans Master
In Louisiana it is agains the law to drive wihtout insurance - but if you do nothing happens unless you get caught
now if you hit them they can sue the pants of you - but if they hit you - oh well - but we keep voting thes A$$ in office to make laws - no insurance you should not be able to sue and if you cause and accident you should go to jail for a while -
I spoke to a couple of Louisiana Representatives (lawyers of course) and they disagreed with me - can you belive that LOL
now if you hit them they can sue the pants of you - but if they hit you - oh well - but we keep voting thes A$$ in office to make laws - no insurance you should not be able to sue and if you cause and accident you should go to jail for a while -
I spoke to a couple of Louisiana Representatives (lawyers of course) and they disagreed with me - can you belive that LOL
#27
Le Mans Master
I tried that one on my dad years ago......His response was "No,but I can get the f**king turnip.
#28
Instructor
Member Since: Oct 2007
Location: Social Circle GA
Posts: 166
Likes: 0
Received 0 Likes
on
0 Posts
Thanks for more input. Here some of other facts. I guess I could sue but they obviously have no/few asset and no or low pay job.(flyboy48, you are spot on with your observation) Louisiana does require insurance, but so what. They will just get driver license revolked; so now they drive any way without ins or DL. Approx $8500 damage to my car and I had to pay $500 deductable on collision and $500 deductable on medical; and I not at fault!