sorry if I'm not understanding what it means to be compensated for depreciation.
It's called
accelerated depreciation when it comes to damages. When you get the vehicle back from the shop it will have depreciated faster than it would have were it not for the accident because when you sell and disclose the accident your car isn't as desirable as a no-accident vehicle.
It is diminished value. Sorry
That too. You plead both when you sue but they're basically the same.
50K DAMAGE!!! We will sue for 15k for diminished value.
I thought the car was totaled? If so, you will be paid its actual cash value, unless you have a replacement cost endorsement on your policy. Do you? That's different than gap.
It seems to me that there are two potential claims you have:
First party coverage that your insurer owes you -- and then your insurer will subrogate against the at-fault driver's insurer.
Third Party Claim against the at-fault driver, for any damages not covered by your insurance -- you insurer will also recover its damages so you need to work with them. The at-fault driver does not owe you a new Tesla. Only its actual cash value as of the date of loss. Otherwise, someone could get a 2017 Toyota for their 1995 beater. You are also entitled to any out-of-pocket expenses you incur, that you would not have incurred except for the accident. These are called special damages whereas the payment for your vehicle is compensatory damages.
My daughter was rear-ended in our Leaf by a truck and pushed into the vehicle in front. Fortunately, she was fine. After nearly two months in the shop, and $15k in repairs, we got it back. I then went for accelerated depreciation and issued a demand for $5k but advising I would sue for $10k if payment was not made within three weeks. I got their proforma letter in reply saying I needed to show that the repairs were not done properly, and expert evidence on damages by appraisers and that I was not entitled to anything further since the car was repaired to its pre-accident condition. I emailed the person who wrote the letter with links to ads for used Leafs showing the price difference between rebuilt salvage and no accidents. I took the position that my vehicle was no different than a rebuilt salvage and $10k was supported by the ads. I said I didn't need an expert to prove the quantum of damages and it didn't matter how the repairs were done, and I would see them in smalls claim court if they didn't pay. I got an email in reply saying the cheque for $5k was being issued. It wasn't worth my time to sue for more and I felt that was fair.
This was a few years ago when Leafs were expensive up here. That's why they fixed it instead of writing it off. Now you can buy a Leaf down south for $5k. They're still more expensive up here but a lot are now being imported since even with our low 70's cent dollar, it's worth paying the import costs and getting the mods to make it legal given their price up here.
*Please note I only post my personal opinions and never legal advice, including in this post. Do not rely on what I say since it could be wrong.
