Car Insurance Policies California CA
Reader’s Question:
I live here in California and diminished value payment on car insurance policies is excluded in this state. Do car insurance agencies have their own language regarding diminished value?
Noel
San Bernardino, CA
There in an Insurance Services Office or ISO filing that particularly keeps out compensation for diminished value. This states that diminution in value is the definite or apparent loss in market or resale value which is the outcome of a direct or unintentional loss. Since you live in California and this is a state wherein the insurance department has approved this document and your car insurance agency has accepted this policy language, you would have no luck in obtaining payment for “diminished value” of your vehicle in case you get into a vehicular crash. In case you want to make sure that this applies to you, go over the back of your underwriting documents for the “auto exclusion endorsement.”
Moreover, car insurance agencies that employ their own policy language are now counting particular exceptions for diminished value. For instance, State Farm utilizes their own policy wording, not the filing of the ISO, and keeps out diminished value car insurance claims in every state, not including Georgia. This particular car insurance agency does not think that it is natural that the value of the vehicle decreases following a car crash if the suitable repairs by an expert have been done as they must be. Also, Progressive, another car insurance agency, states that their policies keep out diminished value in all but a couple of states and they utilize their own policy wording where allowed by law.
Tags: car insurance, car insurance agencies, car insurance claims, car insurance policies