After a car accident, it is possible that your vehicle will no longer maintain the same value as it did before it was hit by the other vehicle. When you make a claim on the other driver’s auto insurance policy, the company may owe you diminished value on your car in Fort Worth, Texas.
Details of the Situation
A diminished value claim occurs when the car is worth less after repairs than it was before the accident. The insurer offers funds to pay for the damages to your vehicle as well as the reduced value of your assets.
Even though it may be possible to make a claim on the other driver’s policy, every insurer is different and the details of that individual’s plan may not include coverage for the diminished value of your vehicle. In general, drivers are only required to maintain the state minimum insurance, which focuses on liability and personal injuries. As a result, the insurer may be able to refuse your claim for further compensation.
Finding a Solution
Since the situation can contribute to your options, the best way to overcome the challenge is finding a personal auto policy that is appropriate for the situation. In some cases, an under-insured driver may cause your accident, which means your own insurance policy may need to provide funds to recover the full loss of your vehicle.
The insurance policy of another driver is not something that you can control, so your claim may only result in the cost of repairs or any medical bills. Contact Strack Insurance Services to talk to an independent agent for more information about the coverage options that may help.