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Can I claim diminished value for a leased car?
I leased a car about 18 months ago, my car has around 9000 miles and a driver rear ended me while I was making a turn. The police officer cited the driver and his insurance company accepted the liability.
At this time the car is in body shop for repairs and I provided in writing that car has to be repaired in pre-loss condition.
Dealer said that if the car is repair to original condition I won't have to pay penalty when I turn my car in at end of the lease. I am wondering if I can claim diminished value for my leased car?
Do insurance company pay DV for leased car to lessee or lessor? if lessee get paid is it possible that lessor can ask the money to be given to them?
I believe my lease has GAP but I will double check it tonight.
The only person entitled to make a diminished value claim is the legal owner of the vehicle (the person who actually suffered such damage). The lessee is entitled to the that payment. If the insurance company pays the lessor by mistake, then the insurance company will try to recover that payment from the lessor.
If you are damaged by the drop on value (you had a penalty), then you could make a claim to have them pay for the penalty, but this would not be a diminished value claim, but a consequential damage claim arising of a breach of a contract created by the accident.
for more information, please see: http://www.auto-insurance-claim-advice.com/diminished-value-claim.html
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