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Hit and Run Driver Diminished Value
I was rear ended by a hit and run driver in a brand new 2012 Toyota Camry (less than 1000 miles on the vehicle). The hit and run driver fled the scene of the accident and has not been found.
I have full coverage on the car (comp, collision, and Uninsured Motorist). The car has over $10,000 of damage that will be repaired. Am I entitled to submitting a claim to my insurance company for diminished value if the hit and run driver is never found?
Answer to Hit and Run Driver Diminished Value
You have a third party diminished value claim against the hit and run party. Assuming that the hit and run driver cannot be found or does not have insurance, the Uninsured Motorist coverage puts would place your carrier in the "shoes" of the person who hit you. They would have to compensate you for all damages.
You would be entitled to a third part Diminished Value Claim, so your coverage should consider the claim.
Now, insurance companies in some states are "disclaiming" economic damage. They are agreeing to only repair or declare a total loss. Some states uphold these clauses some do not.
The first step is to look at your coverage right under the Uninsured Motorist coverage and see if there is an exclusion for economic damage. If there is, then talk to a local attorney.
I hope this helps,
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