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For all the inadequacies of an internet forum compared with, say, Instagram, this particular forum has been an outstanding source of information about the minutiae of insurance policies. Such details are typically very difficult to tease out from either reading your policy or by asking questions, often because it's hard to know what questions you need to ask. Since following the various threads on the subject, I've upped my coverage and also added an umbrella policy. I'd never previously even heard of umbrella policies, having come from a far less litigious country. It's also become very clear to me now just why the US is so litigious, since there so is so little regulation around the minimum amount of coverage you can legally carry.

Anyway, I'd like to say thanks to all those in this thread and others who have taken the time to share their knowledge and expertise.
Having been in the industry for 26 years it’s nice to have an overlap between my profession and my hobby!!!
 

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There are two different potential first party coverages available: (1) un/under-insured motorist; and (2) collision. The OP needs to carefully read his policy language and research the governing law to determine whether diminution in value is covered, or whether the first party coverage is limited to repair costs.

Importantly, first party property damage coverage (e.g., collision insurance) is much narrower than third party liability coverage. Pursuant to liability insurance, the insured is covered for the entirety of the third party claimant's recoverable damages, regardless of the nature of the damages, and including diminution in value. Therefore, if a third party sues an insured for, inter alia, diminution in value, the insured's liability insurance covers the diminution in value claim. Conversely, first party property damage coverage is strictly limited by the terms of the policy and typically does not cover diminution in value damages.

Again, for my fellow California residents, in State Farm Fire & Casualty Co. v. Superior Court of San Diego County, 215 Cal. App.3d 1435 (1989), the California Court addressed the difference between first party property damage coverage and third party liability coverage:

"The Geddes and Eichler cases involved liability insurance while here we have property damage insurance. This is an important distinction. . . . Property insurance . . . is an agreement, a contract, in which the insurer agrees to indemnify the insured in the event that the insured property suffers a covered loss. . . . On the other hand, the right to coverage in the third party liability insurance context draws on traditional tort concepts of fault, proximate cause and duty. This liability analysis differs substantially from the coverage analysis in the property insurance context . . . In liability insurance, by insuring for personal liability, and agreeing to cover the insured for his own negligence, the insurer agrees to cover the insured for a broader spectrum of risks."

The Court went on to hold that, under the policy language at issue in that case, diminution in value damages were covered by the third party liability insurance, but not the first party property damage insurance. The law in other states may be different.

As previously noted, I am NOT a personal injury or insurance coverage attorney and the foregoing is merely the product of my personal experience seeking recovery for my own damages following an accident caused by a third party. Please do not rely on my informal musings.
 

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Discussion Starter · #44 ·
Well I actually collected a diminished value claim about 10 years ago on my wife's Genesis. She was t-boned by a drunk driver that left the scene but was caught about 10 miles down the road. It wasnt until I tried to trade the car in more than a year later did I realize the extent of the damage and the affect it had on the trade in value. I called the guys insurance and make the claim. They didnt say Sure we will pay without a bunch of calls and the usual run around. They ended up paying about 15-20% of the value. Didnt even think to call a lawyer at the time.

By the way, the adjuster for Esurance is clueless - not impressed with any part of how they have interacted at this point.

State Farm has already been in contact with the dealer in West Palm and started the process of getting the car shipped. Come to find out, State Farm really doesnt like Demmitt in Tampa. They said if I used them I was on the hook for any charges they didnt agree with or fit into their model. West Palm was not on the shit list and had good feedback from others, so it is being sent there.
 

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Florida does not provide or offer UMPD. In Florida you just can increase your collision coverage. Florida UM is for liability coverage only.
yeah if one has full insurance coverage then there is no coverage for uninsured or underinsured motorists by my way …. It won’t even allow you to get the coverage .

Now if you have liability only then it will allow you to get U.M. But the limit is , ready for this $3k maximum payout and you have to get some evidence like a picture or license plate if the car that you had a collision with .

there are many , many cars on the road that have liability only and most states the amount is very , very low (like the cost of rotors on a mclaren).

New Hampshirite is the only state that doesn’t require any car insurance at all.

obviously the only cars that can have liability only are those ones that do not have a loan /lease lien .

regarding the license suspended thing … there was an interesting post on rennlist a few years ago where the persons registration wasn’t renewed and his insurance company was trying to get out of paying for an accident that he was involved in (his registration had only been expired for one week )
 

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That won’t stop coverage. As you can imagine it’s a daily occurrence in Florida. Suspended or even no license won’t void coverage.
... I haven't read all the comments in detail, but could be another problem if the POS convict is a member of the insured's household, but not listed as a driver on her policy. If not a member of the insured's household, then her insurance should cover under the 'permissive user' doctrine (or whatever it's called in that state).
 

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Already addressed with State Farm and they were very quick that that isnt covered in their policies but would fall on the at fault insurance.

While I dont thing this guy will have any assets to speak of, but, the owner of the truck he was driving does. She owns a $480k house that the dude also listed as his address (and where he is registered at as a sex offender). I would guess she would have personal liability since he was driving her vehicle. No offence intended with the lawyer dig,
Everything you say to the insurance agents is recorded and used in the lawsuits that follow. Same goes for the other party. Something to keep in mind. Also, State Farm is on the hook to make you whole including diminished value. State Farm will then use their own in house lawyers to go after the other guy’s insurance company and his asset for a judgement against them. If State Farm gives you grief, you need your own attorney. Best practic is to get an attorney early as possible in the process when they can still help. Once the wrong things are done or said, they’re ability to assist deteriorates greatly. Either way, your own insurance or the at fault’s insurance is legally responsible to make you whole as you were prior to the accident. They can chase after each other after the fact. You are owed a perfect repair in a timely manner and an agreement needs to be reached on the diminished value. That is what you pay the steep insurance premiums for. Either way, it sounds like you are handling it well so far!
 

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Discussion Starter · #48 ·
Well the house is a rental. You can learn a lot from pubic records. Not a surprise, as this guy clearly is a POS and I just didnt see ownership for him or whom ever he is living with.
 

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Everything you say to the insurance agents is recorded and used in the lawsuits that follow. Same goes for the other party. Something to keep in mind. Also, State Farm is on the hook to make you whole including diminished value. State Farm will then use their own in house lawyers to go after the other guy’s insurance company and his asset for a judgement against them. If State Farm gives you grief, you need your own attorney. Best practic is to get an attorney early as possible in the process when they can still help. Once the wrong things are done or said, they’re ability to assist deteriorates greatly. Either way, your own insurance or the at fault’s insurance is legally responsible to make you whole as you were prior to the accident. They can chase after each other after the fact. You are owed a perfect repair in a timely manner and an agreement needs to be reached on the diminished value. That is what you pay the steep insurance premiums for. Either way, it sounds like you are handling it well so far!
I am sorry but some of that is not accurate pursuant to Florida law. State Farm obligations are ONLY pursuant to the insuring agreement. If diminution in loss/value is not covered they have NO obligation to pay for it. Insurance is contractual and the contract is strictly construed. State Farm will absolutely NOT waste time trying to subrogate against someones assets on a 10/20 policy.
 

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For all the inadequacies of an internet forum compared with, say, Instagram, this particular forum has been an outstanding source of information about the minutiae of insurance policies. Such details are typically very difficult to tease out from either reading your policy or by asking questions, often because it's hard to know what questions you need to ask. Since following the various threads on the subject, I've upped my coverage and also added an umbrella policy. I'd never previously even heard of umbrella policies, having come from a far less litigious country. It's also become very clear to me now just why the US is so litigious, since there so is so little regulation around the minimum amount of coverage you can legally carry.

Anyway, I'd like to say thanks to all those in this thread and others who have taken the time to share their knowledge and expertise.
there are different perspectives about insurance and cheap cars hitting expensive cars , etc .

let me ask you this …. Should you be expected to have more expensive coverage or full coverage in case your $140k car hits my $2 million car.
 

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there are different perspectives about insurance and cheap cars hitting expensive cars , etc .

let me ask you this …. Should you be expected to have more expensive coverage or full coverage in case your $140k car hits my $2 million car.
Why are you driving your $2 million car near his 140k car??? LOL.
 

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Related to my above posting is feedback from Instagram stories on this topic . (Note; minimum liability coverage is $15k in California I believe
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I’d wrap your car in bubble wrap. Just get the aerodynamic bubble wrap.
In all seriousness…. An acquaintance of mine got hit by a car from the rear in stop and go traffic and then he hit the car in front of him (he was driving his 600 Lt). The person who hit him from the rear took off and the car in front of him briefly got out of his car and told him that he had no insurance coverage and he took off too. My friend has this on his dash cam .

his insurance took care of the damage to his car but no diminished value . A couple of years later he tried to sell his 600 Lt to get into a 765 and he was getting $50k less on trade in his 600 Lt because of that accident and carfax reporting .
 

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there are different perspectives about insurance and cheap cars hitting expensive cars , etc .

let me ask you this …. Should you be expected to have more expensive coverage or full coverage in case your $140k car hits my $2 million car.
It's a good question. $2m, no, that's up to you too insure. I don't think it's reasonable to raise the legal minimum that far.
 

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Discussion Starter · #58 ·
Well in the current world, you dont need a $2 million car for $10k of coverage to be basically be worthless. Published in May 2022, the average price of a new car is $48,148. And those with the min coverage and the states that allow it or no insurance at all, causes everyone else to pay inflated prices for their coverage and also be exposed to un-reimbursable costs which come in many forms., one of which is diminished value of our assets. Insurance policies crafted long before trial lawyers or the internet has exposed all of us to unlimited liability.

The broader issue is the lack of any personal responsibility that exists in our country today in almost all areas of our lives - violent crime with no bail policies, the constant cry for tuition debt forgiveness -is that any different than expecting the tax payer to absolve me of my car loans or mortgage? I could go on.

Not all of us who own expensive cars are rich, we just choice to allocate financial resources to them vs boats, vacations, fancy clothing/jewelry, or even electing to live in the exorbitantly expensive Bay area of California.
 

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let me ask you this …. Should you be expected to have more expensive coverage or full coverage in case your $140k car hits my $2 million car.
Yes. It should not be that expensive to go from $150k to $2M, because it's highly unlikely that the car you hit will be at that level - mass insurance is about averages. It's only going to be significantly cheaper if you're insuring for substantially less than the average car's value, which, IMO, really shouldn't be allowed.

In the UK, I believe that the current minimum for property damage is £1.2M (2016, it may have increased again). The US system just seem bonkers - I want insurance to cover me completely.
 
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