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Based on this example, an auto insurer would pay out a maximum of $1,500 for a diminished value claim on this vehicle. However, based on the damage and mileage, the final calculated estimate for a ...
Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...
In Michigan diminished value claims are limited to $3,000 maximum by the state's mini-tort legislation. There is no diminished value claims in the state of Michigan. The Mini-Tort legislation is for the uninsured portion, typically the deductible if insured, of the damages to the vehicle, up to a maximum of $3,000.
Restitution can take the form of a personal or a proprietary remedy. Where a personal remedy is awarded, the defendant is ordered to pay the money value of the benefit received. This personal money award is the typical form of restitution ordered.
The premiums tend to be slightly less expensive than agreed value insurance because your payout after a claim will vary. Agreed value vs. actual cash value ACV is the standard reimbursement method ...
Property damage (sometimes called damage to property), is the damage or destruction of real or tangible personal property, caused by negligence, willful destruction, or an act of nature.