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After car accidents, the right to claim diminution in value depends on the country or state [2] and who is at fault. [3]Major car rental companies do charge their renters for diminished value after accidents, unless the renter pays for a Damage waiver (Avis, [4] Budget, [5] National, [6] Thrifty [7]).
Car insurance companies rely on this information to resolve insurance claims and settlements. In some cases, determining fault is straightforward, but it can become complicated depending on the ...
[citation needed] If this figure exceeds the value of the car after it is repaired, the vehicle is deemed a total loss. Auto insurers generally settle total loss claims on one of three methods of claim settlement: [15] Actual Cash Value (or ACV): the value of the vehicle is determined by the claims adjuster after the total loss occurs,
The younger the injured victim with a permanent injury the longer that person has to live with the PSLA. As a consequence, the greater the compensation payment. In fatal accident claims, generally the younger deceased, the greater the dependency claim by the partner and children. The nature and extent of the injuries sustained
The accident management industry came about in the 1980s to address the problem of innocent motorists having to pay upfront for a replacement car after a collision, and wait weeks or even months to be reimbursed by the at-fault party’s insurer.
In the absence of an out-of court settlement, unliquidated damages must be ascertained by a court or tribunal, whereas liquidated damages will be determined by reference to the contract or to a mutually agreed arbitrator. The purpose of liquidated damages is to provide certainty and to avoid both the bother and cost of legal proceedings.
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