Insurers not liable for loss of valueInsurance
Courts in states including Texas, Maine, South Carolina and Delaware agree with State Farm. In past cases, they've ruled against the idea of diminished value. However, judges in several states, including Georgia and Kansas, have ruled insurers must compensate policyholders for any real loss of value from an accident.
Still others say it depends on who is at fault for the accident. In Louisiana, if you are at fault, the courts almost universally have said that diminished value does not come into play, says Don Beery, of Eustis Insurance and Benefits in New Orleans. "Third-party claims, on the other hand, depending on your company and your state, can be interpreted differently."
If someone hits you and his or her insurer picks up the bill, you might be covered, since some courts have decided that a loss includes lost value. But since lost value was not considered when the policies were being priced, insurance