by sphillip » Wed Mar 28, 2012 03:08 pm
Do you have to purchase diminished value plan after your car has been damaged or is it part of your plan already. I have a 2012 mustang that was damaged in the hail storm and my insurance company will not truthfully answer my questions. They acted like I had to go buy a policy just for diminished value.
Posted: Wed Mar 28, 2012 05:10 pm Post Subject:
You can always read your policy for that information. I can say that 99.999999% of the policies out there only pay Actual Cash Value, which is replacement cost less depreciation. This is for your 1st party coverage. In other word, it it highly unlikely that your own policy will afford replacement cost (or diminished value).
If you financed the vehicle you may want to consider GAP coverage.
Add your comment