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PCI Comments on Allstate Class Action Verdict
National News • May 4, 2004
The Property Casualty Insurers Association of America has issued a comment on the verdict handed down by an Illinois jury in a class action case, which concluded that Allstate Insurance Co. does ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: RE: to J. McKenna | jim jacobs | Jul 6, 2004, 5:27 pm |
| RE: to J. McKenna | Ken | May 5, 2004, 11:16 am |
| Allstate Wins Class Action | Jere Allan | May 4, 2004, 7:32 pm |
| Diminished Value | James S. Mc Kenna | May 4, 2004, 1:05 pm |
| Back to article | ||
Subject: RE: to J. McKenna
I would say to you that the vehicle owner does not sustain an actual loss until he actually sells or trades in the vehicle and the buyer becomes aware of the previously repaired damages. Even when the buyer/dealer becomes aware, the "loss" or "diminished value" is not a "hard" figure. A sideswipe of the entire left side of my Me/BE does not affect the chassis or frame of the vehicle. Once the body panels are replaced with OEM parts, no one really cares. If you were to pay a percentage of the damges (cost of repairs) as diminished value, the vehicle owner is thereby actually enriched.