Dear Driving for Dollars, My brand-new Ford F-150 was hit by a driver who failed to stop at a stop sign. I hadn't even made the first payment. It took more than two months to do the repairs. Can I get car insurance money for the diminished value of my truck? -- LionelDear Lionel, Some states do allow you to make a claim for the diminished value on a nearly-new car or pickup that has had extensive damage in a collision. First, check your car insurance to see if it excludes diminished value. If not, then you may be able to make a claim with your insurer. If the accident has been ruled entirely the other person's fault, you may be able to make a claim on the other person's car insurance. This is a third-party claim, which may be allowed in your state even if your car insurance policy excludes it. You can also contact your state insurance commissioner's office to ask about your state's regulation in this area.Ask the adviserIf you have a car question, e-mail it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories. Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.This week:3 buyers' tips on car extended warrantiesWill car insurance pay on car's loss of value? Create a news alert for "auto" advertisementRelated Links:Keep pets safe when traveling3 buyers' tips on car extended warrantiesNational auto loan rates for July 8, 2010Related Articles:6 car-shopping mistakesCertified cars offer peace of mind5 great used cars for bargain hunters
Dear Driving for Dollars, My brand-new Ford F-150 was hit by a driver who failed to stop at a stop sign. I hadn't even made the first payment. It took more than two months to do the repairs. Can I get car insurance money for the diminished value of my truck? -- Lionel
Dear Lionel, Some states do allow you to make a claim for the diminished value on a nearly-new car or pickup that has had extensive damage in a collision. First, check your car insurance to see if it excludes diminished value. If not, then you may be able to make a claim with your insurer. If the accident has been ruled entirely the other person's fault, you may be able to make a claim on the other person's car insurance. This is a third-party claim, which may be allowed in your state even if your car insurance policy excludes it. You can also contact your state insurance commissioner's office to ask about your state's regulation in this area.
Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.
Create a news alert for "auto"
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