State Beat
Wednesday, August 7th, 2002 Auto Legislation & Regulation Litigation Property TechnologyIn a recent case seeking to force insurers into acknowledging it is impossible to restore a car to its complete pre-accident value, the Florida Supreme Court upheld both lower court and appellate court rulings that a properly repaired vehicle does not lose value. The decision is a victory for insurers, according to the Alliance of American Insurers, which, along with other trade groups, had filed an amicus curiae urging the supreme court to affirm the lower courts’ decisions negating the concept of diminished value. “We asked the Florida Supreme Court to uphold the Florida Fourth District Court of Appeal’s affirmation of a lower court’s ruling that neither the insurance contract nor Florida law obligates an insurer to compensate for lost market value,” said Joyce Kraeger, an attorney for the Alliance.
