Vehicle Damage and Diminished Value…Covered or Loss
What is diminished value, and how is it determined?
We know that Massachusetts doesn't make the MAP/BAP carrier pay diminished value on first-party claims. How do we know?
What about third-party claims for diminished value? Does the MAP or BAP respond?
We'll examine policy language and court cases to see whether the auto policy responds to the first and third-party claims for diminished value.
It's ALL about the words!