Diminished Value Ohio laws in can be a bit confusing, here’s the info you need get your your vehicles loss of market value after an accident:
3rd Party Claims Allowed: Yes
1st Party Claims Allowed: No
Statute of Limitations: 2 Years
FIRST-PARTY DIMINISHED VALUE OHIO LAW:
In Nationwide Mutual Ins. Co. v. Shah, 2004 Ohio 1291 (Ohio App. Dist. 5, 2004), the insured was not allowed to recover diminution in value of a damaged automobile under the Nationwide policy. Also see, Goodman v. Grange Mutual Casualty Co., 2002 Ohio 6971 (Ohio App. Dist. 10, 2002). In Kent v. Cincinnati Ins. Co., No. CA2001-04-100 (Ohio App. Dist. 12, 2001), the court found that there was no cause of action for diminished value of an automobile. Also, in Banks v. Nationwide Mutual Fire Ins. Co., No. 99AP-1413 (Ohio App. Dist. 10, 2000), the Ohio Court of Appeals found that given the “plain and unambiguous language in the contract regarding the type of parts that may be used for repairs, plaintiff did not state a claim for breach of contract when she alleged that Nationwide required the use of, or premised its repair estimates on, non-OEM parts.”
To learn more about diminished value Ohio law, and Statute of limitations for all 50 States visit: NADVA
