Kevin McCullough explains why MA insurance companies now have to address the loss in inherent value after a vehicle has been in a collision.
IDV stands for Inherent Diminished Value. And the idea of Inherent Diminished Value is that a motor vehicle is worth less money after it’s been involved in a collision, even after it’s been repaired. Here in Massachusetts, the motor vehicle insurance companies have refused to pay for those damages to consumers.
I represented Jared McGilloway in a case against Safety Insurance Company, and it involved seeking recovery for Inherent Diminished Value damages. On May 5th of this year, 2021, I argued that issue to the Massachusetts Supreme Judicial Court. And on October 19th, the court rendered its decision. And in a unanimous decision, with all seven justices agreeing, that yes, Inherent Diminished Value damages are recognized here in Massachusetts, and they are covered under Part Four of the Standard Massachusetts Automobile Insurance Policy.
Moving forward, any consumer who has been involved in a collision where your car suffers damages due to someone else’s fault or negligence, has the right to pursue those damages and be paid by the at fault driver’s insurance company. If you have questions regarding Inherent Diminished Value damages. If you’ve been in an accident and have suffered Inherent Diminished Value damages, you should seek advice and counsel from an attorney who has experience with this issue to recover all of the damages that you’re entitled to.