By law the insurance company is supposed to pay you diminished value, but sometimes they don’t and you don’t ask them to and a few years later you wake up and realize you’ve been screwed out of some money!
On a third party claim (not your fault), and since it’s a tort violation, the statute of limitations here in Georgia is 4 years, so technically if your wreck happened 47 months ago, you may still collect.
One Big problem, how much can you collect?
The insurance company uses 17c and that’s a bad formula, but if you hire an appraiser it is very hard to quantify a loss in value that occurred almost four years ago.
By law, you are entitled the inherent or immediate loss in value (based on the date of loss), but since we cannot accurately quantify that due to the lapsed time, we appraise it based on today’s date, obviously the loss in value will be reduced by depreciation but we prefer giving you an exact figure rather then guessing!