Illinois Diminished Value And How It Affects You.
Illinois Diminished Value is real, and is recoverable in Illinois. If you’ve been in a car accident in Chicago, or any other place in Illinois and it wasn’t your fault, you are probably entitled to a diminished value award from the at fault insurance company. Illinois is also one of the few states that allow you to claim diminished value against your uninsured motorist policy with your insurance company if the at fault person doesn’t have insurance or you were a victim of hit and run.
Illinois Uninsured Motorist Coverage: Yes (Hit and Run, and Uninsured At Fault Diminished Value Claims may be claimed on your own Uninsured Policy.)
Illinois Property Damage Statute of Limitations: 5 Years (You may claim diminished value on Illinois car accidents that happened up to 5 years prior to today.)
At Fault Party Can Claim Diminished Value against their own policy: NO