Oklahoma
Diminished Value Overview
In Oklahoma, a vehicle involved in a not at fault accident may lose market value even after repairs are completed. When another driver is responsible for the accident, Oklahoma law allows you to pursue compensation for that loss in value from the at fault driver’s insurance company as part of your property damage claim.
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01
Statute of Limitations
Oklahoma allows two years from the date of the accident to pursue a diminished value claim.
02
Third-Party Claims
Diminished value claims can be pursued against the at fault driver’s liability insurance when another driver caused the accident.
03
First-Party and Uninsured Motorist
Most first party policies in Oklahoma do not cover diminished value, and uninsured or underinsured motorist coverage generally does not apply to diminished value claims.
04
Small Claims Court Limit
Oklahoma small claims court allows diminished value claims up to $10,000.
Oklahoma Diminished Value Law
Oklahoma courts recognize that when a vehicle is damaged by another party’s negligence, the injured owner is entitled to be made whole. When repairs do not restore the vehicle to its pre loss condition and market value, recovery is not limited to repair costs alone. Oklahoma law permits recovery of the remaining diminution in value as part of a third party property damage claim when supported by evidence.
Brennen v. Aston, 2003 OK 91, 84 P.3d 99 (Okla. Sup. Ct.)
The Oklahoma Supreme Court held that damages for injury to personal property are not limited to the cost of repairs where repairs fail to restore the property to its condition prior to the damage. When a repaired item remains worth less than it was before the loss, the proper measure of damages includes both the reasonable cost of repairs and the remaining loss in value.