In connection with such application, the applicant makes the following declaration, for the purpose of enabling the Commissioner of Insurance to determine whether the applicant is possessed of the ability to pay valid claims and judgments, as provided in O.C.G.A. Hudgens, Commissioner 2 Martin Luther King Jr., Dr., Suite 604, West Tower, Atlanta, GA 30334 Phone : 40 ◊ Fax: 77 ◊ Email: Automobile Application For Self-Insurance REGULATORY SERVICES GID-255-RS OCT2013 The undersigned, herein referred to as the applicant, being the owner of a motor vehicle or motor vehicles required to be registered in the State of Georgia, hereby makes application for the privilege of becoming a self-insurer. The SJC said it based its ruling on the “plain meaning” of the language of the standard auto insurance policy, which says damages owed to consumers are “the amounts that person is legally entitled to collect for property damage through a court judgment or settlement.”īecause the standard policy “does not limit recovery to merely repair or replacement cost, such recovery must compensate a claimant for any loss of value the claimant incurred as a result of a collision,” the SJC wrote.OFFICE OF INSURANCE AND SAFETY FIRE COMMISSIONER COMMISSIONER OF INSURANCE The SJC, in an opinion written by Associate Justice Serge Georges Jr., also noted that other states have allowed for IDV damages in auto insurance cases. In its unanimous decision, the court articulated two conditions consumers must meet before they can collect for so-called IDV: “individualized” proof that their vehicle suffered diminished value and by the amount which it was diminished.Įach consumer “has the burden of proof on these issues,” the SJC said.įor McGilloway and the two other plaintiffs in the lawsuit, the case will now shift back to Superior Court to determine whether those conditions can be met.ĭuring oral arguments before the SJC, a lawyer for Commerce argued against recognition of IDV, saying it would “cause a seismic shift in the insurance marketplace,” and “economically destabilize” it.īut the SJC noted that, in the Superior Court proceedings, Safety admitted “that IDV may be suffered in some cases” and “concedes that IDV may be quantifiable.” On Tuesday, the SJC released a 17-page ruling that for the first time interpreted the standard automobile policy in the state as covering inherent diminished value. ![]() The Superior Court judge who heard the case rejected the claims made by McGilloway and the others, which led to the case being appealed to the SJC. It also added as a defendant Commerce Insurance, which is now part of MAPFRE insurance. In 2017, McGilloway filed a lawsuit in Superior Court, which was consolidated with two similar suits brought by other consumers. ![]() Repairs to McGilloway’s vehicle were paid for by the at-fault driver’s insurer, Safety Insurance.īut Safety denied payment for McGilloway’s claim for what is known in the insurance industry as “inherent diminished value,” or IDV, which is the amount by which the market value of the repaired vehicle is diminished because it was involved in an accident. The ruling stemmed from a claim by Jarrett McGilloway, whose car was damaged in a crash in which he was not at fault.
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