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A vehicle is not restored to substantially the same condition if repairs leave the market value of the vehicle
substantially less than the value immediately before the collision. [FN80] Hence, where the property is repairable but after repair the property does not have the same market value as before the harm was sustained, such
additional loss element may be taken into consideration. [FN81] Thus, it has been held or recognized in a number of cases that an element of damage for which recovery may be had under an automobile collision insurance
policy is the difference in value before the collision and after repairs have been made. [FN82] However, there is some authority to
the contrary, holding that under a homeowners' policy limiting recovery for loss to covered building structure to the smaller of the replacement cost or the cost of repair, the insurer could not be held liable, in
addition, for loss in the market value of a house after repair of a collapsed basement wall. [FN83] |
