This section is applicable to claims arising under motor vehicle collision and comprehensive coverages. The provisions of this Part shall continue to be applicable to these claims, except to the extent that such provisions are inconsistent with the specific provisions of this section. The sections of this Part that do not apply at all to motor vehicle physical damage claims are sections, , and of this Part.
Within the aforesaid six-business-day period, the insured's designated representative or, if no designated representative, the insured shall, in all events, receive from the insurer a copy of the insurer's detailed written estimate of the cost of repairing the damages resulting from the loss, specifying all appropriate deductions.
New York State Department of Motor Vehicles
Division of Vehicle Safety
Governor Nelson A. Rockefeller Empire State Plaza
Albany, NY 12228
The insurer shall thereafter cooperate fully with the Department of Motor Vehicles in its investigation.
|Purchase price||Depreciation per mile|
|Up to $10,000||$.15|
|$10,001 to $15,000||.20|
|$15,001 to $20,000||.25|
|$20,001 to $25,000||.30|
|$25,001 to $30,000||.37|
|$30,001 to $35,000||.45|
|More than $35,000||.53|
If an insurer is in violation of this overall standard, then each such claim in excess of 30 calendar days may be treated as a separate violation.
"Should you wish to take this matter up with the New York State Department of Financial Services, you may file a complaint with the department either on its website at http://www.dfs.ny.gov/consumer/fileacomplaint.htm or by writing to the Consumer Assistance Unit, New York State Department of Financial Services, at: One State Street, New York, NY 10004; One Commerce Plaza, Albany, NY 12257; 1399 Franklin Avenue, Garden City, NY 11530; or 535 Washington Street, Suite 305, Buffalo, NY 14203 ."
Application of Formula: Assume a loss of $500 subject to a $100 deductible with $50 in allocated loss adjustment expenses:
computation of net recovery: $500 - $50 = $450
computation of insured's share of recovery: $100/$500 x $450 = $90
computation of net recovery: $300 - $50 = $250
computation of insured's share of recovery: $100/$500 x $250 = $50
N.Y. Comp. Codes R. & Regs. Tit. 11 § 216.7