Albert Schulmeyer v. State Farm Fire And…

Summary

The court held that the State Farm policy did not require payment for diminished market value when the insured vehicle had been fully and properly repaired. Reading the policy as a whole and applying the plain meaning of its repair-or-replacement provisions, the court concluded that coverage was limited to the lesser of actual cash value or repair or replacement cost. Because the first certified question was answered no, the court did not address the appraisal issue.