Florida Dimished Value Claim Lawyers
Insurance should be there to pay for repairs to your car when it is damaged in an accident, especially when it is not your fault. However, sometimes insurance won’t be enough to cover these losses, and your car’s accident history diminishes its overall value.
When this happens, filing a diminished value claim can help you collect damages you may be missing due to the post-accident price of your collision.
If you were in a car accident and the value of your car has diminished, call our Florida auto accident attorneys at (888) 594-0956 or contact us for a free case review.
What is Diminished Value?
Diminished value refers to the market value loss on your vehicle after it has been repaired following a collision. Even if these repairs have made the car look new, the accident history permanently affects the value of a vehicle.
A vehicle’s value decreases because of its potential long-term safety concerns. There are three categories when filing a diminished value claim.
- Immediate diminished value, which refers to the difference between a car’s value directly before and after the collision. This is the most common type of diminished value claim.
- Inherent diminished value, which refers to the difference between what the car was worth pre-accident and after it was repaired.
- Repair-related diminished value, which refers to a car’s decreased value as a result of lower quality repairs to your vehicle.
If your car’s value was significantly diminished after a crash that wasn’t your fault, you need to hire a diminished value claim lawyer as soon as possible.
Who is Responsible for Paying a Diminished Value Claim?
Depending on which state you live in, the party responsible for a diminished value claim varies.
A vehicle owner may pursue a diminished value claim in Florida when the other party is at fault for the accident. In order to prove liability, there must be evidence that the other party knowingly took part in negligent or reckless driving.
If you were at fault for the collision, your insurance company must compensate you for the diminished value of your vehicle. They should not raise your insurance rates as a result.
The best way to get the compensation you need is to hire an experienced diminished value lawyer.
What Are the Requirements for Proving a Diminished Value Claim?
The requirements for proving a diminished value claim vary depending on which state you are in, your car’s make and model, and other factors. Sadly, you can’t trust your insurance company to give you the full compensation you need.
Here are some requirements for proving a diminished value claim in Florida:
Requirements for a Diminished Value Claim in Florida
According to Florida diminished value laws, drivers can only seek compensation through an at-fault insurance company. If you were at fault, you can’t pursue a diminished value claim.
It’s also crucial to know that the Florida diminished value statute of limitations will impact your ability to seek compensation.
Additionally, you need some specific evidence to prove a diminished value claim. You need an appraisal of the car’s value before the accident, as well as after the repairs have been made to your vehicle. It’s also useful to get a trade-in value letter from several car dealerships with an estimated value on your vehicle. Take lots of photos of your car’s condition after being repaired, and obtain copies of all repair works orders.
Not All Vehicles Qualify for Diminished Value
Sadly, not all vehicles are eligible for diminished value claims. Here are some factors that can disqualify you from receiving diminished value compensation:
- Your car is valued at less than $7,000.
- You have signed a release of liability form.
- There was minimal damage to your vehicle.
- Your vehicle has excessive mileage at more than 30k miles per year.
- Your vehicle is greater than 10 years old.
- Your vehicle was salvaged or rebuilt.
- Your vehicle was badly damaged before the most recent accident.
- Your vehicle was totaled.
- The statute of limitations on your claim has expired.
Our Diminished Value Claim Attorneys are Ready to Support Your Case
When your vehicle’s value has diminished as a result of an accident that wasn’t your fault, you may not recover the damages you deserve. Insurance companies will try to lowball your compensation and protect their own interests.
We want to help you get the maximum amount of compensation possible for your vehicle.
At Farah & Farah, we have decades of experience getting results for our clients. If you think your vehicle may qualify for diminished value compensation, call our diminished value claim attorneys at (888) 594-0956 or contact us for a free case review.