Claiming Diminished Value in Florida: What You Need to Know
No-Fault StateFlorida is a "no-fault state," meaning that after a car accident, each driver will file their insurance claim for damage compensation through their own insurance company. Diminished value claims must be filed with the insurance company of the at-fault driver.
Diminished Value Claims With Injury ClaimsIf you have suffered injuries that you are seeking compensation for, your diminished value claim should be filed along with your injury compensation claim, and an accident attorney's assistance is recommended.
Determining Diminished ValueDiminished value is the value your vehicle has lost due to an accident. There are three types of diminished value.
- Inherent diminished value- After your vehicle has been repaired, the inherent diminished value is the decrease in resale value due to the accident report which is now attached to your vehicle.
- Immediate diminished value- This is the decrease in the value of your vehicle after the accident without repairs. This value is used if the driver chooses not to have the vehicle repaired but makes a claim for compensation.
- Repair-related diminished value- When a vehicle cannot be returned to its original condition or is inadequately repaired, a claim may be made for repair-related diminished value.
Calculating diminished valueWhen calculating the diminished value of your vehicle, you will need to gather the following information:
- The initial value of the vehicle, the Kelley Blue Book Value, can be used.
- An appraisal report that gives a clear estimate of the vehicle's lost value.
- The vehicle's mileage at the time of the accident.
Florida Diminished Value AttorneyIt is important to note that most insurance companies cap diminished value claims at 10% of the vehicle's initial value. If you are seeking compensation for the diminished value of your vehicle after a Florida car accident with a careless or negligent driver, Casas Law has experienced diminished value attorneys, and we offer free consultations. Contact us today to get started.
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