Claiming Diminished Value in Florida: What You Need to Know
If you or someone close to you has been in an accident that was caused by a negligent or careless driver, getting fully compensated for your damages may include compensation for the reduced or diminished value of your vehicle. Let’s take a look at claiming diminished value in Florida.
No-Fault State
Florida 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 Claims
If 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 Value
Diminished 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 value
When 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 Attorney
It 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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