5 Frequently Asked Questions About Diminished Value Claims
If you are confused about diminished value and how to determine if you are able to make a claim, we have answered 6 frequently asked questions about diminished value claims. This article aims to clarify diminished value claims and answer common questions, but it is not a substitute for consulting an experienced Florida diminished value attorney.
1. What Is a Diminished Value Claim?
A diminished value claim seeks compensation for the value your vehicle lost due to a collision caused by a negligent driver.
2. Who Can Claim Diminished Value After a Collision Accident?
A claim for diminished value can only be filed by a driver who was not at fault for the accident. A diminished value claim must be filed with the insurance company of the at-fault driver.
3. What Factors Are Involved in Calculating Diminished Value?
To calculate the diminished value, you will need the car’s actual cash value before the collision. The difference between that value and the value of the vehicle after being repaired is the diminished value.
4. When Should I File a Diminished Value Claim?
Diminished value claims should be filed when the value of your vehicle after repairs is substantially less than the actual cash value of the vehicle before the collision happened.
5. What Is the Statute of Limitations on Diminished Value in Florida?
You have four years to file a diminished value claim after a collision.
If you still have questions, Casas Law in West Palm Beach has answers. Contacting an attorney with diminished value experience is the best way to successfully recover your vehicle’s diminished value. We can also help you ensure that you have included all of the compensation you deserve in your claim.
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