Loss of Value Insurance Coverage
The state of Florida is a diminished value state. That means that after an accident, the at-fault driver and their insurance company must restore the other driver’s car to its before-accident value. If your car is repaired but still suffers a big loss in market value, you could be entitled to receive compensation for the loss of value. If you are considering a diminished value claim, you may be wondering how such a loss is compensated.
Is there additional coverage specifically for diminished value? Will the at-fault driver have enough coverage to pay? What if you were at fault? Would you still be entitled to compensation? Continue reading to get a better understanding of how diminished value claims can be compensated by insurance companies.
Does Loss of Value Insurance Coverage Exist?
There is no specific loss of value/diminished value insurance coverage. If the other driver is at fault, their insurance company is responsible for paying to repair your car and may also be held liable for paying you for your car’s diminished value. These claims are paid through the at-fault party’s property damage coverage.
What If The Accident Was My Fault?
Most insurance policies do not allow the at-fault driver to be compensated for the diminished value of their car, according to the Insurance Information Institute. An at-fault party may file a claim for repairs if they carry collision coverage on their policy.
Does The At-Fault Party Have Enough Coverage?
If the at-fault party is uninsured or underinsured, some states will allow diminished value claims under uninsured motorist coverage; Florida does not. That means the only way to be compensated for the diminished value of your car is to make your claim with the at-fault driver’s insurance company. If the driver is uninsured, you will not receive diminished value compensation.
Casas Law is ready to answer all of your diminished value questions. If you have been in an accident in the West Palm Beach area, contact Casas Injury Lawyers to set up a free consultation on your case. We want to help you receive all of the compensation you are entitled to receive by law.
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