What You Need to Know About Filing a Diminished Value Claim in Florida
January 17, 2022
A diminished value claim is intended to compensate for the value lost due to an accident after repairs have been made. There is a legal obligation to inform potential buyers of the accident history of the car. A vehicle that has been damaged and repaired automatically has a lower value than a vehicle that has not been damaged.
This difference in value is the diminished value of the vehicle. If you think that you may be entitled to compensation from a Palm Beach diminished value claim, continue reading to find out how you can file a diminished value claim in Florida.
Seven Things to Know About Filing a Diminished Value Claim in Florida
- Gather all the documentation related to your accident – This includes the accident report, photos, witness statements and contact information, repair bills, and any other relevant documentation.
- Hire a professional licensed appraiser – A diminished value appraisal report from a licensed appraiser ensures the accuracy and validity of the report.
- Contact the at-fault driver’s insurance company – The insurance company will inform you of their claim process and tell you what they will require.
- Complete the claims process providing all available information – Once your claim has been submitted the insurance company has 30 days to pay or deny your claim.
- Wait for a decision – Once you have completed the claims process, you must wait for the insurance company to pay the claim or make a counteroffer.
- Negotiations – Insurance companies do not want to pay out more than they have to. If you do not yet have legal representation, the insurance company is not likely to accept your first claim.
- Retain an attorney – It is recommended that you seek legal representation much sooner in the claim process, but if you have not yet retained an attorney and the insurance company is not agreeable to your terms, now is the time. A lawsuit may be necessary to ensure you are properly compensated for the diminished value of your car.