How Long Does It Take to See a Payout From a Loss of Value Claim in Florida?
When you seek compensation for the diminished value after an accident, there is a window of time that insurance companies have to pay or deny the claim. In the state of Florida, insurance companies have 30 days to accept or deny payouts from a loss of value claim. Florida law does offer guidelines that insurance companies must comply with. Let’s look in greater detail about payouts from loss of value claims in Florida.
Florida Loss of Value Claims
When you file a claim for loss of value in Florida, insurance companies can have as much time as is needed to investigate the claim, provided that the decision is made within a reasonable amount of time. What is considered reasonable? That is open for interpretation typically, but in Florida, a reasonable amount of time is 30 days.
However, an insurance company that takes an excessive amount of time to decide a claim can be liable for unlawful deceptive trade practices. Once the claim has been decided, the insurance company must provide a reason when choosing to deny the claim.
Compensation For Car’s Diminished Value
Once an insurance company has approved your diminished value claim, your attorney will negotiate the terms of a settlement with the insurance company. Upon reaching a settlement, the insurance company then has 20 days to issue payment.
Failure to provide payment within 20 days will result in the insurance company being liable for an additional payment of 12% interest. It may not seem like much, but it adds up quickly. If you settle your claim for a certain amount, being late makes the insurance company owe you additional money.
Make sure that the insurance company knows that you mean business Contact Casas Law in West Palm Beach and schedule your free consultation today. Our attorneys have years of experience negotiating with insurance companies on behalf of our clients and won’t back down or be intimidated by them. At Casas Law, we are waiting to answer all your diminished value questions.
WHAT OUR CLIENTS ARE SAYINGView All Reviews
In my entire life, I’ve never had a better experience.
May I add, pleasantly surprised in how smooth the process went and in a shorter time period than I expected. All in all, I couldn’t be happier! I recommend Nick Sarta to EVERYONE!! There is no one better in the field. No one.
I wouldn’t have went to any other law firm, thank you guys so much!
Dalila and her team worked with me every day to make sure everything went smoothly and I understood what was going on!
I highly recommend Casas Law- they truly are the best in the business!
From start to finish, they were professional, knowledgeable, and dedicated to achieving the best possible outcome for my case.
I’d recommend him to anyone!
I was recommended to Alex Casas by my father and I am absolutely ecstatic with how simple and easy he made my auto collision injury case for me he handled everything to where all I had to do was show up and sign on the line! I’d recommend him to anyone!
If you are looking for a great law firm and I really mean and great firm this is the place to go!
Alex Casas Law firm is a great. Every time I came in contact with Mr. Casas and his staff they were always professional and friendly. My whole process was a great experience. They always return calls in a timely manner. The staff goes above and beyond what is needed. They kept me informed during the whole process. If you are looking for a great law firm and I really mean and great firm this is the place to go!!!!
They are very professional and friendly and go above and beyond the call of duty.
I am very pleased with the assistance from Casas Law P.A and will recommend this firm to anyone and everyone that needs help. They are very professional and friendly and go above and beyond the call of duty. Thank you so much for all your help.
They were able to direct me with medical care questions, and advocate on my behalf with insurance companies.
Alex and his team were my rock after I was hit by a car while riding my bike. They were able to direct me with medical care questions, advocate on my behalf with insurance companies, and really listen on days where I had pain and was completely frustrated with my insurance company and their lack of response. Highly recommend!!!!