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.
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