Should I File a Diminished Value Claim in Florida?
If you have been in an accident and are considering a diminished value claim in Palm Beach County, you probably have questions. You have come to the right place because we have the answers you need. In this article, we discuss the factors that you must consider when deciding if a diminished value claim is worth pursuing.
Eligibility
A diminished value claim can only be filed by a driver who is determined to not be at fault for the accident. The at-fault driver is not allowed to recover the diminished value of their vehicle. Insurance companies do not pay the diminished value in first-party claims in Florida.
That means you are not able to file a claim for diminished value with your own insurance company. The claim must be filed with the insurance company of the at-fault driver.
Pre-accident Value
The value of your vehicle before the accident should be considered because the higher the car’s value, the more value it will lose due to accident damage. Older cars that have high mileage and/or that have been wrecked may actually increase in value after repairs. Diminished value claims are generally worthwhile for high-value or luxury cars.
How To Determine The Diminished Value Of A Car In Florida
Some states use an equation to determine a diminished value called 17c. The equation only allows for diminished value to be compensated up to 10% of the before accident value. Florida courts have ruled that only allowing 10% is not enough.
The court relies on the reports of state-licensed appraisers to determine the diminished value of a vehicle after an accident. Scheduling an appointment with one is the best way to estimate the value of your claim. When considering a claim, it is important to have the appraisal done as soon as possible after repairs are completed for the most accurate report possible.
Before filing a diminished value claim in Palm Beach County, contact Casas Law for a free consultation of your case. When you have questions, we are here for you.
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!!!!
