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.
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