Practice Area Florida Diminished Value Claims
Car accidents cause many different types of damages, some of which are more apparent than others. Damage to the vehicles involved is usually fairly obvious; injuries to drivers and passengers may or may not be readily apparent. In addition to the damage caused to vehicles and their occupants, there is another type of damage that many people are not aware of… the diminishment (loss) of the value of the vehicles involved.
The diminishment in value can be minimal or significant, depending on the type of car involved. For owners of luxury cars, the loss is often large enough to make filing a claim for compensation worthwhile. Do you own a luxury vehicle in Florida that has been involved in a car accident that was the fault of someone else? If so, you may qualify to make a claim for the diminished value of your luxury automobile.
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Filing a Diminished Value Claim In Florida
Do you have a luxury vehicle in Florida that has been involved in a car accident that was someone else’s fault? If so, you may qualify to make a claim for the diminished value of your luxury car.
A diminished value claim simply stated, is a claim for the loss of value that your car suffered because it was in an accident. Everyone knows that despite all damage being repaired, a car that has been in an accident is worth less than it was immediately before the accident.
With the advent of CarFax and similar services, potential buyers are fully informed of damages and resulting repairs made to a car. A diminished value claim allows a vehicle owner to make a claim against the insurance of the at-fault party for the loss in market value due to the accident.
Who can file a diminished value claim?
While anyone whose car was damaged by another’s negligence can technically file a diminished value claim against the at-fault party’s insurance, these claims are usually filed only by owners of high-value luxury cars.
Who cannot file a diminished value claim?
You cannot file a diminished value claim if you were at fault for the accident, if you do not have the name and insurance information of the at-fault party or if you wait longer than the statute of limitations allows (currently four years in Florida).
Does it cost money up-front to file a claim?
Diminished value claims are taken by Casas Law, P.A. on a contingency basis, meaning that there are no up-front fees or costs when your claim is filed. Our fees and costs are paid only when we win your claim.
Who can help me with my diminished value claim?
To see if you qualify to file a diminished value claim, contact the experienced diminished value claim attorneys at Casas Law, P.A. During your free, no-obligation appointment, we will determine if you are eligible to file this type of claim and explain to you how the entire claim process works.
Florida Diminished Value Claim FAQ's
Casas Law’s team knows that what you need now is answers. Start here:
Can you sue for diminished value?A
Does Florida recognize diminished value?A
What is a diminished value appraisal?A
This is when a professional auto appraiser examines a vehicle after crash damage repairs have been made. That appraiser then prepares a report outlining what the market value of the vehicle should be vs. the value of the vehicle post-crash repair.
Is a diminished value claim worth it?A
Yes, though it makes the most sense on vehicles with a higher value
When should I present my diminished value claim?A
This should be presented after the crash repairs have been completed.
How can you prove diminished value in a car insurance claim?A
By completing an appraiser report. If brought to trial, the appraiser will utilize his research to demonstrate the diminished value.
How long does it take to settle a diminished value claim?A
Anywhere from 30-90 days if the insurance company is willing to enter into a settlement. If they are not, a suit is filed which can take up to 12 months to go to trial or settle.
Do I need a car accident lawyer to recover my diminished value?A
No, however, your claim will likely resolve faster and for a greater amount by retaining counsel.
How does a Florida car accident lawyer help?A
Attorneys handle all aspects of the claim reducing time spent and increasing the value of the recovery for the vehicle owner.
Can you claim diminished value twice?A
The technical answer is yes, however, there is a low likelihood of any recovery for a subsequent claim.
Who is responsible for paying your diminished value claim?A
The at-fault party is responsible and typically their insurance company will represent them as part of their property damage coverage.
Will my vehicle's age and mileage affect my diminished value claim?A
Yes, the diminished value is based on the market value at the time damage which is impacted by age and mileage. Classic cars are subject to a different valuation at times.
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