How to file a diminished value claim in florida

For consumers who still owe a significant amount on the vehicle or who intended to drive the vehicle for much longer, that diminished value can have a significant impact.

Diminished value can impact the safety and reliability of the vehicle, decrease its anticipated life, or decrease resale value: all factors that can have immense importance to the victim in an accident. An accident on record for the vehicle can also make it more difficult to sell the vehicle after an accident.

Savvy buyers want to purchase reliable vehicles that do not need extensive repairs. As a result, accident victims may have a hard time finding a buyer who will take a chance on the vehicle or may need to sell the vehicle for a lower value than initially anticipated.

Inherent diminished value makes up the majority of diminished value claims. It occurs when the vehicle loses value due to a damage report on its history, which interested buyers can find when they look up the accident report on a vehicle.

Damage to a vehicle can immediately decrease its worth. Most of the time, however, your auto damage claim takes care of immediate diminished value. If you choose not to repair the vehicle, the insurance company will pay you for the repairs.

Sometimes, improper repairs, often due to low-quality parts, can also cause the value of a vehicle to diminish following a serious accident. Sometimes, your vehicle may suffer primarily aesthetic problems: a paint color that does not quite match the original paint, for example.

Other times, aftermarket parts or low-quality repairs can diminish the overall vehicle. Generally, repair-related diminished value claims occur because the vehicle, for whatever reason, cannot go back to its original condition.

Most states, including Florida, do not have laws that require an insurance company to pay out for diminished value resulting from an accident. Some policies, however, will provide coverage for the diminished value of your vehicle. Always consult the insurance policy to learn what type of coverage it offers and whether it will offer compensation for diminished value to your vehicle after an accident. To calculate your losses related to the diminished value of a vehicle after an accident, the insurance company may take a look at:.

In general, insurance companies will pay out no more than 10 percent of the initial value of the vehicle in a diminished value claim.

Follow these steps to move through a diminished value claim and increase the odds that you will get the compensation you deserve for your financial losses.

Generally, if you cause an accident, your insurance company will not pay for the diminished value of your vehicle. You may want to check your policy to determine whether you have this important coverage, since most policies will not offer compensation for diminished value when you cause an accident—even if you carry comprehensive or collision insurance.

You may, however, seek compensation under your uninsured motorist claim if the other driver does not carry insurance. Call : I look at each case from every angle imaginable and develop a plan to reach. Florida Diminished Value Law. You have questions. We have solutions. Tell Us About Your Case. If you are human, leave this field blank. The services from Attorney Jaime Suarez were excellent. His staff was very helpful and efficient. Every time I would call I would receive a response from Mr.

The compensation that I received for the injuries that I sustained exceeded my expectations. Hector Sanchez. I would like to say thank you, to Mr.

Suarez and his team at the law office.. I would definitely recommend Mr. Suarez and his team for any legal case. Thank you for your superior support! Aydmara Contreras. 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!!!! 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. Alex Casas is by far the most present and engaged attorney with whom I have had the pleasure of working. The staff is caring and pleasant. The response time is extremely fast. And he is good at winning! Thank you for all you have done for us over the years!

I highly recommend Casas Law! Schedule Free Consultation. Legal Blog. January 10, Florida Diminished Value Law Knowledge Even if you have a good understanding of the laws and how they apply to you, you are still likely to need the knowledge and experience of an industry professional.