How to File a Diminished Value Claim in Florida?

Getting your car fixed is just one step on the road to getting better if you get into a car accident in Florida. But if your vehicle was in some kind of accident earlier, your value would likely fall even with a full-rate repair. You can ask for money to make up for this loss in market value, which is called diminished value.

This guide will show you how to file a diminished value claim in Florida, what to expect during the process, and how Car Value Law PLLC can help you protect your money.

What Is a Diminished Value Claim?

A diminished value claim asks for money to make up for the loss in your car's trade-in or resale value after an accident, even if the repairs were done right.

When your vehicle history report shows that it has been damaged in the past, potential buyers often hesitate or offer less money. Most of the time, insurance companies will pay for repairs, but they won't always pay you for the loss of value. That's when it matters to file a diminished value claim in Florida.

Florida law lets you file a diminished value claim against the insurance company of the driver who caused the accident.

Types of Diminished Value

There are three main kinds of diminished value:
1. Immediate Diminished Value: The difference in resale value right after the accident, before any repairs are made.

2. Inherent Diminished Value: This is the most common type. This means that the value goes down because of a history of accidents, even after the right repairs are made.

3. Repair-Related Diminished Value: When repairs are done poorly or are incomplete, the value goes down.

Most claims in Florida are about inherent diminished value.

Steps to File a Diminished Value Claim in Florida

1. Verify Accountability
You have to prove that the other driver was at fault. In Florida, personal injury protection (PIP) is no-fault, but claims for property damage, like loss of value, are made against the person who caused the damage.

2. Get your car fixed.
Please complete all the repairs and maintain detailed records, such as invoices and notes on your actions.

3. Get a professional appraisal of the diminished value.
A professional appraisal will tell you how much your car lost in value because of the accident. Insurance companies often use formulas that don't value your loss enough. An independent appraisal backs up your claim in a way that is believable.

4. Get the paperwork you need

• Report from the police

• Number for the insurance claim

• Bills for repairs

• Pictures of before and after

• Report on the history of the vehicle.

5. Send in the Claim
Send a letter of demand to the insurance company of the driver who caused the accident. The letter should have:

Liability statement
A list of damages
Report on the appraisal
Demand for pay

6. Talk it over or get legal help.
Insurance companies often argue against or downplay claims for diminished value. If talks break down, hiring a lawyer who knows a lot about diminished value cases can greatly improve your chances of getting a fair amount of money.

Final Thoughts

A car accident can hurt your car and lower its resale value for good. If you file a diminished value claim in Florida, you will get all of your money back, including money you lost and repairs.
If you think your car has lost value, call Car Value Law PLLC to learn your rights and how to get the money you deserve.

FAQs

1. If the accident wasn't my fault, can I file a Diminished Value Claim in Florida?

Yes. You can file a claim with the at-fault driver's insurance company for the loss in value of your car.

2. Is there a deadline for filing a claim for a lower value?

Yes. In Florida, you usually have two years to file a claim for property damage caused by negligence, but the time limits can change. It is best to act quickly.

3. Does my insurance cover the loss of value?

No, most of the time. Standard auto policies don't cover diminished value unless they say they do.

4. What kinds of cars can make diminished value claims?

Most cars qualify, but newer cars with lower mileage and no previous damage usually lose more value.