While all vehicles depreciate naturally, they suffer an abrupt loss in value after an accident. Even fully repaired cars are worth less following a crash, losing anywhere between 10% and 50% of their market value. This sudden vehicle value loss is known as diminished value. If your vehicle was damaged in an accident that wasn’t your fault, you may be compensated for your car’s diminished value. However, not all accident victims can claim diminished value compensation for their vehicles. Learn more about diminished value claims and qualifications in Florida below.
Who Can File a Diminished Value Claim?
Diminished value claims compensate for your vehicle’s reduced market value after an accident. You can file a diminished value claim if you were involved in a not-at-fault accident and are seeking damages. Such claims only apply if your car was repaired, not totaled. Present your diminished value claim as part of your demand against the at-fault driver’s insurance, ideally with the help of a diminished value lawyer.
What Vehicles Qualify for Diminished Value Claims?
Any car that loses significant value in an accident or cannot be repaired with original parts may qualify for a diminished value claim. This includes trucks, motorcycles, RVs, and commercial machines such as dump trucks. Many factors determine whether your diminished value case is worth pursuing, such as your vehicle’s age and mileage. Newer, low-mileage vehicles, luxury cars receive the largest settlements in diminished value claims.
Insurance Coverage and Diminished Value
Diminished value claims are made against the at-fault driver’s insurance company when seeking a claim for damages and expenses outside of what your car insurance covers. You may only seek a diminished value claim if the at-fault driver has enough insurance coverage. Your diminished value lawyer will present your case and negotiate a settlement based on coverage limits to ensure you are fairly compensated for your car’s sudden loss of value.
Determining the Value of Your Claim
Several factors determine what your diminished value claim is worth, These include the:
- The vehicle’s value before the accident.
- Extent of the accident damage.
- Quality of the repairs made
After your car is repaired, it’s crucial to get an independent appraisal to determine its post-accident value. This will allow you to compare the pre- and post-accident appraisals and assess your vehicle’s value loss accurately.
Diminished Value Claims with Brett M. Bressler
It’s vital to have an experienced diminished value lawyer like Brett M. Bressler help you negotiate with the at-fault driver’s insurance company to fairly compensate you for your diminished value and injury claims. We’ve helped dozens of car owners throughout Central Florida receive settlements for diminished value. View our results here. Then, call us at 407-599-2002 or schedule a consultation online to discuss your case and learn how we can help you recover damages after a car accident.
