Diminished Value Claim Florida Attorney: Protect Your Vehicle’s Lost Value

 

A diminished value claim Florida attorney can help vehicle owners understand their legal options after an accident. This infographic explains how accident history can reduce resale value and what evidence may support a claim.

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Understanding Diminished Value in Florida | Lost Value Law

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If your vehicle was damaged in an accident, repaired, and returned to you, you may think the claim is over. The repair shop fixed the car. The insurance company paid for the repairs. The vehicle looks fine. But there may still be another loss: diminished value . Diminished value is the loss in your vehicle’s market value after an accident. Even when repairs are done correctly, a vehicle with an accident history is usually worth less than a similar vehicle with a clean history. Buyers, dealers, and online valuation tools often treat accident history as a major negative. That loss in value can be real money. In Florida, diminished value can be part of a property damage claim when another driver caused the accident. Florida courts have recognized diminished value as a possible covered loss in a third-party property damage claim , and that the claimant is responsible for proving the loss. What Is Diminished Value? Diminished value is the difference between: 1. What your vehicle was worth ...
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Proving your diminished value

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First step is to prove you have lost some value that the insurance company is liable to pay. You will need to determine what types of diminished value claims you may have. It is reasonable in most cases to presume that there is some amount of inherent diminished value by virtue of the accident appearing on your vehicle’s record. One exception is when your car already had cosmetic and/or mechanical defects before the accident and the post-accident repairs fixed some of those defects or added enough improved value to make the car more valuable in a sale than the value without the repairs. This would happen on vehicles where you have caused prior damage the new repairs fixed or the car is old and adding new parts makes the car more desirable. You must understand that this exception is extremely rare. Most cars with existing damage or are old and worn will end up being totaled by the insurance company. After all repairs by the insurance company are made, you should make sure your receipts ...
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