In Florida, you may be able to pursue compensation for the diminished value of your vehicle after you’ve been in an accident. It is ideal to file a diminished value claim on your vehicle when it is brand new.
According to the definition by law, the diminished value of your vehicle is the loss of market value that occurs when it is damaged and then repaired. Since accident histories must be disclosed to consumers purchasing used vehicles, this means that they will not pay the same price for your wrecked and repaired vehicle as they would for one without any accidents.
It doesn’t matter how meticulous the repairs were either. Your vehicle will still lose value as a result of this accident. Thanks to the law, you can seek compensation for diminished value claims.
Understanding the Different Types of Diminished Value Claims
There are a few ways that diminished value may apply to your car after an auto accident. Repair-related diminished value relates to the loss of value due to the inability to perfectly repair it. Your car is now worth less after repairs were made than it was prior to the crash.
An immediate diminished value refers to the difference in the resale value of your vehicle before damage has occurred compared to the resale value after the crash prior to receiving repairs. Inherent diminished value is the most common type, which is defined as the amount in which resale value of a repaired vehicle has been reduced as a result of an accident.
How Do You Get Compensation for a Diminished Value Claim?
With this law in place, you can recover the difference between your car’s pre-accident value and its value after the crash. This is something you will want to discuss with an experienced car accident attorney to ensure that you have a valid claim as well as an advocate throughout the legal process.
The compensation you may receive for this type of claim will vary based on several factors.
Level of Fault
Diminished value claims are only valid if you are not at fault for the accident. You will need to prove the other driver caused the crash first. Additionally, you should know that you can only seek this type of claim if you get into a car accident. You cannot claim for diminished value if your car was damaged in some other way.
Staying Within Time Limits
Florida has a statute of limitations on diminished value claims is set at 4 years, which means you must act quickly to file your claim. Waiting too long will mean you miss this time limit.
Proper Appraisal
Your vehicle must have a proper appraisal to determine its value before the accident happened and after the repairs were made. This will require the services of an experienced auto appraiser, who your attorney can retain.
Evidence
You will have to show that your vehicle lost value in the repair process. If the repairs didn’t restore it to its precise condition it was in before the accident, you will need to show work orders detailing parts and how those parts have impacted the performance. The same goes for aesthetic differences such as mismatched paints or gaps in the seals that are noticeable now after repairs.
Who Is Liable for Paying a Diminished Value Claim in Florida?
You can pursue a diminished value claim for your vehicle from the at-fault driver or their insurer. These cases can be complicated because you must prove liability and show that the other driver behaved negligently.
An attorney can help you fight for that compensation and navigate the complexities of the legal process. You will need to prove you were not at fault in the accident first since being at fault would bar you from seeking this type of claim. Even if you shared some of the blame, it would be easy for the other party to stop you from recovering the money you deserve. With the help of a knowledgeable lawyer, you will have a better chance of recovering money on a diminished value claim.
