In a Car Wreck? How to Get Diminished Value in Florida

As a car owner, you expect your vehicle to lose value over the years. What’s less expected, however, is to be in an accident and have your car lose thousands of dollars in value in the blink of an eye – especially due to the negligence of another individual. 

Even if your car undergoes a full repair, it still loses value from being involved in an accident. Fortunately, a diminished value claim could help you recoup your losses. Learn how to get diminished value after a Florida car wreck, and contact us for a free case review. 

What is Diminished Value?

Diminished value is the difference in your car’s market value before and after an accident, taking into account relevant factors like mileage and the extent of the damage. 

Diminished value claims in Florida are generally made against insurance companies rather than via a personal injury lawsuit. There are three types of diminished value claims that can be filed:

• Inherent diminished value: Market value loss resulting from a car having a history of accident damage. This type of diminished value claim is most common and assumes that the car underwent sufficient and high-quality repairs. 
• Repair-related diminished value: Market value loss due to substandard repairs that left the car in a less valuable condition than it was in prior to the accident. 
• Immediate diminished value: Market value loss incurred if you go to sell your car after the accident and before repairs. This is less common and usually only applied to diminished value claims made in court. 

Keep in mind that your car does not need to be totaled in order to qualify for diminished value. Our Florida vehicle accident attorneys work with clients whose vehicles have undergone mild to major damage from a wreck and offer free consultations to assess whether it would be worth filing a claim in your specific situation. 

How to File a Diminished Value Claim in Florida

1. Contact an Attorney

Experienced car wreck attorneys like our team at Gordon & Partners have extensive experience with how to file a diminished value claim and can work alongside you to navigate the process. An attorney can be particularly useful if you are struggling to calculate diminished value or need someone who may be able to negotiate with the insurance company on your behalf. 

Is Filing a Diminished Value Claim Worth It?

In order to file a successful diminished value claim in Florida, a few things generally must be true:

• The other driver was primarily responsible for the accident
• Your vehicle suffered a notable drop in market value, either related to inherent diminished value (it will sell for a lower price because of its accident history) or repair-related diminished value (the repairs were substandard and caused a drop in value)
• Your vehicle cannot be returned to its pre-accident condition
• The other driver has diminished value coverage 

Other things that will impact how worthwhile it would be to file a diminished value claim include the age, condition, and mileage of your car prior to the accident. 

Get Skilled Support for a Diminished Value Claim

Our attorneys have helped Florida victims of car accidents and other personal injury claims receive more than $1 Billion dollars in compensation. If you believe that you are entitled to diminished value after a car wreck, we may be able to help. Contact us for a free case evaluation and answers to any other questions you might have about how to file a diminished value claim.