A diminished value claim in Florida allows you to recover money for the loss in your vehicle’s market value after it has been repaired following a car accident. When a car is involved in a collision, it’s typically worth less than it was before the crash because of its accident history. In short, this type of claim compensates you for the difference between your car’s pre-accident and post-repair value.
For example, imagine your car was worth $25,000 before a collision. After repairs, its resale value drops to $20,000. In that case, you may be entitled to pursue a diminished value claim for the $5,000 difference. Florida law recognizes this type of loss, but it can be difficult to prove without the right evidence and documentation.
Contact a car accident attorney in Fort Myers today to schedule a free consultation — call (239) 277-0005.
How Diminished Value Works
There are generally three types of diminished value recognized in Florida:
- Immediate diminished value: The reduction in a vehicle’s value immediately after an accident, before any repairs are made
- Inherent diminished value: The most common type, which refers to the reduction in market value after repairs, simply because the car has a damage history
- Repair-related diminished value: A loss in value caused by poor or incomplete repairs, such as mismatched paint or low-quality parts
Insurance companies often contest these claims, such as by arguing that your car’s value changed to the extent you say it has. Working with a qualified Fort Myers personal injury attorney and appraiser can make a significant difference in how much you receive for your claim.
Who Can File a Diminished Value Claim in Florida?
Under Florida law, you can usually only file a diminished value claim against the at-fault driver’s insurance company. Since Florida is a no-fault insurance state, your initial claim usually goes through your own Personal Injury Protection (PIP) policy for limited benefits, such as at least some of your medical expenses.
However, there are various exceptions that could allow you to take legal action against the at-fault driver and their insurance company. This includes if you’ve sustained a serious injury, if your losses exceed your policy limits, and others.
How Long Do I Have To File a Diminished Value Claim in Florida?
Florida’s statute of limitations for car accident claims is generally two years from the date of the crash. However, note that the time limit can vary depending on the unique facts and circumstances of your case, especially for one based solely on property damage.
It’s possible that a different deadline may apply to your case, making it important to get legal advice as soon as you can.
Contact a Florida Car Accident Lawyer for Help With Your Diminished Value Claim
If your car has lost value after an accident, you shouldn’t have to absorb that financial loss on your own. Contact Garvin Injury Law to learn about your legal rights and options for recovering compensation. You can get in touch with our car accident lawyers by calling (239) 277-0005 or by reaching out online. Keep in mind that since we work on contingency, you only pay attorney’s fees if we win compensation for you.