Your Right To File A Diminished Value Claim

Being involved in a Florida motor vehicle accident can result in serious injuries. Apart from that, a car accident can result in damage to your car. Treating a serious injury and repairing a vehicle after a car accident can be quite expensive. Fortunately, in Florida, if another driver is to blame for your Florida car accident, you are entitled to compensation for medical expenses and any vehicle repairs that are reasonably required due to the accident. You should not have to be the one to pay for your medical expenses and vehicle repairs if another driver is responsible for your accident.

Unfortunately, even if you repair a car after an accident, the car’s market value will decrease. If you try selling your vehicle after it has undergone repairs, chances are, you will not find a buyer willing to pay a high price. Many people are unwilling to pay a high price or even buy a vehicle with a history of accidents.

Your Right to File a Diminished Value Claim

Diminished value is the decline in value your vehicle experiences because of an accident. Even if you repair your vehicle after an accident, its value will still decrease because of the accident. No matter how good the repairs are, every car loses value after an accident. However, how much an accident devalues your car is dependent on various factors, including;

• The extent of the damage – A minor damage such as a broken taillight can be fixed without leaving any evidence of the repair. On the other hand, it is hard to repair more serious damage and not leave evidence of the repair. Any noticeable evidence of repair can decrease the value of a vehicle significantly.
• Your vehicle’s history of accidents – Generally, the higher the number of accidents a car has been involved in, the lesser its value.

Fortunately, you may also have the right to seek compensation for your vehicle’s depreciation in addition to the cost of vehicle repair if another driver is to blame for your accident. Filing a diminished value claim against an at-fault motorist can help you recoup the worth of your vehicle if you intend to sell it later.

When you file a diminished value claim against an at-fault driver’s insurance company, you will need documentation of the pre-crash market value of your car. A qualified car accident attorney can help you find the documentation you can use to show how much your car was worth before the accident. An experienced attorney can help you find proof showing how much your car’s resale value has dropped because of the accident.

How Long Do You Have to File a Diminished Value Claim?

Under Florida’s statute of limitations, you generally have four years to file a diminished value claim.  It is best that you hire an experienced attorney to help you with a diminished value claim. If an insurance company refuses to compensate you for your vehicle’s depreciation, an attorney can help you take the matter to court.

Contact a Fort Lauderdale Personal Injury Attorney

If you’ve suffered injuries and vehicle damage in a Florida car accident because of another driver’s fault and need professional legal help, contact our Fort Lauderdale personal injury attorneys at The Pendas Law Firm.

The Pendas Law Firm also represents clients in the Miami, Orlando, Ocala, Tampa, Jacksonville, Fort Myers, Bradenton, Daytona Beach, and West Palm Beach areas.

Source:

flhsmv.gov/traffic-crash-reports/crash-dashboard/