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Diminished Value

Florida Property Damage Claim Lawyer

As soon as you drive off the lot after purchasing a car the value of it diminishes greatly, and the same thing occurs after a car accident. That’s just the reality of it. Vehicles with an accident history generally suffer diminished value, even when they are skillfully repaired. While an insurance company may cut you a check for your damaged property, it may not be enough.

At Cardenas, Singer & Associates, we can help you recover the compensation you deserve from an insurance company after a car accident. If you vehicle is being repaired from a crash, please contact our property damage claims lawyers in Florida today. We can assist you with a diminished value claim.

Call (305) 754-6460 or contact us onlinenow.

What is Diminished Value?

Diminished value refers to the lost value of a vehicle that is involved in an auto accident. Often times, damage to a vehicle can be so severe that it can never be sold as a certified used vehicle, which can severely reduce the sale value. According to the Florida Department of Insurance, you have the right to be compensated for a diminished value claim by an insurance company:

“The responsibility of the insurance company for automobile accident damages is the substantial restoration of the automobile as to function, appearance, and value. The owner has not been properly indemnified unless there is no diminution in value of the automobile as it was before the damage and as it is after repairs.”

What is a Diminished Value Claim?

A diminished value claim is a claim brought against an at-fault insurance company for the loss of value to a repaired vehicle involved in an accident. Even if an insurance company fully pays to repair your vehicle, you may be entitled to more.

The deadline for filing a third party diminished value claim is 4 years from the date of the accident. If you do not file a lawsuit within this time, you may no longer be entitled to recover damages for diminished value.

Uninsured and Underinsured Motorist Coverage

A first party claim against a driver may be allowed, but only under very narrow circumstances. If your vehicle is damaged by an uninsured driver, you may be able to recover damages on a diminished value claim against your uninsured motorist policy.

If your vehicle has been damaged due to the fault of another person, you may have a legitimate diminished value claim that is worth pursuing. We can send one our experts to evaluate repairs made to your vehicle. If it is determined that the vehicle has diminished value, we can aggressively pursue damages from the at-fault insurance company.

Call (305) 754-6460 to schedule a free initial consultation.

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