Ferrari Diminished value case

Dealing with insurance companies can be time-consuming and frustrating. The legal staff at Lost Value Law, P.A. have the resources and experience to file your claim, negotiate with the insurance companies, and recover your losses. In addition, our attorneys do not get paid until you do.  This is because payment is based on a percentage of your diminished value recovery, rather than an hourly rate.  As a result, you can be sure we are working to truly get you what you are owed. At Lost Value Law, P.A. we do not get paid until you do. Our philosophy is that payment is based on a percentage of the diminished value recovery, rather than billing our clients costly hourly rates.

Under Florida law, if you were not at fault in an accident and you can prove your vehicle has incurred diminished value of your vehicle, you can seek recovery.  Because an insurance company’s motivation is profit, not paying claims, insurance companies don’t want you to recover your diminished value.  The insurer might even tell you that you do not have a right to seek such recovery.  Even if you are well aware of your ability to make a diminished value claim, the insurance company will do all it can to avoid payment or to pay you as little as possible. So, Let us help you!

01.

DIMINISHED VALUE

When your automobile is damaged in an accident it loses value, insurance companies do not inform you when you go to get the vehicle fixed that they may be responsible to pay you for the loss of value to your vehicle.

02.

INSURANCE BAD FAITH

Insurance Bad Faith is a legal term of art unique to the law of the United States that describes a tort claim that an insured person may have against an insurance company for its bad acts.

03.

MOTOR VEHICLE ACCIDENT

A Motor Vehicle Accident occurs when a vehicle collides with another vehicle, motorcycle, pedestrian, … Many times, an auto accident may not result in injuries but when traffic collisions result…

01.

DIMINISHED OF VALUE

When your automobile is damaged in an accident it loses value, insurance companies do not inform you when you go to get the vehicle fixed that they may be responsible to pay you for the loss of value to your vehicle.

If there are two cars for sale for the same price but one has been in an accident and the other has not, which one would you buy? The automobile that has been in the accident, even though it may have been properly repaired, has diminished in value as a result of the accident, so why pay the same amount as a new vehicle? YOU have a right to recover the diminished value from the at-fault party.

Lost Value Law, P.A. works with experienced appraisers to determine the dollar amount of the diminished value and do our best to recover that amount on your behalf.

The insurance company’s method of determining diminished value may leave you shortchanged.

Insurance companies often use a formula, sometimes known as “17(c),” to calculate diminished value.  Basically, this formula involves initially putting a 10% cap on the claim.  For example, if your car is worth $40,000, the insurance company’s formula limits recovery to no more than $4,000.  

The company then applies “modifiers” to decrease the recovery even more. Insurance companies will often try to convince you that this formula, which likely is presented under another name to avoid the stigma of “17(c)”, is the only method of determining diminished value.  This is simply not true.  You do not have to accept the insurance companies’ valuation.  If necessary, you can present your own evidence of diminished value, based on an appraisal by an outside expert.  Experts use other methods of determining diminished value and these methods are almost always more accurate and fair.

You have a limited amount of time to make a diminished value claim.

In Florida, you have 4 years from the date of the accident to file a legal action for diminished value.  In reality, these cases rarely need to escalate to a lawsuit.  Insurance companies are far more likely to to negotiate diminished value if you are represented by an attorney.  Because many cases can be negotiated without going to court, it is important to begin the claim well before the 4-year mark, which leaves time for a settlement.

An experienced attorney can make your recovery of diminished value less stressful and more fair.

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02.

INSURANCE BAD FAITH

Insurance Bad Faith is a legal term of art unique to the law of the United States that describes a tort claim that an insured person may have against an insurance company for its bad acts.
Under the law of most jurisdictions in the United States, insurance companies owe a duty of good faith and fair dealing to the persons they insure.
Insurance companies are required to investigate, negotiate, and settle claims in good faith.
There is a longstanding duty that exists in every insurance contract. This duty is known as the “implied covenant of good faith and fair dealing.” It requires the party or parties to a contract to treat each other honestly, fairly, and in good faith, so as to not prevent the other party or parties from receiving the benefits of the contract.

When insurance companies violate this duty, they can be held liable in court for their bad faith acts.

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Bad Faith Insurance Tactics

The following is a summary of certain tactics insurance companies use to reduce their obligation to pay you what you owe.

  1. Denying A Claim Without Giving A Reason – Ignoring or denying your claim without a reason or without a logical reason.
  2. Failing To Conduct An Adequate Investigation Into A Claim – if you made a valid claim to an insurance company after a car accident and it was denied with no reason, you may have a claim against the insurance company for bad faith.
  3. Delaying Payment Of A Valid Claim – the duty of insurance companies is to conduct prompt and thorough investigations into car accident claims. Delaying this investigation into your claim or conducting a poor investigation and you may have a bad faith insurance claim.
  4. Offering Significantly Less Money Than A Claim Is Worth – insurance companies must pay claims within a reasonable time frame. If an insurance company has approved your car accident claim, but has unreasonably delayed payment of the claim, you may have a claim against the insurance company for bad faith.
  5. Making Threatening Statements – if an insurance company is refusing to settle or pay a valid claim after a car accident, it is likely acting in bad faith. If you filed a claim with an insurance company after a car accident that was clearly covered by your policy or that of the other driver and it was denied, the insurance company may be liable for its bad faith denial.
  6. Misrepresenting The Law Or Policy Language – threatening policyholders or third parties who make claims after a car accident in unacceptable. Insurance companies should treat you and others in a respectful and professional manner. Any kind of threats against you are considered acts of bad faith.
  7. Refusing Requests For Documentation – if an insurance company has intentionally misrepresented the law or language in the insurance policy applicable to your car accident claim, you may have a legal claim against the insurance company for bad faith. Insurance companies must be honest in their statements about the law and the insurance policies involved in a claim.
03.

MOTOR VEHICLE ACCIDENT

A Motor Vehicle Accident occurs when a vehicle collides with another vehicle, motorcycle, pedestrian, animal, road debris, or other stationary obstruction, such as a tree or utility pole. Many times an auto accident may not result in injuries. But when traffic collisions result in injury, death, and property damage, Lost Value Law, P.A. is here to help.

Car accidents cause the loss of time, property, health and even life. Such accidents occur because of many factors including driver error, negligence, manufacturing, defects and dangerous weather.

Automobile accidents give rise to the majority of personal injury claims in the United States. This is not surprising, given that every 10 seconds someone in the United States is involved in a car accident, according to the National Highway Traffic Safety Administration (NHTSA).

Determining who is at fault in an auto accident is a matter of deciding who was negligent. People who operate automobiles must exercise “reasonable care under the circumstances.” A failure to use reasonable care is considered negligence and negligent parties are liable under Florida law. A person who negligently operates a vehicle may be required to pay for any damages, either to a person or property, caused by his or her negligence. The injured party, known as the plaintiff, is required to prove that the defendant was negligent, that the negligence was a proximate cause of the accident, and that the accident caused the plaintiff’s injuries. Issues of fault can be complicated by who acted when and which laws governed the situation. If the other driver was negligent, you may have to prove that the driver breached a duty of care to you and that the breach caused your damages. The assistance of an attorney can be immensely valuable at this time.

Some factors in determining whether a driver was negligent may include, but are not limited to:

Disobeying traffic signs or signals.
Failing to signal while turning.
Driving above or below the posted speed limit.
Disregarding weather or traffic conditions.
Driving under the influence of drugs or alcohol.
Sleep deprivation.
Distracted Driving – including texting or talking on cell phone.
Improper or excessive lane changing.
Defective automobiles can cause car accidents. Automobile parts, such as tires or brakes, which are defective may also cause car accidents. If a part is defective, persons who were injured because of the defect may sue the manufacturer or supplier of the part under the legal theory of products liability. Courts generally treat products liability as a strict liability tort, meaning that the court will hold the manufacturer or seller liable regardless of whether or not they acted negligently.

Read Attorney James Michael Rosenberg’s related articles:

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