After an accident, the sad reality is that it is almost impossible to retain the car’s pre-accident value. A decrease in your car’s value after an accident is known as “Diminished Value.” The Florida court system recognizes that the at-fault driver’s insurance company is required to pay for the inherent Diminished Value of the vehicle.
All vehicles typically lose value after an accident. Whether you drive a Chevrolet, BMW, Ford, Lexus, or Ferrari, your vehicle will likely lose value after an accident. Even though the at-fault driver’s insurance paid for the repair of your vehicle, its resale value will still be affected.
When selling your vehicle, both private buyers and dealers will likely review the vehicle’s history. When a potential buyer sees that your vehicle has been in an accident, they will not want to pay the same value in comparison to the exact same vehicle with no prior accidents. The at-fault driver caused this damage to the vehicle and the vehicle’s history, and their insurance should provide coverage for this type of loss. Your car is worth less money than it was before. The good news is that you may be able to recover this loss.
A Diminished Value claim aims to recover the loss of the potential resale value of your car after it has been in an accident. Before your brand-new car is involved in an accident, it has a higher value than in comparison to the value of your car after it has been in an accident.
Lost Value Law, P.A. is here to help you handle Diminished Value car insurance claims. Our goal is to recover money that you are owed. The at-fault driver’s insurance company owes you compensation for this loss in value. If you need assistance or would like a free consultation regarding a diminished value car claim, please call our office at (954) 860-0079.