Frame damage & Diminution in value claims in Florida?

September 30, 2020James M. Rosenberg, Esq. Leave a comment

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.

Frame damage is some of the most severe type of a damage a vehicle can suffer. This type of damage is an indicator that the vehicle was in a high impact collision. Frame damage can completely alter the integrity of the vehicle. It also increases the depreciation rate of a vehicle. Some dealerships will not sell a frame damaged vehicle on their lot and will send any trade-in vehicles with frame damage directly to the auction. If you try to sell a vehicle with frame damage, you will likely end up selling it at a loss.

All vehicles typically lose value after an accident especially if they have frame damage. Whether you drive a Chevrolet, BMW, Ford, Lexus, or Ferrari, your vehicle will likely lose value if it has frame damage 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.

Have you been in an accident in Palm Beach County, Broward County, or Miami Dade County? Did you buy the car new from the dealer? Was the accident the other driver’s fault? Does your vehicle have frame damage? If you have been in an accident, you may have a claim for diminished value.

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.

Is My Diminished Value Claim in Florida Worth Pursuing?

September 15, 2020James M. Rosenberg, Esq. Leave a comment

Your vehicle is an asset. Maintaining the value of your vehicle and protecting your investment is always worth it. After an accident, you may be happy that it has been repaired, but you likely have not been made whole. Newer vehicles should hold their value. However, once there is an accident on the vehicle history report, a potential buyer will likely want to pay less for the vehicle. Together, we can help recover the loss in resale value of your vehicle.

Unfortunately, most people do not realize that their vehicle has diminished in value post-repairs. They may not realize this loss in value until they go to sell the vehicle and receive a dealership trade-in offer that is less than expected. This situation is an example of how the insurance companies evade paying for the diminished value and then pass on the loss to the vehicle owner. Even if this situation has happened to you, and even if you have already sold your vehicle, Lost Value Law, P.A. may still be able to help.

In most diminished value claims, Lost Value Law, P.A. works on a contingency basis and does not get paid unless we recover. To pursue a claim, Lost Value Law, P.A. needs basic information regarding the accident such as the accident report, driver’s information exchange, driver’s insurance information, and the make and model of your vehicle.

Recover the Loss in Resale Value of Your Car

June 9, 2020James M. Rosenberg, Esq. Leave a comment

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.