Exotic Vehicle Lawyer – Diminished Value on Supercars and Ultra Luxury Vehicles

February 18, 2021James M. Rosenberg, Esq. Leave a comment

As an exotic vehicle owner, you know the value of your vehicle is important.

Lamborghini, Ferrari, McClaren, Rolls Royce, Bentley, Pagani, Maserati, Porsche, BMW, Audi, Lotus, and Tesla are some of the highest value vehicles on the road. These exotic supercars expensive to buy and expensive to maintain. As an owner, you try your best to protect your investment. Even the smallest scratch from a grocery store shopping cart can affect the value of these vehicles. After an accident, the sad reality is that it is almost impossible to retain the car’s pre-accident value.

Lamborghini frame damage, Ferrari red paint, and Rolls Royce suspension are never the same after impact and damage. A potential buyer may question the integrity of your luxury vehicle after learning it has been in an accident. After an accident, you just want your car fixed properly, but you also need to protect the value of your vehicle, which has unfortunately now diminished in value. After repairs, your supercar may look the same, but it is no longer worth the same.

Requirements for a Diminished Value Claim:

You must own or finance the vehicle (No leases).
The accident was NOT your fault.

If your ultra-luxury or exotic vehicle has been in an accident, you may have a diminished value claim. Contact our office so we can start your claim today!

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. We handle Diminished Value claims on a contingency fee basis. We do not charge the client for fees or costs unless we recover. If you need assistance or would like a free consultation regarding a diminished value car claim, please call James M. Rosenberg, Esq. today at our office at (954) 860-0079.

How to Make a Diminished Value Car Insurance Claim

November 23, 2020James M. Rosenberg, Esq. Leave a comment

Diminished Value Claim – Get Your Money Back

After an accident, one of the first things everyone thinks is “how much is this going to cost me to repair?” Unfortunately, the repair is not the only cost. The market value of your vehicle will also suffer a loss. Having the at faults driver’s insurance cover the cost of repairing your vehicle is great, but after the repair, your vehicle is worth less than it was immediately prior to the accident. Your vehicle has lost its value due to the accident. After the repair, your vehicle looks the same, but it is no longer worth the same.

Requirements for a Diminished Value Claim:

You must own or finance the vehicle (No leases).
The accident was NOT your fault.
Your car is less than 10 years old.

How to make a diminished value car insurance claim?

If you think you qualify for a diminished value claim, Lost Value Law, P.A. is here to help. One of the first things our firm will check is your Carfax vehicle history report. Carfax documents damage, maintenance, and ownership history of vehicles by their VIN number. Both buyers and sellers use Carfax reports to determine a vehicle’s value. For example, a vehicle with a clean Carfax report, with no accidents, and with consistent and timely maintenance, is often more desirable to a buyer than the exact same make and model vehicle with an accident. You may be entitled to collect the diminished value from the at fault driver. We can help you get the diminished value of your car back in your pocket.

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. We handle Diminished Value claims on a contingency fee basis. We do not charge the client for fees or costs unless we recovery. If you need assistance or would like a free consultation regarding a diminished value car claim, please call James M. Rosenberg, Esq. today at our office at (954) 860-0079.

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.