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How to Make a Diminished Value Car Insurance Claim

James 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:  

  1. You must own or finance the vehicle (No leases). 
  2. The accident was NOT your fault. 
  3. 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?

James 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.