Diminished Value Claims
Property Damage - Diminished Value Claims
In the State of Florida, a claim or case may be pursued for the diminished value of a vehicle. What is diminished value? It is the difference between the value of the vehicle if it was not in a crash versus the value of the vehicle now that it has been in a crash and has been repaired. Some automobile insurance companies honor diminished value claims and some do not. There are a number of factors considered when evaluating a property damage case or claim for additional compensation in the form of diminished value. These factors include the following:
- Year of the vehicle;
- Make of the vehicle;
- Model of the vehicle;
- Location of the damage to the vehicle;
- Extent of the damage to the vehicle;
- Amount of the repair bill;
- Condition of the vehicle prior to the crash;
- Condition of the vehicle post crash;
- Condition of the vehicle post repairs;
- Market value for the vehicle assuming a clean vehicle report; and
- Market value for the vehicle with a history of property damage.
If a vehicle is a high end brand new luxury car, then the diminished value could be in the thousands of dollars. If the vehicle is much older, loaded with miles, and in poor condition to begin with, the the diminished value (if any) may be negligible. Before you sign any documents that release or settle in full a property damage claim, you may want to get your vehicle appraised for dimished value and pursue a diminished value claim or case against the at-fault driver / at-fault insurance company.
It should also be noted that the pursuit of a diminished value claim can be affected by the liability or fault aspects of the case. If the insurance company assesses some fault against you for the crash or accident, the insurance company may refuse the diminished value claim completely or offer a reduced settlement for the diminished value claim.
Furthermore, the appraiser that you obtain for the diminished value can be challenged. Insurance comoanies have their own selected appraisers who may calculate the diminished value less than the dimished value that you obtain. Some Florida Personal Injury Attorneys do not want to handle any aspect of a property damage claim let alone a diminished value claim. David A. Wolf handles all aspects of the claim or case and is prepared to advise a client of his or her options and courses of action. Certainly, it is important for each client to get fair and reasonable compensation to cover the property damage and, when applicable, the diminished value of the motor vehicle.
It is important for a client to keep all documents related to the damage of the vehicle and repairs. When possible and safe to do so, it is also helpful to have photographs of the property damage at the scene of the crash of the client's vehicle as well as the other vehicles involved in the crash.
The diminished value of a vehicle is just one of may challenges faced by an accident or injury victim. David A. Wolf has over 30 years of experience as a personal injury attorney handling claims and cases including those related to property damage and the diminished value of a vehicle. Get D Wolf On Your Side - At Your Side.