Diminished Value Explained:
Diminished Value is the depreciated value of an automobile from an accident (collision) or an incident (fire, flood, hail). Automobiles are depreciating assets that normally decrease in value as time goes by; car accidents on the other hand, increase the normal rate of depreciation and lead to an immediate and measurable loss in value. The fact is that a wrecked and repaired vehicle will always be inferior to, and have less value than, an undamaged vehicle of the same statistics.
While victims of auto accidents claim property damage, many are unaware that they may also be eligible to recover damages due to the diminishment of value of their vehicle. Vehicles involved in an accident suffer an inherent reduction in value, and sufficient repairs could not return said vehicle to its pre-accident condition or value. Diminished value claims are based on the premise that a car buyer would pay less for a vehicle that has been damaged and repaired than a vehicle that has never been damaged.
There are three types of diminished value:
Inherent diminished value - loss of value following a car accident, even if repairs were made to the vehicle.
Insurance-related diminished value - loss of value to the vehicle after the insurance company that paid for the repairs used inferior parts or procedures.
Repair-related diminished value - loss of value to the vehicle when the repair shop failed to restore the damaged vehicle completely and correctly.
Determining Diminished Value:
Your vehicle must be evaluated by a professional appraiser to determine its value after repairs have been made. This diminished value expert will then create a report outlining the specifics of your case, including the total loss of value.
In some instances, a vehicle’s value may be diminished due to a manufacturer’s recall. Due to a recall by Toyota in 2009, a $250 million settlement compensated owners who sold their vehicles at a lesser prices due to their diminished value.
How We Can Help You:
In Florida, drivers who believe their vehicle’s value has been diminished due to an accident that wasn’t their fault have three years from the date of loss to file a claim. Although diminished value claims often arise following a serious accident, we can assist you with your claim even if you were not injured in the accident.
Findler & Findler, P.A. will work with diminished value experts to have your vehicle accurately appraised and will aggressively negotiate a fair settlement on your behalf.
For more than two decades, the AV-Rated attorneys at Findler & Findler, P.A. have been providing legal services to our clients throughout South Florida. We can help you determine your potential entitlement to a diminished value claim.
We proudly offer free consultations and work on a contingency fee basis; you don’t pay us unless we obtain a verdict or settlement on your behalf.
Your initial consultation is FREE and we only get paid if and when we obtain a recovery on your diminished value claim. Whether your vehicle has suffered extensive or cosmetic damage after an accident, you may be entitled to monies through a diminished value claim.