Diminished Value Claims In Florida: An Important Type Of Car Accident Compensation

A car accident can cause tremendous damage to your vehicle. Even if your car wasn’t totaled, the repairs will never be able to restore it to the full value of a comparable vehicle that hasn’t been in an accident. You won’t be able to sell the vehicle for the same amount as a comparable vehicle that doesn’t have an accident history. A “diminished value” claim refers to compensation for the loss of that value.

At Itzkowitz Law, PLLC, our award-winning Florida lawyers are committed to helping you get the full amount of compensation you deserve after a traffic accident, including the diminished value of your vehicle. We can help you pursue a diminished value claim alongside the other damages you’re entitled to. Our goal is to set you on the right financial footing to make you whole again.

How To Get Compensation For The Diminished Value Of Your Vehicle

If the accident wasn’t your fault, you can pursue a claim for diminished value against the at-fault driver.

To support your claim for diminished value, you will first need to get a prompt inspection of your vehicle and an itemized invoice for repairs. You will then need to get an appraisal by a qualified appraiser who is familiar with these claims. The appraisal should involve a comparison of similar vehicles – in terms of make, model, year and mileage – that have recently sold in your market. It should include an evidence-based evaluation of your vehicle’s value, given its accident history. A trade-in offer letter from an auto dealer can also be useful evidence.

If you end up filing a personal injury lawsuit against the at-fault driver, you will need to include a claim for diminished value as part of your damages.

Let Us Help You Prepare A Strong Claim

As you can see, diminished value claims are complicated. They require detailed evidence and documentation. It may be necessary to put legal pressure on the insurance company to get the results you deserve. Additionally, if the other driver claims that you are at fault, your right to diminished value compensation may be in jeopardy.

You can count on our team of attorneys at Itzkowitz Law, PLLC, to help. We invite you to call us at 813-461-6600 for a free consultation. You can also send us an email to reach our Tampa area offices, with locations in both Lutz and Largo.