Filing a Diminished Value Claim
Trying to recover your car’s diminished value loss from an insurance company can be a challenging proposition. Filing a diminished value claim is certainly not something that the insurance industry advertises or encourages. When you request compensation for your car’s loss in market value the responsible party’s insurance company is likely to try to dismiss your claim. Remember, the insurance company is focused on settling your claim for as little money as possible. This means that they will go to great lengths to avoid paying anything on your diminished value claim.
While you may be thinking about filing your claim on your own, you are likely to achieve better results when you have an experienced group of diminished value professionals on your side. A recent insurance industry study shows that on average a person that uses an attorney to seek a recovery on average recovers 3.5 more money than if they attempt to represent themselves.
A recent insurance industry study shows that on average a person that uses an attorney to seek a recovery on average recovers 3.5 more money than if they attempt to represent themselves.
A skilled legal team can take the burden off of your shoulders making the whole process so much easier and simpler for you.
Overview of Steps Involved in Filing a Diminished Value Claim
- Your claim will be filed with the responsible party’s insurance carrier.
It is very important to know that when you are involved in automobile accident in Florida the diminished value claim must be filed with the at-fault driver’s insurance carrier rather than your own insurance company. If you are 100% at fault for the accident you will not be able to file a claim for your car’s diminution in value. In the event that you and the other driver share responsibility, you may be able to recover for the percentage that the other driver contributed to your diminished value loss.
- Your diminished value damages will need to be calculated.
While the insurance company will probably use a standard formula to value your claim, it is important to know that these formulas are generally inaccurate because they do not take into consideration all factors that are relevant to your car’s diminution in value. When you work with our firm we will make a determination of your diminished value damages by evaluating all of the relevant factors in your case. Once you complete our online intake form, and provide us with photographs of your car’s damages along with a final repair estimate and information about the police report, our diminished value professionals will go to work to prepare an accurate assessment of your vehicle’s loss in market value.
- A demand letter will be sent to the insurance company.
After your vehicle’s loss in market value has been calculated a demand letter, including all supporting documents, will be sent to the responsible party’s insurance carrier for payment. The insurance carrier may reject your demand, propose a counter-offer or agree to pay the amount you have requested. The insurance companies can be very difficult to deal with and you are far more likely to secure the outcome you are looking for when you work with a lawyer who knows how to properly prepare and present your demand.
- If a settlement cannot be reached a lawsuit may be initiated.
While in most cases a settlement will be reached within 30-60 days of submitting the diminished value demand, there are situations where the negotiation process does not yield a fair settlement offer from the insurance carrier. When this occurs the attorneys at our firm are prepared to argue your case in court. We are seasoned trial attorneys with more than 50 years of collective experience successfully battling the insurance companies.
The attorneys at Coffey Trial Law Diminished Value have a full understanding of the how insurance carriers negotiate and settle diminished value claims. We will guide you through each of the claims process working to ensure that you recover the full compensation that you deserve.