Car Accident Diminished Value Claim – What You Need to Know
If your vehicle has been damaged in an accident you may not know about diminished value auto claims. Diminished value is the loss in your car’s market value that occurs as a result of being involved in a collision. Even if your car has been fully repaired, it has still lost value because when you go to sell it a buyer will now pay less because your car has a prior accident history.
Fortunately, you may be able to file a car accident diminished value claim. If you have never heard of this type of accident claim you are not alone. Diminished value is one of the biggest hidden secrets in the automobile insurance industry. It would be highly unlikely for an insurance agent or representative to tell you about collecting on your car’s diminished value damages since their aim is to payout as little as possible to settle your claim.
The legal team at Coffey Trial Law Diminished Value wants to make sure that you understand how diminished value claims work, so we have set forth a few key things that you need to know about these types of accident claims:
- In Florida You Cannot be 100% At-Fault for the Accident
In the State of Florida you cannot make a claim for your car’s diminution in value if you are 100% at fault for the collision. However, in other states such as Georgia, car owners who are fault for the accident are permitted to submit a claim for diminished value. If your accident occurred in Florida and both you and the other driver were at fault, you may be able to recover a portion of your damages because Florida is a “pure-comparative negligence” state. In this situation you could make a claim to recover the percentage of your damages that are attributable to the other driver.
- To Make a Diminished Value Claim You Must Own Your Vehicle
Unfortunately if you are leasing your car you will not be able to submit a claim because diminution in value claims are limited to car owners. It is important, however, to check with your leasing company to find out if they will expect money from you for damages associated with diminished value when your lease is up. If this is the case, our firm may be able to help.
- In Florida Diminished Value Claims Must be Submitted within 4 Years of the Accident
In Florida the statute of limitations for recovering diminished value is four years. This means that you need to file your claim within four years of the date of your accident. This also means that even if you have sold your car you may still be able to submit a diminished value claim so long as you take action before the statute of limitations expires.
- An Experienced Diminished Value Claims Attorney can Help
If you are thinking about trying to collect for diminished value damages it is always best to consult with a qualified attorney who has extensive experience handling diminished value claims. These types of claims can be very challenging to win on your own. The legal team at our firm will work with you to make the recovery process quick and simple. We will carefully guide you through every phase of your diminished value claim and fight to make you whole again.
We realize that you probably have many more questions about diminished value claims. The Information Center on our website provides more detailed information about these claims and we have also developed a Diminished Value E-Book to help you understand the process.