Car Accident Diminished Value Claim – Quick Start Guide
Coffey Trial Law Diminished Value is committed to helping consumers and businesses across the State of Florida recover compensation in diminished value compensation claims. Our aim is to make our clients whole again by using a diminished value recovery process that is as quick and simple as possible. We handle all diminished value claims on a contingency fee basis which means that there are never any legal fees or costs to you until you are paid for your claim.
Our three-step diminished value claim process set forth below is very easy to follow and is designed to help you maximize your recovery.
Step 1 - Supporting Your Diminished Value Claim
The first step in the process is to support your claim that despite undergoing quality repairs, your vehicle has lost market value as a result of having an accident history. The specific dollar amount of your diminished value loss is determined after evaluating the vehicle’s value prior to the accident and after repairs have been completed. The valuation process takes into consideration both the severity and type of vehicle damage sustained, along with other factors. An independent appraiser with a strong knowledge of collision damage analysis and vehicle market values may be retained to assist with this determination.
Step 2 - Submitting Your Diminished Value Request to the Responsible Party’s Insurance Carrier
After the amount of your vehicle’s diminished value loss has been established, a demand will be submitted to the insurance carrier for payment of your car accident diminished value claim along with appropriate supporting materials. It is important to understand that the request will be made to the insurance carrier of the driver who was at-fault for the accident and not to your own insurance company.
Step 3 - Settling Your Diminished Value Claim
Once your request has been submitted, what happens next depends on the response from the insurance carrier. The carrier may offer to settle your claim for the amount demanded, make a counter offer, or reject your demand outright. The key to successfully pursuing your claim is being properly prepared, and the most effective way to do that is through representation by a qualified diminished value attorney.
Will I Need to File A Lawsuit?
The vast majority of diminished valued claims are settled through negotiations with the at-fault party’s insurance carrier, typically within 30-60 days of submission of the request, if not sooner. However, there are times when the negotiation process does not result in a fair settlement offer for our clients. In these situations our legal team is fully prepared to take the matter to court to ensure that you recoup the full value of your loss. Additionally, in some cases a diminished value claim may be settled through mediation. Should mediation be appropriate and advisable for your case, our legal team will make a demand for mediation and represent you throughout the process.
How We Can Help
If you are considering pursuing a diminished value claim and your case meets our qualifications we can help you recover the compensation you are owed. To get the process started you need to:
- Complete our intake form;
- Provide us with your vehicle’s final repair estimate; and
- Provide us with the police report or the crash report number and we can purchase the report for you.
Once we receive this information we will review your case to determine if it qualifies for our firm’s diminished value recovery process. If your case is accepted and you decide to retain our firm by executing our agreement for legal representation, you will be able to login to our online case tracking system to check the status of your claim 24/7/365.