After a motor vehicle accident, insurance companies may pay for the repairs to your car. However, even when fully repaired, your vehicle is often worth less than it was before the crash. This reduction in market value is called diminution of value, and it can and will cost you thousands of dollars when you sell or trade in your vehicle. Many drivers do not realize they have the right to pursue a Florida depreciation/diminution of value claim, but doing so is essential to protect their financial interests.
At Lucas, Macyszyn & Dyer, Injury Lawyers, we help accident victims in Spring Hill and across Florida recover every category of compensation they are entitled to. Our attorneys understand how insurers work to minimize payouts, and we fight to ensure you receive fair compensation for both repairs and diminished value. If your car has lost value because of someone else’s negligence, we are ready to stand up for your rights.
Diminution of value refers to the loss in a vehicle’s resale or trade-in value after an accident, even if all necessary repairs have been completed. A car with an accident history is almost always worth less than a similar vehicle with no damage record. Buyers and dealers discount vehicles that show up on reports like Carfax, regardless of the quality of repairs.
This type of claim is separate from a property damage repair claim. In Florida, you may be able to pursue compensation for both the cost of repairs and the reduced value of your car. Insurance companies often resist paying diminution of value, which is why strong legal representation is critical.
Florida recognizes two types of diminished value claims:
Courts in Florida have acknowledged a vehicle owner’s right to recover for diminished value when another driver’s negligence caused the accident. However, insurers will frequently challenge the amount of loss or deny liability altogether. Our team works with appraisers, market experts, and repair specialists to calculate the true diminished value of your car and present compelling evidence for your claim.
Pursuing a diminution of value claim without an attorney can and will put you at a disadvantage. Insurance companies commonly argue that once repairs are completed, no further payment is necessary. They may also undervalue your loss by using formulas that drastically underestimate real market depreciation.
To succeed, you need strong documentation, including expert appraisals, repair invoices, and vehicle history reports. At LMD Injury Lawyers, we know how to confront insurers who minimize or deny valid claims. Our goal is to ensure that you do not bear the financial burden of diminished value caused by someone else’s negligence.
If your car lost value after an accident, you should not settle for less than you deserve. Florida depreciation/diminution of value claims can and will protect your financial interests, but you need an experienced advocate to ensure the insurance company pays fairly.
Call LMD Injury Lawyers today to speak with a Florida car accident attorney who knows how to fight for your rights and recover every category of compensation you are owed.
(727) 849-5353