After a car accident, your insurance company may pay for repairs. But even a perfectly repaired vehicle is worth less than one with a clean history. That gap between your car’s pre-accident value and its post-repair market value is called diminution of value, and in Florida you have the right to pursue compensation for it.
Most drivers never file a diminution of value claim because they do not know it exists. At Lucas, Macyszyn & Dyer, Injury Lawyers, we make sure our Inverness clients recover every category of compensation they are owed, including the hidden losses that insurance companies hope you will overlook. If someone else’s negligence caused your accident, contact us today for a free consultation.
Diminution of value is the reduction in a vehicle’s resale or trade-in value after an accident, even when all necessary repairs have been completed. Buyers and dealers discount vehicles that show a damage history on reports like Carfax, regardless of the quality of the repair work. A car with an accident record is simply worth less on the open market than a comparable vehicle with a clean history.
This type of claim is separate from a property damage repair claim. In Florida, when another driver’s negligence causes an accident, you may be entitled to compensation for both the cost of repairs and the reduction in your vehicle’s market value.
Florida courts recognize a vehicle owner’s right to recover for diminished value caused by another driver’s negligence. There are two primary types of diminished value claims:
Inherent diminished value is by far the most common basis for a claim. Even if the repair shop did everything right, the accident history alone reduces what a buyer will pay or what a dealer will offer at trade-in.
The value of a diminished value claim depends on several factors, including:
Insurance companies commonly use formulas that underestimate the true market depreciation. Our team works with independent appraisers and market specialists to calculate the real diminished value of your vehicle and present compelling documentation to support your claim.
Insurance companies routinely resist paying diminution of value claims, even when Florida law supports the claimant’s right to recover. Common tactics include:
Without an attorney, most claimants either do not pursue these claims at all or accept whatever the insurer offers. With LMD representing you, the insurer knows you have counsel who understands diminution of value law and will push back on lowball offers.
Building a strong diminution of value claim requires more than an estimate. Supporting documentation typically includes:
Our attorneys handle gathering and presenting this documentation on your behalf.
When you work with LMD, you get:
If your vehicle lost market value after an accident caused by someone else’s negligence, you should not accept less than you are owed. Contact Lucas, Macyszyn & Dyer, Injury Lawyers today for a free consultation with a Inverness car accident attorney who knows how to pursue every category of compensation you deserve.
(727) 849-5353