After a Tampa car accident, the at-fault driver’s insurance may cover the repairs to your vehicle. However, you aren’t receiving due compensation if the insurer hasn’t paid for the loss of your car’s value. A Tampa car accident lawyer can help you file a diminished value property damage claim for the full damages you should receive.
The Law Offices of Anidjar & Levine offer free consultations to car accident victims. Contact our experienced attorneys to analyze your case. We can discuss the facts of your crash and answer your questions.
Benefits of Working With Our Tampa Car Accident Lawyers on Diminished Value Claims
Our Tampa personal injury lawyers serving Tampa are dedicated to providing caring and responsive legal service. We will fight for your financial recovery and handle your entire insurance claim or lawsuit so you can focus on your physical and emotional recovery.
The main benefits of working with our law firm for your diminished value claim are:
- We offer a free initial consultation.
- We’ll schedule your appointments, so you won’t have to stress about keeping track or missing anything important.
- We’ll help you obtain quality vehicle repairs and take good care of your car.
- We’ll represent your best interest during negotiations with insurance companies.
- We’ll reply promptly to all your calls and emails because that’s our job.
- We’ll ensure you receive frequent updates on your case’s progression so you don’t have to wonder what’s happening with your claim.
- We’ll forward your personal injury attorney’s direct phone number so you can get answers to your questions and concerns right away.
Diminished Value Explained
According to the Insurance Information Institute (III), diminished value is the difference in your car’s value before the motor vehicle accident and after you repair it. It is the monetary value your vehicle loses due to the collision.
Loss in market value can stem from vehicle repairs and the perception that there is something wrong with the car because it was involved in a traffic accident. Buyers may not be interested in paying the full amount for the vehicle, even if repairs have fixed all the damage.
Will My Collision Coverage Pay for Diminished Value?
Collision coverage is automobile insurance that pays for damage to your car caused by an accident, regardless of who is at fault for the crash. The extent of the coverage may depend on your policy and state regulations.
It’s atypical for insurance companies to cover diminished value under collision coverage, but each auto insurance policy differs. Generally, your collision insurance will only pay for repairs, and you must sue someone personally to seek diminished value compensation.
Consulting with an experienced attorney can help you clear up any confusion regarding your insurance coverage and determine if additional payouts are available for situations like these.
How To Claim Diminished Value
Florida law allows negligence victims to seek damages in a personal injury or property damage claim. The law requires the at-fault party to make you whole, but you must have proof that they are, in fact, liable for the damages you suffered.
Further, you must be able to prove the extent of your losses. In a diminished value claim, a Tampa car accident lawyer can assist you with this process. Our attorneys can investigate the case and gather the necessary evidence to confirm the other party’s liability in the accident.
We’ll also help you get your car fixed and work with vehicle appraisers to determine the pre-crash value of your vehicle and the value of the repairs to determine how much total loss occurred.
Types of Vehicle Damage Diminished Value Claims
Diminished value is the difference in resale cost between a vehicle before it was in an accident and after it was repaired. Insurance companies usually do not cover the diminished value of a car because such losses are seen as subjective and hard to assess with accuracy.
If you believe your vehicle has sustained damages from an accident and has consequently decreased in value, you may have grounds to file a claim. Diminished value claim types include inherent diminished value claims, diminished value due to repairs, and immediate diminished value.
All these types of claims arise from different factors, such as the age of the vehicle, repairs needed, cost, the scope of the damage, and the level of depreciation. Understanding the differences between each type can help you decide which is best suited for your needs.
Inherent Diminished Value Claims
A claim for inherent diminished value seek compensation based on the idea that a vehicle’s value has declined due to the knowledge that the car sustained damage in a collision. The premise of this claim is that a buyer will not pay full price for the car because its accident history has tainted it.
Diminished Value Due to Repairs
Certain repairs may reduce the vehicle’s worth below its pre-crash condition. For example, using aftermarket parts instead of original equipment manufacturers’ parts, lower-quality materials, or substandard workmanship could diminish your car’s value. The assumption is that the automobile cannot be restored to its prior condition.
Immediate Diminished Value
Immediate diminished value refers to the difference in market value occurring immediately after a car crash and before repairs. While the courts typically use this type of diminished value, it is rarely used for insurance because drivers often get their vehicles repaired under the provided coverage.
Determining Compensation for Diminished Value
If you decide to file a diminished value property damage claim, your Tampa car accident lawyer will work to determine an appropriate diminished value for your vehicle. Potential factors include:
- Vehicle’s age: The older your car is, the lower its resale value will be, in most cases, unless you have a classic car or the repairs improve on obsolete parts or features.
- Car mileage: Since mileage indicates how old or worn-down a vehicle is, more miles typically mean a lower market value.
- Prior accidents: A history of accidents tarnishes a vehicle in a buyer’s mind, making them less willing to pay higher prices.
- Location: Geographic location will impact the market value of your car, as elements such as cost of living, jobs, or culture dictate a buyer’s interest or willingness to pay certain prices.
Is There a Deadline for Diminished Value Lawsuits in Tampa, Florida?
Florida Statutes § 95.11 provides four years for claimants to take legal action for personal injuries and property damage. You must file a lawsuit within this legal deadline or risk losing the right to recover compensation in court.
Also, you should file a diminished value claim as soon as possible after your accident. It is much easier to prove your case when you act immediately. Additionally, if there are any obstacles with the insurance company paying your claim, you’ll need time to ensure your case is prepared for trial, if necessary.
Our personal injury lawyers can evaluate all the damages you may access. Depending on your case, you may also cover your medical bills, lost wages, and more.
Contact the Car Accident Lawyers at Anidjar & Levine for Help
You can count on Anidjar & Levine when filing a diminished value claim. Our Tampa car accident lawyers have the systems and tools to calculate your damages and help you seek a fair settlement with less stress. We can help negotiate with insurance companies for the compensation you deserve.
Furthermore, we work on a contingency fee basis, so you won’t owe us a penny unless we recover your money. We invest our time and energy into ensuring you get the best possible outcome for your case. Contact us today for a free legal consultation.
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