Most Orlando residents know that when they file an insurance claim for an auto accident, they are entitled to receive the cost of repairs to their vehicle. They may not know that under Florida law, they are also entitled to recover the car’s lost value.
Insurance companies may not readily pay your diminished value, so having an experienced attorney working for you is vital. We can help you recover the damages you are entitled to. An Orlando diminished value property damage car accident claims attorney can review your case during a free consultation.
Contact our law firm today to get started with one of our attorneys.
What Is Diminished Value?
Diminished value is a legal concept that applies to vehicle damage claims resulting from auto accidents. It refers to the decrease in a vehicle’s market value after it has been damaged and repaired. According to Forbes, your vehicle’s value can decrease dramatically after a wreck, even if properly repaired.
Buyers are often wary of purchasing vehicles with a history of crashing and being repaired, which causes diminished resale value. This depreciation is calculated by subtracting your vehicle’s post-accident market value from its pre-accident market value.
To recover your car or truck’s diminished value, you must prove that the accident caused a decrease in its market value. This is where an experienced Orlando car accident lawyer can help.
How Can An Orlando Diminished Value Lawyer Help?
If you have been in a car accident in Central Florida and your vehicle sustained physical damage, you may be entitled to additional compensation for the diminished value of your car. This is on top of any repair costs.
An experienced Orlando diminished value attorney can help protect your rights as the vehicle owner and pursue the compensation you deserve. We understand the complexities of diminished value claims and can help you recover the damages you are entitled to.
Potential buyers are not usually willing to pay top dollar for a vehicle they know was involved in a collision. Even if the car repairs restored the car to its original condition, the fact that the car was in an accident might decrease its resale value.
Does My Insurance Cover Diminished Value?
Your insurance company is under no obligation to pay you for the car’s diminished value after a collision, even if you were not at fault. If you have collision insurance, the insurer must pay for the repairs you make but nothing else.
To recover diminished value, you must seek damages from the negligent driver’s liability insurance or through a lawsuit. Negotiating with the insurance company for a higher settlement can prove challenging, especially if you’re inexperienced. Hiring a lawyer can show the insurer you mean business.
We are committed to helping Florida accident victims and will negotiate with the involved insurance providers for a fair settlement. We’ll gather evidence and present a convincing case that the insurance adjusters can’t ignore. If that doesn’t work, we can take your case to court.
Our Orlando Car Accident Lawyers Provide Responsive Legal Service
We pride ourselves on providing responsive legal service to each of our clients. We take time to get to know you and your case so we can provide the right solutions.
Personal attention and the ability to achieve results keep our clients happy. Working with a car accident claims lawyer serving Orlando means receiving the following:
- Answers to all your questions, comments, and concerns regarding your case
- Your attorney’s direct phone number
- Consistent updates on your case’s progress
- Prompt replies to your calls and emails
- Help schedule appointments and repair your vehicle after a collision
- Assistance with any personal injury claim you may have
Why Work with an Orlando Diminished Value Car Accident Attorney?
Filing your claim for compensation that includes your car’s diminished value and the cost of repairs can be time- and resource-intensive. You shouldn’t bear that burden when someone else causes the accident. Our law firm serving Orlando can take on the process for you.
Our team is committed to helping Florida accident victims get the maximum compensation for their losses. We don’t want you to pay for someone else’s negligence when it comes time to sell your car. Let us fight to get you a settlement that addresses the depreciation of your vehicle due to the crash.
We Will Carefully Determine the Diminished Value of Your Car
You’ll have to prove your loss to collect compensation for your car’s diminished value. You’ll need to know the car’s value prior to the accident, the cost of the repairs, and the amount the car is worth once the auto shop makes all the necessary repairs.
Your vehicle is only worth the amount you can sell it for. Calculating the loss in market value can be challenging if you don’t know how to gather or document this information.
The Orlando car accident attorneys at our firm have the experience and resources to accurately determine the depreciation of your car’s value and any other damages you’ve suffered.
We Work with Industry Experts
Our Orlando accident lawyers have access to top-notch industry experts and vehicle appraisers that can assist us in accurately calculating your vehicle’s value after a collision.
We regularly handle cases involving diminished value and are ready to use our experience and resources in your vehicle damage claim.
We Handle Insurance Companies That Don’t Want To Pay
Even something seemingly simple like a car damage claim can quickly become difficult when insurers don’t want to pay.
The at-fault driver’s insurance agency may deny liability for the accident, asserting you caused the crash. They may tell you the insurance policy doesn’t cover diminished value or that a previous accident caused the damage you’re claiming.
The at-fault party’s insurer is responsible for paying if you can prove that their insured individual caused the wreck. We’ll build a strong case demonstrating liability and deal with any bad-faith tactics the insurance company uses to deny or lowball your settlement.
Building a Claim for Diminished Value to Your Vehicle
To build a claim for diminished value, you must prove that your vehicle has suffered a decrease in market value due to the accident.
Our Central Florida attorneys will help you gather the necessary evidence to prove your case, including:
- Photographs of the vehicle before and after the accident
- Police reports
- Witness statements
- Expert testimony from a vehicle appraiser or mechanic
- Crash reconstruction services (if needed to prove your case)
We’ll also review your insurance policy to ensure you receive all the coverage you’re entitled to. We’ll negotiate with the insurance company to ensure you receive a favorable settlement.
In addition to helping you build a claim for diminished value, our Orlando car accident lawyers can help you schedule appointments with mechanics and auto body shops. We’ll also assist in getting the vehicle repairs done as quickly as possible so you can get back on the road.
Types of Diminished Value Claims
There are three types of diminished value claims. They are:
Inherent diminished value: The most frequent type of claim, inherent diminished value claims, is based on the fact that the car’s value decreases after an accident, even if you repair your car. The vehicle’s accident history alone reduces its worth in a buyer’s mind.
Repair-related diminished value: The physical repairs to the car may reduce its value. If the parts, materials, or execution of the repairs are of lower value or quality, your car cannot attain its pre-crash value. An aftermarket alternator or an ill-matched paint job are examples of repairs that could diminish your vehicle’s value.
Immediate diminished value: This damage claim is based on the car’s diminished value directly following a crash. This is before any repairs.
Totaling the Vehicle and Recovering Replacement Costs
When a car cannot be repaired, or the cost exceeds the car’s value, the insurance company may total the vehicle. In other words, they offer compensation that covers the car’s entire value before the accident.
Totaling the vehicle is designed to provide the compensation needed to replace it, though the amount offered may or may not do that. The replacement compensation may also be restricted by the policy limits or other parties making claims against it.
A diminished value claim lawyer serving Orlando will help determine your car’s value after an accident. There are a variety of factors that contribute to the calculations, including age, mileage, and previous accidents.
Time Limit for Filing a Property Damage Lawsuit in Florida
According to Florida Statutes § 95.11, the time limit for filing a property damage lawsuit is four years from the accident date. You must file a lawsuit within this period if you have been involved in an automobile accident and sustained vehicle damage.
While that may seem like a long time, there are other reasons to take action immediately. When you contact an attorney, they can start gathering and preserving valuable evidence before it is lost or covered up. It is also easier to find eyewitnesses soon after the accident.
Also, the sooner we get started on your property damage claim, the sooner you can get your vehicle repaired or replaced. We handle these cases on contingency, which means you won’t pay upfront. We only get paid when we get you compensation.
Let Our Legal Team Handle Your Diminished Value Auto Accident Claim
If you sustained damage to your vehicle in a Central Florida car wreck, don’t just settle for repairs. You are entitled to the diminished value of your car as well. Having the Law Offices of Anidjar & Levine on your side can help you recover everything you are due.
Don’t let an insurance company take advantage of you. You deserve to be fully restored after an accident. Contact us today for a free consultation with an Orlando diminished value lawyer.
We Can Help.
