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Diminished Value Claim Florida: How To File a Claim for Compensation

Some individuals miss out on a lot of money by not filing a type of personal property damage claim called a Diminished Value Claim.

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Some individuals miss out on a lot of money by not filing a type of personal property damage claim called a Diminished Value Claim Florida.

If you are a vehicle owner that experienced damage when the at-fault party caused a car accident, chances are that you potentially have a valid diminished value claim.

How Do I Calculate The Diminished Value Claim Of My Car after accident

Speaking to an attorney that has experience with diminished value claims is likely the best option for getting the compensation due in your specific situation.

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What Is A Diminished Value Claim?

Florida Diminished value claim law protects consumers because it allows you to sue the at-fault party for the difference between the resale value of your vehicle before a car crash and the resale value of your vehicle after the car accident.

Florida is a diminished value state which means it has diminished value laws. What does that exactly mean? Let us imagine that before an accident that was not your fault, your vehicle was worth $10 if you were to sell it on the open market.

Now, even if the repairs were paid for by the at-fault party driver’s insurance company, your vehicle is only worth $9.00 on the open market i.e your vehicle faces a $1 loss in market value. The difference between what the vehicle was worth prior to the car accident and the resale value of it after the vehicle crash is the diminished value.

Consumers today are well informed and often run a CarFax report. If you try to sell the vehicle, that consumer will likely discover that it was in a wreck.

How Does A Diminished Value Claim Make The Person Whole Again?

When you cannot get the pre-damage value of your vehicle on the open market, filing diminished value claims work to make you whole again. When you speak to a lawyer with professional experience in diminished value property claims, that attorney works to make sure you receive the amount of your insurance claim.

The other party’s insurer (insurance company) knows that you, the plaintiff, have the burden of proof in a diminished value claim. That is why it is best to hire an attorney, like the attorney used at this firm, that have expertise in diminished value property claims.

How Car Accident Lawyer can Help?

You could possibly try to handle it yourself, getting some guy at an auto repair shop to give you an estimate, but why would you do that instead of relying on attorneys with expertise in these types of claim?

The success of any legal matter depends on the unique circumstances of each case, therefore, we cannot guarantee particular results for future clients.

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How To File A Diminished Value Property Claim?

The first step is speaking with a car accident attorney. The lawyer reviews your specific situation and lets you know if you potentially have a diminished value claim. The attorney, for a fixed fee that is likely less than you assume, examines the accident report. Then the car accident lawyer reviews the property damage estimate and obtains additional information from you.

The attorney arrives at an opinion regarding the value of your diminished value property claim. Once the lawyer discusses their assessment with you, the next step the attorney takes is creating and presenting a demand letter for claim.

The Demand Letter of Diminished Value Property Claim

A demand letter is a notice to the insurance company of the at-fault party. The demand letter informs the insurance company that a valid claim exists and that you are owed money for the value of that insurance claim.

The insurance attorney supplies documentation supporting your valid diminished value property claim. The letter demands that the insurance company (insurer) makes the payment to you and that they do so within a specified amount of time.

The attorney attempts to negotiate with the insurance company. If they refuse to pay, your attorney files a lawsuit.

If you have a newer car with no previous accidents and at least $2500 property damage, contact an injury lawyer that knows how to resolve your diminished value claim in Florida, making you whole again.

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Client Testimonials

Christine E.
Christine E.
19:36 05 Dec 19
This past Tuesday, I got into a car accident that was frankly, quite scary. The experience left me disoriented, shaken, and overwhelmed with what "next steps" needed to be taken. Thanks to Nicole Pearlman, and the whole Denmon & Pearlman team, I didn't have to worry about those next steps. They quickly took over and set me up with medical appointments, a rental car, car inspection.... leaving me the ability to focus on spending those initial hours processing the accident and later, days spent on healing physically and emotionally. In a world where billions of people reside and yet we still often feel alone, that was never the case during this chaotic week. Never did I once feel alone in this whole process and I am incredibly thankful for their kindness to my nephew and I and their expertise in these matters. Denmon & Pearlman, especially Nicole Pearlman, WILL be there for you during life's most challenging experiences.
Nichole P.
Nichole P.
14:37 18 Apr 19
Ashley Boisvert was so great to work with when it comes to dealing with a not so great situation! I highly recommend Denmon & Pearlman.
John A.
John A.
16:50 20 Mar 19
I had to resolve an issue with real estate created by my divorce lawyer’s mistake. We interviewed 4 other attorneys who were non commital about what they could do, a couple said I should pay off my ex to resolve.Paul Knudsen in the New Port Richey office looked at the case and felt we had a valid case and was confident he could help. He did just that ! Resolved the situation AND got half of my legal fees from my ex. He’s very smart and well respected in the courts. Definitely has our highest recommendation!!
Carly M.
Carly M.
13:47 01 May 18
Nicole Denmon handled my criminal defense case and her tenacity at getting the desired result exceeded far beyond what I ever thought to hope for. Even after I had given up, Nicole persisted in negotiating my case until she was able to get the ideal outcome for me. I have never had an attorney fight for me the way that Nicole did, and weeks later I am still amazed at the perseverance and level of dedication shown by Nicole and her supporting staff. Thank you Nicole!
Josh F.
Josh F.
16:12 09 Jun 17
Great group of attorneys. They are very knowledgable and quick. I got responses to my questions immediately and they actually seem to care about their clients. I would highly recommend them.
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