Miami Diminished Value Property Damage Claims Lawyer
PROTECTING YOUR RIGHTS SINCE 1983
The Miami Diminished Value Property Damage Claims Lawyers at Bernstein & Maryanoff, Injury Attorneys, have the knowledge and experience necessary to get you maximum compensation for your Property Damage.
Miami Diminished Value Property Damage Claims Lawyer
Most people are aware that they can claim personal injuries and property damages in Miami after a car accident. While they initially file against their own insurance, if another driver was at fault, they can also seek compensation from that driver for any damages that exceed their policy limits. Yet, one thing most people are unaware of is claiming diminished value.
Insurance companies are under no obligation to pay diminished value unless you specifically file a claim for this compensation. Diminished value is the difference between your car’s value before and after the accident.
At Bernstein & Maryanoff, our experienced property damage lawyers in Miami can help you file your Florida diminished value claim to ensure you receive this additional compensation. With proven results, we have helped accident victims recover the compensation they deserve for over four decades.
Get your free diminished value claim consultation today.
What Is a Diminished Value Claim?
A diminished value claim is a separate insurance claim made against the at-fault driver and their insurance company when your vehicle loses resale value post-accident. Vehicle owners need to file diminished value claims whenever possible.
If they ever decide to sell or trade in their vehicle, the crash history will diminish the actual resale value of the vehicle. For example, the retail value of your car was $25,000 before the accident, but afterward, it is now worth $15,000. You are entitled to seek compensation for the loss of value when another driver is at fault.
Understanding Your “Diminished Value” Rights in Florida
Your insurance company does not have to reimburse you for diminished value claims in Florida, even when another driver was at fault. If you have collision coverage, your provider will pay for the repairs to your vehicle but not diminished value.
In order to claim diminished value, you must file a claim against the at-fault driver and their insurance company. You may also be able to claim diminished value if you have uninsured motorist coverage.
Filing this claim can be very challenging and complex, which is why you need a lawyer experienced in diminished value claims. There are also three different types of diminished value of a car claims you could file, including:
- Immediate diminished value: This is the amount of diminished value following the car accident before any repairs are made.
- Inherent diminished value: This is the most common type of diminished value claim. It is based on the car’s value after the accident, even if it has been repaired.
- Repair-related diminished value: This claim is when the vehicle loses value after it has been repaired, usually because low-quality parts were used, or the new paint doesn’t match the existing paint.
What Is the Diminished Value Law in Florida?
The Florida diminished value law allows a car owner to seek compensation for the reduced value of their vehicle after a car crash. The legal basis for pursuing Florida diminished value claims is covered in Florida Statute 626.9743.
Proving diminished value requires showing another driver was negligent, and the resulting damage to your car decreases its fair market value. Unfortunately, most insurance companies will not compensate for diminished value unless you have assistance from a personal injury lawyer.
The Impact of an Accident History on Your Vehicle’s Resale Value
CarFax and other such services show accident history on vehicles. The perceived value of the car post-accident is directly related to its diminished value. Even when fully repaired, since it was in an accident, it is not as valuable as a similar model that is accident-free. As a result, you will not get as much for your car if you sell it or trade it in.
How Long Can You File a Diminished Value Claim in Florida?
You have up to four years from the date of the accident to file a diminished value claim as covered in Florida Statute 95.11. However, filing a personal injury claim after a car crash only provides a two-year statute of limitations as of March 24, 2023, when HB 837 was passed and signed into law. To ensure you protect your legal rights, you should file your injury claim and diminished value claim as soon as possible following the car accident.
How To Calculate Diminished Value of a Car: A Step-By-Step Guide
Use these steps to help give you an idea of how to determine the diminished value of a wrecked car:
- Determine the pre- and post-accident value of your vehicle: Use CarFax, Kelley Blue Book, or a similar website to find out the value of your car before and after the accident. These websites also have diminished value calculators you can use.
- Apply a 10% cap: Multiply the post-accident value by 10%, which insurance companies use, and is called the base loss of value.
- Account for any factors that could lower the claim: The age, mileage, and extent of damage can reduce the claim amount. There are different multipliers used for damage and mileage available through BankRate.
- Calculate the value: Using formula 17c, multiply the post-accident value by 10% to determine the maximum payout. Using this value, multiply it by the damage amount. Lastly, multiply the maximum payment by the mileage payout. The insurance company will offer the lowest of these values for compensation.
How Appraisal Services Help Determine Accurate Diminished Value
While the CarFax pre- and post-accident values are a great starting point, you should never rely on them solely. It is better to get a professional appraisal that considers the severity of damage, quality of repairs, and market demand for the vehicle. This helps ensure you receive accurate pre- and post-accident values for a more accurate diminished claim amount.
How to File a Diminished Value Claim in Florida
Filing a diminished value claim in Florida requires you to do the following:
- Determine the car’s pre-accident value
- Get a professional appraisal for an accurate post-accident value
- Gather all repair documentation
- Consult with a property damage lawyer in Miami
- Your lawyer will help establish negligence and liability
- They will contact the at-fault party’s insurance company and file your claim
- Your lawyer will handle all negotiations to secure a favorable diminished value settlement
- While rare, your lawyer will pursue league action in court if negotiations fail
If you also have personal injuries, it is recommended to file both claims at the same time with assistance from your car accident injury attorney.
What Sets Bernstein & Maryanoff Apart From Other Miami Diminished Value Lawyers?
Some of the many things that set Berstein & Maryanoff apart from other Miami diminished value lawyers include:
- We are committed to maximizing the compensation our clients receive.
- We have over four decades of experience and expertise in personal injury law, including car accident claims.
- We have extensive trial experience when insurance companies refuse to settle.
- We represent clients in Miami and all over Florida.
- We provide free consultations and case evaluations to help you make informed decisions.
- We represent clients on a contingency-fee basis, meaning it costs nothing to hire us upfront.
- We only collect a percentage of your settlement for our legal fees after we win your case.
Get Help Filing Your Diminished Value Claim in Miami Today
Ensure you get all the compensation you are entitled to receive after a car accident, including diminished vehicle value. Contact our Miami car accident lawyers today for expert legal advice, and help with filing your car accident injury and diminished value claims.
Get expert legal advice now. Call 1-800-429-4529 for your free consultation.
FAQs
What Is the 90-Day Rule for Insurance Claims in Florida?
The 90-day rule for insurance claims in Florida means the insurance company has 90 days to complete their investigation and approve or deny a claim after receiving it. They then have 20 days to issue the settlement. However, there can be delays for certain reasons. When that occurs, the insurer must pay interest on the settlement amount.
Can You File a Diminished Value Claim in Miami If You Were at Fault?
You cannot file a diminished value claim in Miami if you are at fault for the car crash. However, the other party could file a diminished value claim against you and your insurance.
How Long Does It Take To Settle a Diminished Value Claim in Miami?
On average, most diminished value claims in Miami will settle between 30 and 45 days, but insurance companies can take up to 90 days before approving or denying the claim.
Do You Need a Lawyer to File a Diminished Value Claim?
While it is not necessary to have a lawyer file a diminished value claim, having one significantly increases the chance of receiving a fair settlement due to the complexity of these types of claims, and the tactics insurance companies use.
How Do You Know If Your Vehicle Has Suffered Diminished Value?
You can compare the pre- and post-accident values of your vehicle to determine if it has experienced diminished value.
Can You Claim Diminished Value Even If Your Car Was Repaired?
You can file a diminished value claim even if the car was repaired, as most vehicles still lose value even after being repaired.
Can You Sue for Diminished Value If the At-Fault Driver Was Uninsured?
You can sue for diminished value when the at-fault driver was uninsured by suing them directly. You can also file a claim against your uninsured motorist coverage.
Sources:
FLA. STAT. § 626.9743. (2024).
FLA. STAT. § 95.11. (2024).
HB 837. (2023).Van Keuren, M. (2024). How to File a Diminished Value Claim.
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