Diminished Value is the loss in market value that occurs when a vehicle is severely damaged and then repaired after an accident. Since Florida is a diminished value state, the vehicle owner can pursue a claim for diminution from the at-fault party who caused the accident with their insurance company.

 

Sometimes the damaged vehicle can be repaired, but the repairs result in a huge loss to the car’s resale value. Victims who drive newer model vehicles, sports cars, or luxury automobiles can suffer thousands of dollars of lost value to their cars as a result of accident repairs. 

 

You cannot file a diminished value claim with your personal insurance company but you are eligible to pursue a diminished value claim against the at-fault’s insurance company. Typically, a diminished value calculator will be used to arrive at a final number but this doesn’t mean it will be 100% accurate as there are many other factors to take into consideration. 

 

Learn More:  https://thefernandezlawgroup.com/personal-injury-lawyers/

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