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Diminished Value Claims in Florida

Seek Compensation for Your Vehicle's Lost Value After an Accident

two mechanics looking at the engine on a car

If you have been involved in an accident and you drive an exotic or high-priced luxury vehicle, you most likely incurred some costly damages. If the car was not totally destroyed, whether or not you have the vehicle repaired, your car's value will almost certainly diminish. Even if the quality of the repairs performed is excellent, a vehicle that has had repairs will not be worth as much as a vehicle of the same year, make and model that has not been involved in an accident. What many people do not know is that it is possible to obtain compensation for the value that your vehicle has lost. With the help of a Coral Springs car accident attorney, you could recover the monetary compensation that you deserve.

At Weinstein & Scharf, P.A., we consider it our privilege and duty to help individuals who have been the victims of negligence. If you have been involved in an accident that was the result of another person's dangerous, careless, reckless or otherwise negligent behavior, we want to meet with you to discuss how we can help you obtain compensation for your financial losses, whether you have been injured or not, we could be able to help.

What Is Diminished Value?

In simple terms, a car's diminished value is calculated as the difference between it's pre-accident worth and the market value of the post-repair car. For example, say you have a new $30,000 car and you get into an accident. The accident was not your fault and the other driver's insurance pays for the repairs. Even though the car may look as good as new after being fixed, if you were to try to sell it, a buyer or dealership may only be willing to pay $25,000 upon discovering evidence of repairs. In most cases, sellers have a legal obligation to disclose to any potential purchaser that a vehicle has previously been involved in a collision.

The exact diminished value of your car will vary depending on the following factors:

  • The extent of the damage
  • The quality of repairs performed
  • Your car's mileage
  • The popularity, age and model of the car

Filing a Diminished Value Claim in Florida

You have grounds to file a diminished value claim in Florida if your vehicle was damaged in a collision due to someone else's negligence and although it has been repaired, its worth has been diminished. Your claim will be determined by the extent of damage, quality of repairs, mileage, and market popularity of the car.

Discuss your diminished car value claim with our attorneys today - (954) 482-4534.

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We know that it can be difficult to work with insurance companies that don't want to give you the money that you need. That is why we have dedicated our legal practice to assisting those who have been involved in accidents.

Our Coral Springs accident firm has the skill, experience and knowledge necessary to work toward getting you the maximum compensation for any losses that you may have suffered as a result of the accident. Contact us today.

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