ADR-Claims - Diminished Value Claim Florida

Diminished Value Claim Florida

Learning About a Diminished Value Claim Florida

Learning about a diminished value claim Florida becomes essential when your car has been involved in a serious accident. Even after a proper repair job, your vehicle may lose a portion of its market value—and that’s exactly what a diminished value claim helps you recover from the insurance company.

But many car owners still aren’t fully aware of how this claim works or what documents and steps are required to file it. If you’re reading this, there’s a good chance you’re trying to understand the process. In today’s blog, we’ll break everything down in a simple, clear, and helpful way. So let’s get started.

Things to Know

There are 5 things you need to know to file a diminished value claim.

You Must Not Be the At-Fault Driver

To get compensation for diminished value in Florida, the other party should be responsible for the accident. As per Florida laws, you cannot file a diminished value claim against your own insurance policy if you were at fault.

The Vehicle Must Be Repaired

Diminished value claims are only for vehicles that are involved in an accident and get repaired. If a car is declared a total loss after the adjuster inspects it, the owner can’t file a diminished value claim. After the vehicle is fully repaired, the claim helps recover the inherent loss in value.

Proof of Loss is Your Responsibility

You are responsible for providing sufficient evidence and proving the difference in your car’s market value before the accident and after the repairs.

Statute of Limitations

In Florida, car owners have 4 years from the date of the accident to file a diminished value claim.

Ownership

To file a claim, you must own the vehicle, not lease it. However, if the lease agreement penalizes you for the loss, you may file a claim.

Steps to File a Claim

Here are the steps you should follow to file a diminished value claim in Florida.

Document the Accident

Obtain a police report and photos of the damage before and after the accident.

Repair Your Vehicle

Get your damaged car repaired by a certified auto shop, and keep all repair records, estimates, and receipts.

Get a Professional Appraisal

Hire an independent appraiser and get your car appraised. Their detailed and accurate appraisal report, including your car’s pre-accident and post-repair market value, serves as strong evidence.

Submit Documentation and Negotiate

Send a formal demand letter to the at-fault driver’s insurance company, including all gathered documents, such as the police report, repair estimates and records, photos, etc.

Seek Legal Assistance if Needed

When the insurance adjuster comes, negotiate for a fair settlement. If they deny your claim or offer an unfair amount, consider hiring an attorney experienced in diminished value claim cases.

Filing a diminished value claim in Florida and getting the amount you deserve can be more than difficult. It’s because insurers are business-minded and try everything to avoid paying or settling your claim at a low amount. We are ADR-Claims, your trusted appraisers in Florida. We won’t only provide you with a detailed appraisal report, but we will also guide you throughout the claim settlement process and ensure you receive a fair amount. With years of industry experience and industry knowledge, we are dedicated to helping you. All you need to do is call us and book your car appraisal.

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