Home » How to claim diminished value of car in accident in West Palm Beach?
How to claim diminished value of car in accident in West Palm Beach?
In Florida, drivers who believe their vehicle’s value has been diminished due to an accident that wasn’t their fault have three years from the date of loss to file a claim.
Diminished Value is the depreciated value of an automobile from an accident (collision) or an incident (fire, flood, hail). Automobiles are depreciating assets that normally decrease in value as time goes by; car accidents on the other hand, increase the normal rate of depreciation and lead to an immediate and measurable loss in value.
The fact is that a wrecked and repaired vehicle will always be inferior to, and have less value than, an undamaged vehicle of the same statistics. While victims of auto accidents claim property damage, many are unaware that they may also be eligible to recover damages due to the diminishment of value of their vehicle. Vehicles involved in an accident suffer an inherent reduction in value, and sufficient repairs could not return said vehicle to its pre-accident condition or value. Diminished value claims are based on the premise that a car buyer would pay less for a vehicle that has been damaged and repaired than a vehicle that has never been damaged.
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