Even if you fix a car that has been in an accident, its market value will drop. You won’t find a buyer willing and able to buy your vehicle if it has been repaired. Many people won’t pay a lot or buy vehicles with a history in accidents.
You Have the Right to File a Diminished Valuation Claim
Diminished value refers to the decrease in vehicle value that is caused by an accident. Even if your vehicle is repaired after an accident, the accident will still affect its value. No matter how well the repairs were made, every car loses its value after an accident. The extent to which an accident damages your car depends on many factors.
- The extent and type of damage: A minor damage, such as a damaged taillight, can be repaired without leaving any evidence. It is difficult to fix more severe damage without leaving evidence. Any visible evidence of damage can reduce a vehicle’s value.
- The history of accidents: In general, the more accidents a car has been in, the lower its value.
If another driver caused your accident, you might be able to get compensation for the vehicle’s loss and the costs of repairs. If you plan to sell your vehicle in the future, you can file a diminished value claim against the at-fault driver.
You will need to provide documentation about the car’s pre-crash value in order to file a diminished-value claim against the at-fault driver. An experienced car accident attorney will help you locate the documentation that can be used to prove how much your car was worth prior to the accident. An experienced attorney will help you to find evidence that shows how much your car’s value has declined due to the accident.
How Long Do You Have to File a Diminished Valuation Claim?
Florida’s statute limits gives you four years to file a claim for diminished value. An experienced attorney is recommended to assist you in a diminished value case. An attorney can assist you in pursuing a lawsuit against an insurance company if they refuse to pay you for the vehicle’s loss.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is an insurance claim Lawyer. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your situation.
The information provided on this website does not, and is not intended to, constitute legal advice; all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
