How Do I Calculate the Diminished Value of my Car After an Accident?
Some individuals miss out on a lot of money by not filing a type of personal property damage claim called a Diminished Value Claim.
If you own a vehicle that experienced damage when the at-fault party caused a car accident, chances are that you potentially have a valid diminished value claim.
Speaking to an attorney that has experience with diminished value claims is likely the best option for getting the compensation due in your specific situation.
What Is A Diminished Value Claim?
Diminished value claim law protects consumers because it allows you to sue the at-fault party for the difference between the value of the vehicle before a car crash and the value of the vehicle after the car accident.
Florida is a state that has diminished value laws. What this means is, let us imagine that before an accident that was not your fault, your vehicle was worth $10 if you were to sell it on the open market.
Now, even after repairs paid for by insurance company of the at-fault party, your vehicle is only worth $9.00 on the open market. The difference between what the vehicle was worth prior to the accident and the value of it after the vehicle crash is the diminished value.
Consumers today are well informed and often run a CarFax report. If you try to sell the vehicle, that consumer will likely discover that it was in a wreck.
How Does A Diminished Value Claim Make The Person Whole Again?
When you cannot get the pre-damage value of the vehicle on the open market, filing a diminished value claim works to make you whole again. When you speak to a lawyer with professional experience in diminished value property claims, that attorney works to make sure you receive the amount of your claim.
The other party’s insurance company knows that you, the plaintiff, have the burden of proof in a diminished value claim. That is why it is best to hire an attorney, like the lawyers used at this firm, that have expertise in diminished value property claims.
You could possibly try to handle it yourself, getting some guy at an auto repair shop to give you an estimate, but why would you do that instead of relying on attorneys with expertise in these types of claims?
How Do I File A Diminished Value Property Claim?
The first step is speaking with an injury attorney. The lawyer reviews your specific situation and lets you know if you potentially have a diminished value claim. The attorney, for a fixed fee that is likely less than you assume, examines the accident report. Then the lawyer reviews the property damage estimate and obtains additional information from you.
The attorney arrives at an opinion regarding the value of your diminished value property claim. Once the lawyer discusses their assessment with you, the next step the attorney takes is creating and presenting a demand letter.
The Demand Letter
A demand letter is a notice to the insurance company of the at-fault party. The demand letter informs the insurance company that a valid claim exists and that you are owed money for the value of that claim.
The attorney supplies documentation supporting your valid property claim. The letter demands that the insurance company makes the payment to you and that they do so within a specified amount of time.
The attorney attempts to negotiate with the insurance company. If they refuse to pay, your attorney files a lawsuit.
If you have a newer car with no previous accidents and at least $2500 property damage, contact an injury lawyerthat knows how to resolve your claim, making you whole again.