Diminished Value: Compensation for Your Vehicle's Loss of Value

When getting into a car accident, most people automatically think of filing a personal injury claim against the at-fault driver. However, if this is the only claim or lawsuit you file, you could be leaving lots of money on the table. Assuming that your car is in reparable condition and the accident was not your fault, you should file a claim for diminished value.

What is Diminished Value?

Diminished Value is the difference between your car's value before your accident and after your accident. For example, if your car was worth $100,000 before the accident and $75,000 after the accident the diminished value is $25,000. An accident will likely lower your car's value after it is published on CarFax and your car could be worth significantly less resulting in thousands or tens of thousands of dollars lost. Luckily, in Florida, you or your attorney can file a diminished value claim against the at-fault party's insurance company to recoup those losses. Call my office today for a free consultation and we'll be able to tell you if you might be entitled to compensation!

Three Things to Do When You Get Into A Car Accident!

1. Call the Police!

The first thing you should do when you get into a car accident is to take out your phone and dial 911! When speaking to the operator be sure to provide them with the most precise location you can so that first responders will arrive as soon as possible. When the police arrive they will investigate the scene, speak to any and all witnesses, and draft an incident report.

2. Take Pictures!

After you dial 911, be sure to take pictures. It is imperative that you take pictures of the accident scene before your car or any other vehicles involved move away from the scene. This could be the most important piece of evidence in your case so take your time and take as many pictures as you can! Pictures could reveal details that you do not notice or consider at first so be sure to save them somewhere safe, such as your cloud storage.

3. Call an Attorney!

Once the police leave the scene and you are given a driver's exchange, call an attorney! In addition to filing a lawsuit and helping you get the compensation you deserve, an attorney can help you get necessary medical care, connect you to automobile body shops, and assist with getting a rental car. Joey Rafaeli at Rafaeli Law has an extensive list of medical providers and local body shops to help guide you. Give Rafaeli Law a call today at (954) 326-8284.