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!