By: Car Value Law PLLC – Over 60 years of Combined Experience
Accidents can cut your car’s value even after repairs, insurers often don’t mention this diminished value. Many people are unaware that they might be able to recover money for diminished value in Florida. Many people don’t realize they might qualify for compensation. When you resell or trade your car, its value may drop simply because it was in an accident.
An accident may lower your car’s resale value, even if you repair it, this loss is called diminished value.
If you try to sell or trade in your car, potential buyers (and dealers) will likely offer you less money simply because your vehicle now has an accident history. Would you rather drive a car that has never been in an accident or one that has? In today’s world, with services like Carfax and AutoCheck, your car’s history is no secret. What did you do before purchasing your current car? Did you check Carfax? Ask yourself if you were looking to purchase a car and had the choice of two of the same types of cars but one had been in an accident and the other had not. Which would you want?
Example: If your $80K SUV now trades for $65K due to accident history, you may have lost $15K in diminished value, even after repairs.
Why Most People Don’t Know About Diminished Value Claims?
Insurance companies rarely volunteer this information. Generally, Diminished value claims require you to act first. You need to file a separate claim for diminished value. Many believe repairs fix everything, but later learn their car lost value, and by then, it’s too late to claim compensation.
In Florida, you have legal rights to pursue diminished value claims especially if the accident was not your fault.
How does this affect High-Value, Luxury, and Exotic Cars
For owners of luxury, exotic, and supercars, the financial impact of diminished value is often even more severe.
Buyers value these vehicles for their pristine condition, low mileage, and clean accident history. Even a minor accident with perfect repairs, can slash resale value dramatically.
The Clock Is Ticking: Why You Should Act Quickly
Diminished value claims come with deadlines otherwise known as Statute of Limitations.
Your time to file a claim depends on your state, insurer, and case details, don’t wait, deadlines vary. Florida’s limit is 2 years from the accident date to file a diminished value claim.
Call now for a free evaluation
941-337-1574 (FL) Or visit www.CarValueLaw.com
Legal Disclaimer
This is being provided for educational and informational purposes only and does not constitute legal advice or create an attorney-client relationship between you and the author or Car Value Law PLLC
While care has been taken to provide accurate and current information, laws vary by jurisdiction, and the application of law depends on the specific facts and circumstances of each situation. You should consult with a licensed attorney in your state to obtain legal advice tailored to your individual needs and to ensure compliance with all applicable federal, state, and local laws.
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