Diminished Value of Property

When a car has been repaired following property damage sustained in a car accident, it may be worth less money than before the accident, even if it looks and drives the same. In other words, the car accident damage may results in a reduction or “diminution” in the resale value of the automobile. If you sustained significant property damage in a car accident, you may be entitled to compensation for diminished value of your car in Florida. Diminished value amount is represented by the difference between the pre-loss value of the vehicle and its value after it was repaired.

In Florida, whether the owner can seek compensation for a diminished value of his vehicle depends on whether the property damage claim is made against the owner’s insurance company or the at-fault party’s insurance company.
If the claim is made against the owner’s insurance company, the entitlement to compensation for diminished value depends on the insurance policy language, but under most Florida auto policies such claims are not allowed. I

f the claim is made against the at-fault party or his auto insurance, Florida courts have held that the owner is entitled for the diminution of value by virtue of the vehicle having been involved in the accident. However, the owner of the vehicle bears the burden of proving whether and how much diminished value his vehicle has sustained as a result of being damaged and repaired, which in Florida typically requires an expert opinion report. Generally, the more significant the damage, the most value it loses. Also, newer and more expensive cars lose more value following property damage than older and less expensive vehicles. 

If you would like to have your case evaluated by an experienced Florida personal injury attorney, call our office now for a free non-obligation consultation. You owe us nothing unless we win your case, and in most cases we are able to substantially reduce our personal injury contingency fees to save you hundreds or even thousands of dollars.    

                    Get your life back on track!  Call now for a free non-obligation consultation386-248-3000

CALL NOW    386-248-3000

                    Get your life back on track!  Call now for a legal consultation386-248-3000

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