Diminished value claims in Florida are commonly accepted by insurance companies.
If you were involved in a car accident in the state of Florida and you weren’t at-fault, you could be eligible for a diminished value claim settlement.
Florida is a diminished value state.
Diminished Value Law in Florida
There is favorable case law concerning your legal right to recover diminished value in Florida such as Airtech Service, Inc. v MacDonald Construction Company, 150 So. 2d 465 (Fla. List. Ct. App. 1963), McHale v. Farm Bureau Mutual Insurance Co. 409 So.2d 238 (1982) and Siegle vs. Progressive Consumer’s Insurance Company 819 So.2d 732 (Florida 2002).
In the Airtech case, the court states the rule of damages are stated in Restatement, Torts, 928 as follows:
“Where a person is entitled to a judgment for harm to chattels not amounting to a total destruction in value, the damages include compensation for
(a) the difference between the value of the chattel before the harm and the value after the harm or, at the plaintiff’s election, the reasonable cost of repair or restoration where feasible, with due allowance for any difference between the original value and the value after repairs,
In the Siegle case, the court ruled that diminished value is not recoverable on first party claims under your own insurance policy, however, the court also stated “We recognize that one may sustain an economic value loss when the repair of damage is perfect in every respect.” They were referring to third party claims, when you weren’t at-fault for the accident.
Because of the case law and jury instructions, diminished value claims in Florida get paid all the time on third party claims.
Florida law requires that once an insurer elects to repair a vehicle it must be restored to substantially the same appearance, function, and VALUE.
The Florida standard jury instructions for property damage state:
- Any damage to his, her, its (identify automobile or other personal property). The measure of such damage is:
- The difference between the value of the (name property) immediately before (incident complained of) and its value immediately afterward.
- The reasonable cost of repair, if it was practicable to repair the (name property), with due allowance for any difference between its value immediately before the (incident complained of) and its value after repair.
- You shall also take into consideration any loss to (claimant) for towing or storage charges and by being deprived of the use of his, her, its (name of property) during the period reasonably required for its replacement/repair.
The Florida department of insurance published informational bulletin 84-270 that that further supports your right to be compensated for a diminished value claim in Florida. The bulletin states:
“The responsibility of the insurance company for automobile accident damages is the substantial restoration of the automobile as to function, appearance, and value. The owner has not been properly indemnified unless there is no diminution in value of the automobile as it was before the damage and as it is after repairs.”
Based on the above legal mumbo jumbo, you’re clearly entitled to compensation for your diminished value claim in Florida, the next step is proving it and collecting it.
Diminished Value Claims in Florida – How Do You Collect?
It’s up to you to provide diminished value proof to the at-fault driver’s insurance company and it’s essential to work with an expert who is licensed and experienced in handling diminished value claims. DVCHECK’s licensed appraisers can help you with a world class diminished value recovery process that will assist you in documenting, demanding, negotiating, and recovering your vehicle’s lost value.
You’ll receive the following:
- USPAP compliant appraisal report and demand letter documenting the pre-loss and post-repair value of your vehicle. This report will give you the evidence you will need to prove your loss to the insurance company.
- Negotiation assistance – after some insurance companies receive your demand, they may want to negotiate the settlement amount. If this happens, we’ll be there to help you negotiate with the insurance company throughout the diminished value claim Florida recovery process with phone and email support to help you maximize the amount of your recovery.
- Money Back Guarantee – when you order our diminished value appraisal report, you’ll be protected by our MONEY BACK GUARANTEE. This guarantee makes your order risk free by ensuring that your diminished value recovery will be at least equal to the cost of your report. If your diminished value recovery is less than what you paid for your report, we’ll refund 100% of the appraisal fee subject to the terms and conditions of the guarantee policy.
We can help you recover your vehicle’s lost value. If you have any questions or would like a free claim review, feel free to contact us at 704-464-2065 or request a free diminished value estimate/claim review.