6 Things To Know About A Diminished Value Claim In 2021

Diminished Value Claims In 2021

If you were involved in a car accident and your car was repaired, you may be able to file a diminished value claim. Prior to filing a claim, you will want to know some things about diminished value claims. Below is a list of 6 things that you need to know before pursuing a diminished value claim. Here is what’s coverage below:

Diminished Value Claims Explained

Not All Insurance Policies Cover Diminished Value Claims

Your Insurance Policy May Not Cover Diminished Value Claims

Diminished Value Claims Are Different Than Personal Injury Claims

Check With Your Personal Injury Attorney Before Filing A Diminished Value Claim

Be Wary Of Any Companies That Solicit Your Diminished Value Case


Diminished Value Claims Explained

A diminished value claim is when the owner of a vehicle recovers money for the loss in value of the vehicle. This happens after a vehicle is in a car accident. Diminished value represents the decrease in the value of the vehicle after an accident.

This means that after an automobile accident, you can file a claim for the decreased value of your vehicle. A requirement for this is for your car to be repaired (it cannot be a total loss). 

A diminished value claim arises from the “make whole” doctrine. This means that the person who caused an accident is liable to make the injured party whole. Since your vehicle lost value as a result of the motor vehicle accident, you should be compensated for that loss of value. In Florida, the person who caused the accident is responsible to pay for the loss of value of the vehicle.


Check Coverage Before Filing Your Claim

Not all insurance policies provide coverage for a diminished value claim. Before filing a claim for diminished value, you will want to confirm that there is coverage for this type of injury.

The last thing that you will want to do is spend time, and money to find out that there is no way to recover your diminished value. This is something that you will want to confirm before bringing the claim. Florida has a mandatory disclosure statute about insurance. This means that a party must provide their insurance information upon request.


Your Insurance Policy May Not Cover Diminished Value Claims

Usually your own insurance company will diminished value claims. This means that you cannot bring a diminished value claim against your own insurance company.

Sometimes it is smart to file your property damage claim against your own insurance company. It may be easier to work with them to get your vehicle repaired when you work with your own insurance company. Even though some policies will repair your vehicle after an accident, most insurance policies exclude coverage for diminished value claims. You will likely need to file your diminished value claim against the at-fault party or their insurance company.


Diminished Value Claims Are Different Than Personal Injury Claims

Diminished value claims are different than personal injury claims. This means that it is possible to can file both a diminished value claim and a personal injury claim.

A diminished value claim is for the loss of value of the car due to the damage that it sustained in your automobile accident. There are very few, if any, attorneys out there who will handle diminished value cases. This is because it would be cost prohibitive for somebody to hire an attorney to bring a diminished value claim.


Check With Your Personal Injury Attorney Before Filing a Diminished Value Claim

Check with your personal injury attorney before filing a diminished value claim. This is because you do not want to do anything to harm your personal injury case. You are able to file a diminished value case, but you will want to let your personal injury attorney know.

There are some things to be on the lookout for when filing a diminished value claim. First, you will not want to give a recorded statement. You will also not want to sit for a deposition. Your attorney needs to know if either of these are requested.

Finally, make sure to have your personal injury attorney review the diminished value release before signing it.


Be Wary Of Any Companies That Solicit Your Diminished Value Case

You need to be very careful if you receive any phone calls or other solicitations about your diminished value case. Although there may be reputable companies out there, many do not appear legitimate . Because of this, you may want to ask your personal injury attorney for help with filing your diminished value claim.

Although Dunmire Law does not handle diminished value claims, I am always more than happy to assist my clients with their claim. I will walk my clients through the steps needed to file a claim.


Contact Dunmire Law Today

If you have been involved in a car accident, contact Dunmire Law today to discuss your rights. Dunmire Law represents clients who have been injured in a car accident that was not their fault. There are no fees or costs unless we are able to successfully obtain a recovery for your case.

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