4 FAQs About Filing a Loss of Value Claim After a Car Crash in Florida
If you were involved in a car accident in Florida and your vehicle is not repairable—or the repairs will not restore its total value—you may be able to file a loss of value claim. This could yield the funds needed to make up for the reduction in the value of your vehicle.
To learn more about loss of value claims and all they entail, read on:
1. What Is a Loss of Value Claim?
A loss of value claim is a type of insurance claim that seeks compensation for the decrease in value of a vehicle due to an accident or other damage. This type of claim is also known as a diminished value claim or a diminished value assessment.
2. When Can I File a Loss of Value Claim?
You may be able to file a loss of value claim if your vehicle sustained damage in an accident caused by someone else’s negligence or wrongdoing; however, you will need to prove the damage caused a reduction in the value of your vehicle.
3. How Do I Prove the Value of My Vehicle?
To prove the value of your vehicle, you will need to demonstrate:
- The condition of your vehicle before the accident;
- The extent of damage the accident caused;
- The cost of restoring your vehicle; and
- The value of similar vehicles in the market.
An experienced personal injury attorney can help you gather the evidence needed to prove the above, so you can put together a strong loss of value claim.
4. How Is Loss of Value Calculated?
There are several methods for calculating the loss of value of a vehicle. Here are three of the most common approaches:
- Pre-Accident Value: This method calculates the difference between the value of your vehicle before the accident and its value after the repairs.
- Repair Cost: This method calculates the difference between the repair costs and the value of your vehicle before the accident.
- Market Value: This method compares the value of your damaged vehicle to the value of similar undamaged vehicles in the market.
Your insurance company may use one of these methods or a combination of two or more to determine the value of your loss.
5. What Types of Damages Can I Recover in a Loss of Value Claim?
If your loss of value claim is successful, you may be able to recover the difference between the value of your vehicle before the accident and its value after the repairs or after the damages have been sustained. This can include damages for the reduction in the market value of your vehicle, as well as any additional repair costs that may be necessary to restore its value.
Discuss Your Claim with a Car Accident Attorney in Stuart
For help with your loss of value claim, turn to Donaldson & Weston. We’ll guide you through every stage of the proceedings in pursuit of the compensation you deserve. Call 772-266-5555 or submit our Contact Form to schedule a free initial consultation with a car accident lawyer in Stuart.