Port St. Lucie Loss of Value Claims Lawyer
In Port St. Lucie, car accidents often result in more than just repair bills—they can also significantly reduce your vehicle’s resale value. This financial hit can be overwhelming if you are unfamiliar with your legal options. At Donaldson & Weston, we represent clients seeking compensation for diminished value, ensuring insurance companies do not dismiss or minimize legitimate claims. Our team understands the frustration that comes with hidden financial losses after a collision. Call 866-349-2912 to arrange a free consultation with a trusted loss of value claims lawyer who will fight for your right to full and fair compensation.
Can You Claim Loss of Value If You Are at Fault?
Loss of value occurs when a car’s resale price drops due to an accident. Even if repairs restore the vehicle to its previous condition, buyers and dealerships recognize that it has a history of damage. This stigma can significantly reduce the market value of the car.
In Florida, diminished value claims are generally considered part of property damage claims. These claims are distinct from repair costs, which cover the immediate physical damage to the vehicle. Loss of value claims seek compensation for the long-term financial impact of the accident.
Who Can File a Loss of Value Claim
Florida follows a fault-based system for property damage claims. This means that compensation for diminished value is typically available only from the insurance company of the at-fault driver. If another driver caused the accident, you may pursue a claim against their policy.
However, if you are at fault, the situation is different. Since loss of value claims rely on recovering money from the responsible party, your own fault generally limits your options. Filing a claim against your own insurance policy may be possible, but coverage depends on the type of policy you hold.
Understanding Your Insurance Coverage
If you are at fault, you might still have options under certain types of insurance coverage:
- Collision Coverage: This optional coverage pays for damage to your vehicle after an accident, regardless of who caused it. Some collision policies may allow you to recover diminished value, but it depends on your insurer and policy terms.
- Comprehensive Coverage: Comprehensive insurance covers non-collision incidents, such as theft or natural disasters. It does not apply to accidents where you are at fault.
- Liability Coverage: This covers damage to other people’s property and injuries to others if you are at fault. Liability coverage does not protect your own vehicle, so it generally does not cover diminished value.
It is important to review your policy carefully and speak with your insurance company to understand whether diminished value coverage is included.
Challenges in Claiming Loss of Value When You Are at Fault
Recovering compensation for loss of value as the at-fault driver is challenging for several reasons:
- Insurance Limitations: Many standard insurance policies do not cover diminished value when the policyholder caused the accident.
- Policy Deductibles: Even if coverage exists, the deductible may exceed the amount of diminished value, making a claim impractical.
- Depreciation Factors: Insurers consider the vehicle’s age, mileage, and condition before the accident, which can reduce the claimable amount.
These factors make it essential for drivers to understand their coverage options before assuming they can recover loss of value.
Documenting Your Vehicle’s Condition
Regardless of fault, documentation is essential if you want to explore any possibility of recovering diminished value. The following steps help establish your vehicle’s condition and support potential claims:
- Take Detailed Photos
Photograph all visible damage from multiple angles immediately after the accident. Include close-ups and wide shots to document the overall impact. - Keep Repair Records
Maintain detailed invoices and receipts for all repairs. Insurers will consider the quality and extent of repairs when evaluating any claim. - Preserve Vehicle History Reports
A record showing your car’s clean pre-accident history helps establish that any loss in value is directly tied to the accident. - Obtain an Expert Appraisal
A professional appraiser can assess the vehicle’s pre-accident value and the current market value after repairs. Appraisal reports provide objective evidence of any diminished value and may influence negotiations with your insurer.
Working With an Attorney
Consulting a personal injury attorney in Port St. Lucie can be beneficial, even if you were at fault. Lawyers can help review your insurance policy and explore options for coverage, including collision claims that may address diminished value. An attorney can also:
- Explain your rights and responsibilities under Florida law.
- Negotiate with insurers to ensure fair handling of your claim.
- Review appraisal reports and documentation to strengthen your case.
Having professional guidance ensures that you are fully informed and do not miss opportunities for potential compensation.
Considerations for Older or High-Mileage Vehicles
If your vehicle is older or has high mileage, the potential for diminished value claims is generally lower. Insurance companies calculate loss of value based on the pre-accident market price. Older vehicles often have less resale value to begin with, which may limit the compensation you can recover even under collision coverage. However, documenting any loss of value and consulting an appraiser remains important.
Claiming loss of value after a car accident in Port St. Lucie, Florida, is generally reserved for drivers who were not at fault. However, if you have collision coverage, there may be limited opportunities to recover compensation for your vehicle’s diminished value. Proper documentation, professional appraisals, and understanding your insurance policy are critical in these cases. Consulting a personal injury attorney can provide guidance on your options and help ensure that your claim, if applicable, is handled correctly. While being at fault complicates the process, taking the right steps immediately after a collision can help protect your financial interests and ensure that any potential coverage is pursued effectively.
Get Compensation with a Port St. Lucie Loss of Value Claims Attorney
Accidents in Port St. Lucie can create lasting financial consequences when vehicles lose value despite proper repairs. Donaldson & Weston has years of experience helping drivers pursue fair compensation for diminished value claims. Our attorneys understand the tactics insurers use and know how to fight for your best interests. If you are dealing with reduced car value after a crash, we can help you take action. Call 866-349-2912 today to speak with a skilled loss of value claims attorney. Your consultation is free, and our team is committed to guiding you toward the recovery you deserve.
