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Lost Value Law, P.A posted an update 3 days, 3 hours ago
Understanding Diminished Value in Florida | Lost Value Law
If your vehicle was damaged in an accident, repaired, and returned to you, you may think the claim is over. The repair shop fixed the car. The insurance company paid for the repairs. The vehicle looks fine.
But there may still be another loss: diminished value.
Diminished value is the loss in your vehicle’s market value after an accident. Even when repairs are done correctly, a vehicle with an accident history is usually worth less than a similar vehicle with a clean history. Buyers, dealers, and online valuation tools often treat accident history as a major negative. That loss in value can be real money.
In Florida, diminished value can be part of a property damage claim when another driver caused the accident. Florida courts have recognized diminished value as a possible covered loss in a third-party property damage claim, and that the claimant is responsible for proving the loss.
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