What is meant by diminished car value? Unfortunately, this is not a term that is commonly used in our lexicon. As a result, many vehicular accident victims are unaware of what this means. As Miami diminished car value attorneys, we are aware of all your rights after a car accident. Diminished car value is just a fancy way of saying "loss of value."
There are multiple matters that are related to a property damage claim as it pertains to a car accident. In a South Florida car accident, property damage refers to the effect an impact has on a vehicle after an accident. All Florida drivers by law are required to have a property damage insurance of at least $10,000. Note that property damage is only applicable to damage to other vehicles, but not your own. Therefore, if you want to have coverage for your own vehicle you need collision coverage. You can use collision coverage whether you are at fault or not. However, you will probably have to take into account a deductible.
A property damage claim may have various components such as, repairs, loss of use, rental, and diminished value. Most accident victims are immediately concerned with repairs to their vehicle. Car victims either hurry to get monies to perform repairs, or take their vehicle to a garage to get work done on the vehicle. As South Florida loss of vehicle value attorney we understand the need of accident victims to quickly fix their vehicles. After all, it is almost impossible to move around South Florida without a vehicle. Some vehicle owners may suffer what is termed a "total loss" after a vehicular collision. This means that repairs to a vehicle exceed the actual value of the car. In such a scenario the insurance company will pay the actual value of the car at the time of the accident.
A diminished car value claim will probably not be applicable to a total loss scenario. However, it will be applicable to a scenario in which repairs are made to your vehicle after a car accident. The moment a vehicle is in an accident its value may be affected. Even if the vehicle is repaired fully its value may be diminished by a substantial percent. This is where our office of Miami-Dade loss of vehicle value attorneys can assist you. We can help make the case that since your vehicle was involved in accident, then it most likely has depreciated in value in comparison of other vehicles of like kind and make. Further, our office will try to get the maximum compensation for your loss.