Diminished Value Florida Facts
First Party Covered – NO
Third Party Covered – YES
Statute of Limitations – 3 Years
The above sets forth the parameters of diminishment in value law in Florida. A claim cannot be filed against your own carrier. You must not be the at fault party. Finally, the claim must be filed within three (3) years from the date of the accident. For example, an accident occurring on January 1, 2015, must be filed on or before December 31, 2017.
Why should you care about diminishment in value?
As a personal injury lawyer in Miami since 1982 property damage was always treated as the “red-headed step-child” of the practice. Not anymore! Now that Florida recognizes the concept of diminishment in value it can become an additional source of recovery for the client and revenue for the attorney.
Diminution in Value, or commonly referred to as “DV” are the terms generally used to describe the economic loss in a property’s value as a result of having been damaged. Inherent Diminished Value’ is a loss in value due to a specific, sudden and unexpected negative occurrence. Diminished value of an automobile following an accident may occur in one of three ways (or a combination thereof):
(1) repair-related diminished value;
(2) Immediate diminished value; and
(3) inherent diminished value.
Repair-related Diminished Value – The loss of value due to the inability to perfectly repair the vehicle, so it is worthless after repairs than it was before the wreck.
Immediate Diminished Value – The difference in resale value of a vehicle immediately before damage has occurred and immediately after damage has occurred (prior to repair). As courts are rarely the chosen venue for recovery of property damage, the standard of “Immediate Diminished Value” is rarely employed in resolving Property Damage claims. This also refers to a loss of value caused by the insurer’s direct involvement in the claim adjustment in which the insurer exerts control over the repairs and repairs are incomplete, insufficiently performed, or otherwise restore the vehicle to less than the standard condition.
Inherent Diminished Value – Assumes optimal repair quality has been achieved and is defined as the amount by which the resale value of a repaired vehicle has been reduced simply because the subject vehicle now has a significant damage history. This is the most widely recognized and accepted form of Diminished Value. It is also the basis upon which any supplemental form of Diminished Value would be added. A common “Supplemental” form of Diminished Value is “Repair Related Diminished Value”.
Do not leave money on the table as a result of an accident you did not cause.
If you feel your vehicle has lost value as a result of an accident and you qualify to make a claim contact competent counsel immediately. Our main office is in Miami, Florida. You can reach us 24/7 at 305-764-9907. You can also fill out the Diminishment in Value contact form on our website.
Florida diminished car value attorneys are here to help.
*Written by March Epstein, Esq.