Diminished Value Claim: Florida
If you were involved in a car accident in Florida and weren’t at fault, you could be eligible for a diminished value claim settlement. You have a right to compensation by filing a diminished value claim through the at-fault party’s insurance company.
Summary – Florida Diminished Value Claims
Statute of Limitations: 2 years
Third-Party Diminished Value Claim: Yes
First-Party Diminished Value Claim: No, most insurance providers exclude diminished value.
Florida Property Damage Minimum Limits: $10,000 in coverage
Uninsured Motorist Coverage for Diminished Value: No, this coverage isn’t offered in Florida.
Underinsured Motorist Coverage for Diminished Value: No, this coverage isn’t offered in Florida.
Florida Small Claims Court Limit: $8,000, attorney representation and appeals are permitted.
Filing a Diminished Value Claim in Florida
It’s up to you to provide proof to the at-fault driver’s insurance company, and it’s essential to work with an appraiser who is licensed and experienced in handling diminished value claims. Additionally, using an expert diminished value calculator in Florida can help provide the information you’re required to present when filing a diminished value claim.
DVCHECK’s licensed appraisers can help you. Our service includes a certified diminished value appraisal report and demand letter documenting the pre-loss market value and post-repair market value of your vehicle. This appraisal can serve as evidence you’ll need to prove your diminution of value claim in Florida.
We also provide ongoing support. Some insurance companies want to negotiate settlements after they receive your demand. Don’t worry if that happens. We’ll be there to assist you with your claim from start to finish.
Want more information about diminished claims? Call DVCHECK for a free claim review at (850) 201-1950. Or, complete our free online estimate form to get further assistance with your Florida diminished value claim.
Using a Diminished Value Calculator in Florida
Nothing is better than having a skilled professional, such as the ones at DVCHECK, review your diminished value claim. You may have heard about the 17c formula or other similar calculators used widely by some insurance companies, but these often don’t reflect the true market value loss following an accident — if anything, they only undervalue your diminished value.
Instead of relying solely on these formulas (built largely on inaccurate equations and mileage/damage modifiers), consider a more comprehensive approach. A professional appraiser can assess your vehicle’s class, damage severity, and various market comparisons for a more accurate valuation.
This personalized, hands-on method maximizes your ability to receive a fair estimate for a diminished value claim in Florida that accounts for all factors following an accident, from a minor fender bender to a more serious collision.
Insurance company formulas may be designed to minimize payouts, but with expert evaluation and documentation, strengthen your claim significantly with data crafted by a certified appraiser.
For more information on how to calculate diminished value in Florida, contact DVCHECK today.
Florida Diminished Value Law
Due to favorable case law concerning the right to recover diminished value in Florida, such as McHale v. Farm Bureau Mutual Insurance Co. 409 So.2d 238 (1982) and Siegle vs. Progressive Consumer’s Insurance Company 819 So.2d 732 (Florida 2002), Florida happens to be one of the best states in the country for getting compensated for your vehicle’s diminution in value due to a car accident if you weren’t at fault.
Drivers can file a diminished value claim in Florida if an accident wasn’t their fault. The statute of limitations to do this is four years from when said incident happened. These claims are filed with the at-fault driver’s insurance company.
Florida law requires that once an insurer elects to repair a vehicle, it must be restored to substantially the same appearance, function, and value.
The Florida standard jury instructions for property damage state any damage to his, her, its (identify automobile or other personal property). The measure of such damage is:
- The difference between the value of the (name property) immediately before (incident complained of) and its value immediately afterward.
- The reasonable cost of repair, if it was practicable to repair the (name property), with due allowance for any difference between its value immediately before the (incident complained of) and its value after repair.
- You shall also take into consideration any loss to (claimant) for towing or storage charges and by being deprived of the use of his, her, its (name of property) during the period reasonably required for its replacement/repair.
The Florida Department of Insurance published Informational Bulletin 84-270 that further supports your right to compensation through a diminution of value claim in Florida.
The bulletin states: “The responsibility of the insurance company for automobile accident damages is the substantial restoration of the automobile as to function, appearance, and value. The owner has not been properly indemnified unless there is no diminution in value of the automobile as it was before the damage and as it is after repairs.”
Florida is a diminished value state and you’re entitled to compensation for your vehicle’s diminished value.
