florida diminished value claims - frequently asked questions
If you were involved in a not-at-fault accident in Florida, your vehicle may have experienced a loss in market value even after it has been properly repaired. This reduction in resale or trade-in value is referred to as Florida diminished value (DV). Collision Safety Consultants of West Florida specializes in independent Diminished Value appraisals and can negotiate insurance appraisal claims with the at-fault insurance provider on behalf of vehicle owners.
Diminished Value claims in Florida have been the subject of several court decisions, including:
1. Siegle v. Progressive Consumers Insurance Company, 819 So. 2d 732 (Fla. 2002) – Florida Supreme Court
2. McHale v. Farm Bureau Mutual Insurance Co., 409 So. 2d 238 (Fla. 3d DCA 1982) – Third District Court of Appeal
- Who can file a DV claim?
A Florida diminished value claim can generally be filed when another party is at fault for the accident and their insurance company is responsible for the damage to your vehicle. It is important that the vehicle is owned and not leased.
- What if I used my own insurance company for repairs?
If the other party was at fault but you opted to use your own insurance company for the repairs, your insurer might pursue reimbursement from the at-fault carrier through subrogation. You may still be eligible to pursue a Diminished Value claim against the at-fault party's insurance company.
- Can I file a DV claim against my own insurance company?
Generally, the answer is no. In Florida, Diminished Value claims are typically pursued against the at-fault party's insurance provider rather than your own insurer.
- When can I begin the Diminished Value claim process?
We can initiate a review of your insurance appraisal claims before repairs are completed; however, the final Diminished Value appraisal is usually prepared once your vehicle has been fully repaired and returned.
- Do I have to sell or trade my vehicle to make a Diminished Value claim?
No, you do not need to sell or trade your vehicle to pursue a Diminished Value claim. The appraisal determines the loss in market value due to your vehicle's accident history.
- What if I already sold or traded my vehicle?
You may still be able to file a Diminished Value claim. Selling or trading your vehicle does not automatically eliminate the loss in value caused by the accident. This sale or trade could also provide additional evidence of the vehicle’s post-accident market value.
- How is Diminished Value calculated?
There isn't a uniform formula that accurately calculates Diminished Value for every vehicle. We analyze the vehicle's pre-loss market value, mileage, options and condition, the extent of damage, repair history, and relevant market data to assess the loss in value due to the accident.
- Does the severity of the accident affect Diminished Value?
Yes, the extent of damage significantly influences the Diminished Value. Structural damage, airbag deployment, major component replacement, and other critical factors may impact market value more severely than minor cosmetic damage.
- How long do I have to file a Diminished Value claim in Florida?
In Florida, the statute of limitations for a property damage claim is generally four years. However, we recommend pursuing a Diminished Value claim as soon as possible after repairs are completed.
- How much does a Diminished Value claim cost?
Our Diminished Value service is priced at $600 total, which includes the appraisal report and negotiations with the insurance company on your behalf. For vehicles valued over $100,000, the total fee is $1,200.
- How does payment work?
A $300 deposit is required to start the appraisal process, with the remaining $300 due upon settlement. For vehicles valued over $100,000, the deposit is $600 with the remaining $600 payable upon settlement. We accept credit cards and Zelle.
- What happens after I make the deposit payment?
Once we receive your deposit, we'll provide you with the necessary forms to fill out and return. Additionally, we will require a copy of the final repair bill from the body shop, photos of the accident damage, and a current photo of the vehicle post-repairs.
- What happens after my Diminished Value claim is submitted?
After we submit your Diminished Value appraisal, we typically allow the insurance company about 30–45 days to review and respond. We handle all negotiations on your behalf, striving for a fair settlement. If the claim is denied, unduly delayed, or cannot be reasonably resolved, we can discuss further options with you, including a referral to our attorney who specializes in Diminished Value claims.
- Why might my Diminished Value claim be denied?
A Diminished Value claim may be denied for multiple reasons, such as prior accident history, insufficient documentation, disputed liability, or property damage policy limits. Insurance companies may also contest whether a measurable loss in market value has occurred. A denial does not imply the claim lacks merit; we review the cause of the denial to determine available options for continuing the claim.
- Can you guarantee a settlement?
While we cannot promise a specific settlement amount, we stand by our appraisal and will work diligently to negotiate the best possible outcome supported by the vehicle's market data and our findings.
- Have additional questions about filing a Florida diminished value claim?
Contact us today for a free consultation: 954-709-9993 or Johnny.CollisionSafety@gmail.com