Diminished Value and Loss of Use Claims

Diminished Value and Loss of Use are insurance industry secrets that can prevent you from receiving the full compensation to which you are entitled. Most people are unfamiliar with these terms, especially when they are coping with the stress of a car accident. Insurance companies are banking on this so they don’t have to pay, however, we know how to fight the insurance carriers on these types of property damage claims.

Diminished value or ‘diminution in value’ are terms generally used to describe the loss or reduction in a vehicle’s market value as a result of damage in an accident, despite the damage being repaired. In fact, even if the repairs to the vehicle are performed to the highest quality standards, potential buyers are not willing to pay ‘market value’ for a car they know has been previously damaged when they can purchase the same vehicle without an accident history. Carfax and similar reports will show that your vehicle was involved in an accident, thus reducing its market value. This difference between what the pre-accident car was worth and the market value of the post-repair car is known as Diminished Value. Our firm’s BOCAA certified appraisers perform a comprehensive Diminished Value Analysis that confirms and quantifies the loss of value to your vehicle as a result of an accident caused by an at-fault driver.

In addition to diminished value, we also pursue Loss of Use claims against insurance companies. Under Florida law, the owner of a damaged vehicle, through no fault of the owner, is entitled to recover compensation for their loss of use of their vehicle during the period the vehicle is inoperable or being repaired. The value of such a loss of use claim is generally based upon the cost of a substitute rental vehicle of like kind and quality.

In many cases, the insurance company will attempt to deny your diminished value and loss of use claims or offer the minimum amount possible, so having an experienced diminished value and loss of use lawyer by your side can mean the difference between recovering the maximum amount of compensation to which you are entitled … or nothing at all.

Our firm’s experienced team of attorneys and appraisers specialize in fighting the insurance companies and recovering Diminished Value and Loss of Use claims, which can be quite substantial where the loss is to an high-end sports car, luxury car or an exotic, hyper, or supercar. If you own such a vehicle that has been damaged due to the fault of another driver, learn more by visiting us at SuperCarClaims.com or calling us at 833-599-2277 for a free evaluation.