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If you’ve been in a motor vehicle accident in Tampa or the surrounding area, you may be allowed to file a separate claim known as a “diminished value claim” because of the damage to your vehicle. If you or a loved one has a diminished value claim, our dedicated team of Tampa car accident lawyers from Franchi Law can help.
We help ensure our clients with diminished value claims are treated fairly under the system. We offer a free and confidential case evaluation, and charge no fees unless we successfully resolve your matter. Call a trusted Tampa diminished value claim lawyer today to find out how we can help you with your claim.
What Is a Diminished Value Claim?
Florida is one of a handful of states that allows not only a personal injury claim for a motor vehicle accident, but a separate claim for the vehicle itself known as a diminished value claim. Florida’s law regarding these claims is based on the idea that a reasonable person would not pay the price of the full value of the car with an accident in its history. This allows the driver of the damaged vehicle to recover compensation to make up the difference between what the car should be worth before the accident, and what it is realistically worth after the accident.
For example, if your car was worth $15,000 before the accident at fair market value before the accident and only worth $7,000 after the accident (even if the vehicle underwent repairs), if your claim was successful, the defendant would be responsible for reimbursing you $8,000.
What Are the Types of Diminished Value Claims?
There are three basic diminished value claims that may be available to you:
- Inherent diminished value claim, which is the most common. With this type, a vehicle loses its value because there is an accident listed on its vehicle report.
- Immediate diminished value claim. With this type, the value of the vehicle decreases in value because of its damages regardless of whether it was repaired. These claims are relatively rare because insurance repairs most vehicles.
- Repair-related diminished value claim. This occurs when the repairs made were not quality repairs. The vehicle was not restored to an acceptable state.
Should You Handle a Diminished Value Claim Alone?
Handling a diminished value claim on your own may be possible, but it isn’t advised. Not only are there several legal deadlines that must be met, but there is also a lot of technical information about the vehicle that must be provided, which can be provided with the help of a Tampa diminished value claim attorney. The information for the vehicle must be provided as soon as possible after the accident, and you must be careful not to provide information that would count as wear and tear because it would not go toward a diminished value claim.
You would also need to calculate the diminished value claim on your own and get your vehicle inspected. Determining the proper claim amount is crucial. It’s much easier to come up with the correct information when you partner with an experienced Tampa personal injury attorney.
How a Tampa Diminished Value Claim Lawyer Can Help
William Franchi’s former law enforcement background means that he has the investigative experience necessary to help you establish your diminished value claim. To learn more about how an expert Tampa diminished value claim lawyer can assist you, schedule your free consultation by calling (813)-800-4LAW.