Welcome to ADR-Claims, where we are committed to making your insurance claims process as smooth and fair as possible. Our mission is to ensure that you receive the equitable settlements you deserve through our expert appraisal services and unwavering dedication to integrity and professionalism.
A car involved in an accident can never regain its fair market value- even after top-quality repairs! The reason behind this is simple- trust in a previously damaged car is hard to restore. Most potential buyers and dealers hesitate from buying a car that has an accident tag. This drop in value is called diminished value Florida! It has a significant impact on your prized possession.
Diminished value claim Florida allows you to recover the loss in the market value of your car. It is a much broader spectrum that goes beyond the cost of repairs. It allows you to regain the difference between the pre-accident value and the current market value.
Navigating the complexities of the Florida diminished value claim can be hard for many. Starting from intricate calculations to dealing with insurance companies can cause many hassles. Our experts at ADR Claims will guide you through the process! Our practical strategies will help you successfully file the claim and get the fair compensation you deserve!
Regardless of top repairs, a car that has been a part of an accident is not appealing to buyers. The moment a collision happens, the value of the vehicle drops, and this reduction is permanent.
It is also known as diminution of value Florida. When you decide to resell your vehicle, you have no other option than to accept much lower compensation than you would have been offered if the accident had not taken place.
Already, an accident due to another party’s negligence is unfair! In addition, you continue to suffer in terms of financial losses because of the diminished value Florida. Fortunately, there are feasible provisions that help you seek fair remuneration.
Primarily, diminution of value Florida is categorized into three types.
Immediate Diminished Value - It happens at the very moment of the collision, before any repairs. This means that your car now has a recorded accident, which lowers its value in the marketplace since it is a damaged vehicle now.
Inherent Diminished Value - This is the most common type reported by many car owners. This suggests the loss in the value of the car despite receiving full and high-grade repairs. Buyers value such vehicles less only because they carry an accident tag.
Repair Related Diminished Value - This reduction in value is due to the quality of repairs. When sub-par repairs, use of aftermarket equipment, mismatched paint job, and many such flaws make the car lose more value.
The Florida diminished value law understands that a car loses its value in an accident, despite being expertly repaired. The provides a wonderful opportunity for car owners to reimburse their loss, giving importance to the fact that the car’s value drops even if the repairs were done well.
When someone else’s negligence caused an accident, their insurance company should cover the loss in your car’s value.
There are no rigid laws about diminished value in Florida. It’s based on general rules for property damage and compensation. So, you should carefully check your insurance policy and consider getting a professional appraisal done to improve your chances of receiving a fair reimbursement.
To begin with, you should have a clear understanding of what diminished value Florida is. It means the loss in the market value of your car after an accident, followed by repairs.
Ensure that the at-fault party in the accident is identified. It is because their insurance company is liable to pay for the diminished value of your car.
The professional appraisal acts as the strongest piece of evidence supporting your claim. It precisely contains the analysis of the pre- and post-accident value of your car. It is important to get the appraisal done through a reputable appraiser with expertise in diminished value claims. This increases the credibility of the appraisal report.
It is vital to collect significant documents to support your claim. This may include:
Once you are through with the preparatory steps, it's now time to submit your claim to the at-fault driver’s insurance company. Take professional help if you are unsure of how to submit a diminished value claim.
Insurance companies often start with the lowest offer, deeming that you may say yes to the first offer! However, it is important to understand their smart moves and be ready to negotiate for your rights. If things seem to escalate, it is advisable to raise the issue with a claim adjuster or take legal action.
Filing and getting approved for a Diminished Value Claim Florida isn’t a cakewalk! For you, it's a rare occurrence. However, for insurance companies, it's a routine, and they don’t want to bear another loss. They might come up with unexpected statements:
Therefore, it is crucial to be well-prepared with strong evidence and a clear understanding of your rights.
They communicate with the insurance company on your behalf
Navigating the complexities of a diminished value claim Florida is not everyone’s cup of tea! Seek professional help! Know Your Rights! Receive What You Deserve! Let our experts help you sail through the process effectively! Call today to learn more about services!
Our quick and simple appraisal process can help you recoup vehicle-related losses.
