Diminished Value Claim
When you are involved in a car accident in Florida most people know you have the right to be compensated for vehicle damage and for any injuries sustained. However, you also have a right to be compensated for the decline in the resale value of the vehicle after the accident.
What is Diminished Value?
Diminished Value is the difference between the resale value prior to the accident and the resale value after the accident occurs. For example, if your vehicle had a resale value of $30,000 prior to the auto accident, but after the accident and the repairs of your vehicle, the resale has been diminished to $24,000, you may be entitled to the $6,000 decrease in the resale value from the at party’s insurance company.
How do I calculate diminished value?
Florida does not have a set formula to calculate for diminished value. Auto Accident attorneys calculate the retail price of your vehicle based upon the make, model, condition, features and mileage. This is usually done by Kelly Blue Book, or NADA. Once the retail value is assessed, the diminished value can be determined. The easiest way to do this is to find the sales history for a similar vehicle that has been involved in a similar accident.