Loss of Value

[Cyberwiz64]

I posted recently about a dash cam and accident involving my Maverick. An acquaintance has advised me, in addition to vehicle repairs, to pursue compensation for the loss of value on my vehicle. The concept being that if you have 2 vehicles that are identical in every visible way, but one was had repairs made after being damaged, the damaged one is worth less that one that is "all original".

Just wondering if anyone pursued or considered pursuing a loss of value claim and any feedback. I hope I don't regret posting this.

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[surfstar]

A quick google provides this info:
Florida is a state that allows drivers to file a diminished value claim if the accident wasn't their fault. The statute of limitations for diminished value claims in Florida is four years from the date of loss. Diminished value claims are filed with the at-fault driver's insurance company.

 

[TwoTone]

First your state needs to allow it.
Second there are people who specialize in helping you get it. Most insurance companies try avoid giving it to you.

 

[CTYankee]

From the previous posts, it appears your state allows diminished value claims. I think the other consideration is whether it's worth it or not.

To judge that, use the normal sites for establishing vehicle value and run your vehicle through twice, once with no reported damage and once with damage. See if you think the difference is worth the trouble, then decide.

 

[Lord Haw-Haw]

I posted recently about a dash cam and accident involving my Maverick. An acquaintance has advised me, in addition to vehicle repairs, to pursue compensation for the loss of value on my vehicle. The concept being that if you have 2 vehicles that are identical in every visible way, but one was had repairs made after being damaged, the damaged one is worth less that one that is "all original".

Just wondering if anyone pursued or considered pursuing a loss of value claim and any feedback. I hope I don't regret posting this.

Absolutely correct!! No one prefers a vehicle with a Carfax ding. I would carefully document the repair with photos and everything you can to show it was repaired diligently and correctly.

 

[Hot Runr Guy]

There is also an insurance angle to this. My daughters Escape was tapped in the rear bumper, no damage, no repair, but since the Police report showed a rear impact, trying to change Insurance companies has become a problem, since the vehicle has been in an accident.

HRG

 

[GyroRon]

Yes, what you would be seeking is called diminished value.

You would be best served to google search for a expert in diminished value that works cases in Florida to handle this for you. They typically charge a flat fee to do this on your behalf, maybe 300-600 dollars.

Trying to get diminished value compensation from the insurance company yourself will be nearly impossible.

My 2022 F250 was involved in a accident last year, was actually a pretty minor accident but did require body work repairs all the way down the drivers side of the truck. I used a Diminished value expert to help me, after trying unsuccessfully to do this on my own and he got me a check from the insurance company of something close to 6 grand, and his fee was $600. Money well spent.

You SHOULD be due some sort of compensation, if your truck is repaired and you now have accident history associated with it. It will not be worth the same as a accident free truck in the future if you sell it or trade it in.

 

[Heavyt100]

A few years ago, my wife's minivan was hit in Florida, causing about $9,000 in damages, which were repaired and made good as new.

I went to the dealer where we bought our car and asked him to write a letter to my insurance company about how much the accident devalued the car.

He determined that the accident devalued the car by $3,500. Don't know if that was accurate, too high or too low, but that was the number he came up with..

I presented the letter to my insurance company and they quickly issued me a check in that amount, which took a little sting out of the accident.

 

[RichardCranium]

If the insurance company quickly writes you a check, you didn’t ask for enough

 

[Hoagus]

I posted recently about a dash cam and accident involving my Maverick. An acquaintance has advised me, in addition to vehicle repairs, to pursue compensation for the loss of value on my vehicle. The concept being that if you have 2 vehicles that are identical in every visible way, but one was had repairs made after being damaged, the damaged one is worth less that one that is "all original".

Just wondering if anyone pursued or considered pursuing a loss of value claim and any feedback. I hope I don't regret posting this.

A google search for “dimunition of value” might give you better results than this forum.

 

[BradnChristine]

This might be useful:
https://www.mwl-law.com/wp-content/uploads/2018/02/DIMINUTION-IN-VALUE-IN-ALL-50-STATES.pdf

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