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What is a diminished value claim in florida and how does it work?
A car accident can lead to substantial damage to your vehicle. Sometimes, you can get that damage repaired by an experienced auto shop. Unfortunately, even if the shop repairs the majority of the damage, it can still diminish the overall value of your vehicle. Diminished value claims are filed with the at-fault driver’s insurance company. Learn more about the three types of diminished value below!
1
immediate diminished value
Immediate Diminished Value is defined as the difference in the resale value of a vehicle. This could be immediately before and after damage occurs, prior to repair. When resolving property damage claims, Inherent Diminished Value and Repair Related Diminished Value are normally used.
2
inherent
diminished value
Inherent Diminished Value is defined as the reduction amount of a repaired vehicle due to having significant damage history. Damage history decreases the overall market value of the vehicle. Inherent Diminished Value does not take into consideration any additional loss of the vehicle value due to claim related or repair-related diminished value.
3
repair related diminished value
Repair Related Diminished Value is defined as the loss of a vehicle's value as a consequence of improper collision or mechanical repairs. Repair Related Diminished Value is an additional claim to an inherent diminished value claim.
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