DIMINISHED WORTH

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• Immediate diminished value:  This concerns the difference in the car’s value right before and right after the accident occurs.   

• Inherent diminished value:  This concerns what the car was worth before an accident and what it is worth after you have it repaired.  

• Repair-related diminished value:  This concerns a vehicle’s reduced value do to the repair’s quality or the quality of the replacement parts used.

No. Diminished Value does not apply if any of the following are true:

• your vehicle is valued at less than $7,000; 
• You have signed a release of all liability;  
• Damage to your vehicle is minimal and not requiring repair;  
• Your vehicle has excessive mileage; 
• Your vehicle is greater than 10 years old;  
• Your vehicle was salvaged or rebuilt;   
• Your vehicle was badly damaged before the most recent accident; 
• Your vehicle was totaled.; or  
• The statute of limitations on your claim has expired.

The Florida Statutes which address the settlement of vehicle claims grants standing to pursue a diminished worth claim from an at-fault driver or that driver’s insurance carrier.  However, in order to recover, you must prove liability in the car accident case, by showing that the other driver knowingly acted in a way that was negligent and reckless. 

No. Some, but not all first-party insurance polices provide coverage for diminished value. However, in order to comply with the Florida Financial Responsibility Statute (S. 324.021), all third-party insurance policies will carry at a minimum "$10,000 because of injury to, or destruction of, property of others in any one crash" which may be used for diminished value.  

After establishing the at-fault driver's liability, an expert opinion must be generated by a qualified expert witness. The opinion must be based on facts which are able to withstand attack by the opposing party. This expert may be required to appear at trial.   

In Florida, there is a four-year statute of limitation from the date of your damage to file a claim. However, your case is stronger the quicker you act.