Florida Diminished Value: What to Do After a Crash
Don’t miss out on filing a Florida diminished value claim if it’s in your rights. Here’s what to do immediately after a crash so you can protect your assets.
Your car suffered from an accident. Missing out on filing a Florida diminished value claim (if it’s in your rights) is the last thing you want to do.
This brief post will show you what to do right after a crash to protect the value of your vehicle.
Check If You Are Covered For Florida Diminished Value Claims
First things first:
Check if the insurance policy has a diminished value clause.
Insurers may already offer the coverage in your current policy or as an add-on. And if you do see you’re covered for Florida diminished value claims, make sure you are not at fault in the accident.
If you are at fault in the car collision, getting paid to recover the car’s lost value is almost impossible.
Proof Of Loss – The First Step To A Successful Claim
To make a successful claim, you need to prove your loss and need for compensation. And you can go about this in two ways.
The easier but less accurate route is to use online resources for automotive information like Edmunds.
The website looks at the important metrics to determine the pre-accident market value of your car. From there, you should head to your car dealer to get a trade-in value for the vehicle after the accident.
The difference between Edmunds pre-accident value and the car dealer’s post-accident trade-in value will give you a ballpark of an idea of how much you’ve lost.
The problem with the method is that Edmunds and company only take a fraction of the factors in consideration – mileage, age, and model. But not the whole equation.
This evaluation method is, however, a good way to gauge if you need to get professional help from a lawyer specializing in Florida diminished value.
If the ballpark figure makes legal help an option, go for the second and more accurate evaluation method.
Have your car evaluated by a company with expertise in Florida diminished value insurance. This ensures every factor is taken into account in the valuation.
Just make sure you go with a reputable company that’s recognized by insurers.
Make The Claim
You’ve determined the car’s diminished value and you have the evidence. You now need to make a formal letter with a demand for payment and the proof of loss.
The demand letter and other important documents must be sent to insurers via certified mail with a return receipt requested.
Everything must be well-documented when dealing with insurance. And certified mail gives you proof that you sent it – and that the other party received it.
Fight For Your Florida Diminished Value Claim
“Ok, we’ll pay you in full,” said no insurance company ever.
A letter negotiating for a lower amount is the likely reply to your demand letter. And expect them to use a range of tactics to cut your payout – from using the 17c formula, refuting documents, to using “independent” appraisers.
Some may even skip calculating the diminished value and deny the claim outright.
If you want to come out on top of the negotiations, you should be prepared with the right responses. And on that end, a lawyer with substantial experience on Florida diminished value can help.
Not only does a lawyer know how to navigate tricky insurance negotiations. The attorney can also help you in the court should a reasonable settlement prove elusive.