Diminished Value Claim in Florida
How to Prove Your Diminished Value Claim: Florida is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. Under Florida law, a vehicle owner can pursue a claim for diminution from the negligent party who caused the accident, typically by filing directly with their insurance company.
Diminished Value (“DV”) is the loss in market value that occurs when a vehicle is wrecked and repaired. To file a diminished value car insurance claim, you must provide clear proof of the diminution and its dollar value.
The best way to do this is with a Diminished Value Auto Appraisal.
We’ll walk you through every step. Call/text 786-853-0711.
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Diminished value and depreciation are two separate and distinct issues. Diminished value is the difference between your vehicle’s market value before an accident and its value after an accident, once repaired. Depreciation is your vehicle’s loss in value over time, which is caused by normal wear and tear. Your car’s depreciation is determined based on its mileage, age, make, model, and general condition.
For cars, trucks, motorcycles, motorhomes, RVs, boats and light aircraft appraisals, from Key West to Port Canaveral, South Florida Car Appraisers has you covered.
This 15 year old BMW 650 was in an accident caused by another, resulting in over $10k in damage repairs. Following a Diminished Value appraisal, the owner is now making a $5,000 claim against the insurance company of the at-fault driver.
If you do an internet search for ‘auto pre-purchase inspection’ almost certainly the first Sponsored listing will be Lemon Squad. Lemon Squad has great marketing! Dig a little deeper and search for Lemon Squad reviews and you might decide to keep searching. Whichever auto pre-purchase inspection company grabs your attention, before you hire them, do your due-diligence by reading through all the good, the bad and the ugly reviews online.
Which Land Rover Defender 110 would you buy? Recently a client from Texas called to say he was looking to buy one of two mid-1990s advertised for sale in Miami, and he wanted pre-purchase inspections (PPI) on both so that he could decide if and which one to purchase. They were both being offered at about the same price.
Buying an older car has its advantages, and the purchase process is relatively easy. As simple as it is, however, it's not unusual for drivers to have questions, especially when it comes to financing. In fact, one of the most common inquiries drivers have about buying a pre-owned vehicle is, "can you finance a car older than 10 years?"
Almost everything you need to know about Diminished Value to your vehicle is in this article: https://classicmotorsports.com/articles/crash-course-diminished-value/ If you have been in an automobile accident, contact us and we'll walk you through step-by-step what you need to do to receive compensation for your loss.
As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.
Once among the most popular cars in America, the Pinto is now an endangered species! Of the 3 million Pintos manufactured, experts estimate that fewer than 10,000 are still on the road. So, what’s your Ford Pinto worth? The current average value of a Ford Pinto is about $9,700, although a nice example sold on the popular online auction website Bring-A-Trailer in July 2021 for $17,002. Yes, somebody bid the extra $2! If you want to know the current Fair Market Value of a Pinto/Bobcat, Chevrolet Vega, AMC Gremlin, or your classic car text/call 786-853-0711.
If you are looking for a car appraisal near you, and you are in South East Florida, you've found us! Getting a car appraisal before you buy, sell, or trade a car helps you get a good idea of the vehicle’s value and puts you in a better-informed position to negotiate. Several factors can affect a car’s value, such as your location and what kind of buyer you’re selling to (if you’re selling). Where you go to get your car appraisal could also affect the estimate you receive. Online guides, lenders, car dealers and professional appraisers can all offer car appraisals.