Car Accident Appraisals: Diminished Value and Pre-Accident Appraisal
Diminished value is the loss of value a vehicle suffers as the result of being involved in a car crash. It is a real loss and you may file a claim to recover diminished value if you are NOT the at fault party.
Pre-Accident appraisals determine the value of a vehicle the split second before it was involved in a total loss event. If you are not happy with the amount the insurance company is offering you for your totaled car, you have the right of appraisal.
Diminished value claims are a separate claim and are filed AFTER the car has been repaired and returned to you. In the state of Florida, only third party diminished value claims are allowed, meaning only the non at fault party can claim diminished value. If you are the at fault driver, you are not eligible. It also should be noted diminished value claims are for vehicles with significant damage, at least a few thousand dollars or more. They are not for parking lot fender scrapes or bumper dings. Time is limited; you only have 3 years from the date of the loss to file for diminished value.
Pre-Accident appraisals are done to determine the value of a vehicle the split second before it was involved in a total loss event. If you are not happy with the amount the insurance company is offering you for your totaled car, you have the right of appraisal.
Right of Appraisal. In Florida you have the right to hire your own appraiser if you are not happy with the offered settlement amount. The insurance company will hire their own. The appraisers, after doing their separate research and inspections, will then come up with an agreed upon value for your totaled car.
If you have questions or would like to schedule an appraisal, please call today!
(239) 249-8999 Naples/Ft Myers/Sarasota
(954) 732-6241 Miami/Ft. Lauderdale/Palm Beach.