Insurance companies hardly recognize this long standing legal principle. That is, if I smash into your car with my car and the accident was my fault, I have to pay you for the damage that I caused your car. But what else does the law say I have to pay your for? I have to pay your for the diminished value that has been lost because I crashed into your car. I have to pay you to compensate you for the negative stigma that is now associated anytime a crash investigation is done on your vehicle. This is the cornerstone of a diminished value case. The basic principle is, if I am trying to sell two identical cars for the same price, one that was involved in an accident, and the other was not, which one is more likely to be sold? You guessed it. The car without the accident will be sold every time because no one wants to purchase a car with a crash history, unless of course, you significantly decrease the asking price. This is diminished value in a nutshell.
The diminished value lawyers at CP Law Firm are trained to maximize your diminished value claim. We work with diminished value automobile valuation experts who we hire to appraise your vehicle after it is involved in a crash and repaired. The diminished value expert will prepare a diminished value report, including loss of use value (for the time you were paying for your vehicle but could not drive it) and rental reimbursement. Then we will make our diminished value demand to the insurance company or defendant directly to ensure your rights are protected.
These diminished value claims often arise as a corollary to our car accident and personal injury cases, which often are one in the same. However, we are one of the few law firms that will handle your diminished value claim, even if you were not injured and did not sustain personal injuries in the car accident.
Call us today for a free consultation on your diminished value case! 786-369-8863.
The lawyers at CP Law Firm handle personal injury and family cases throughout South Florida, with our main office located in downtown Miami, Florida. If you have suffered personal injury due to any type of accident then we invite you to call our office anytime.