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The Sheldrick Law Firm Personal Injury Law Firm in Florida, New Jersey & New York.

DIMINISHED VALUE DEPARTMENT

HOW CAN WE HELP YOU?

Florida Diminished Value State
New Jersey Diminished Value State
New York Diminished Value State
Florida Diminished Value
New Jersey Diminished Value
New York Diminished Value

HAS YOUR VEHICLE BEEN INVOLVED IN AN ACCIDENT THAT WAS NOT YOUR FAULT AND NOW YOU WANT TO KNOW WHO IS RESPONSIBLE FOR PAYING YOU FOR THE DIMINISHED VALUE OF YOUR VEHICLE?

If your vehicle has been involved in an accident that was not your fault, the at-fault's insurance company shall be held liable for paying the diminished value of your vehicle.

 

With that being said, this does NOT mean that you will always receive full compensation for your diminished value claim!

 

       One of the most important factors to be fairly compensated for a diminished value claim includes the at-fault driver's property damage insurance policy limits to be sufficientWithout an adequate insurance policy, it may be hard to receive any type of financial compensation at all. You may be wondering, "how is this fair?". The answer is, it's not fair! It's unfortunate that state minimum insurance policies don't always cover the damage that one person may cause from an accident.

IF YOU WANT TO FILE A DIMINISHED VALUE CLAIM AGAINST THE AT-FAULT DRIVER,

YOU CAME TO THE RIGHT PLACE. 

 

 

       When insuring your vehicle you are also insuring yourself. It is very important to carry Underinsured and Uninsured Motorists Coverage, also commonly referred as a (UM Policy). Only a few select states allow for an individual to file a diminished value claim against their own UM policy, New Jersey happens to be one of them. Though in order to make such a claim against your own underinsured / uninsured policy, first you must have a UM policy already in existence, secondly you have to exhaust the at-fault's insurance policy in order to make a UM claim against your own. Want to learn more about how having an Uninsured / Underinsured insurance policy?

Click here to learn how you may be able to benefit by adding a UM policy to your insurance. 

FLORIDA DIMINISHED VALUE

  • How to file a claim.

  • How much is your claim worth? 

  • Who is responsible for your vehicle's diminished value.

  • How to properly collect on a diminished value claim.

  • Pros to hiring a Diminished Value Claims Attorney.

  • Florida auto accident statute of limitations & how long you have to file a DV claim in the state of Florida.

NEW JERSEY DIMINISHED VALUE

  • How to file a Diminished Value Claim in New Jersey.

  • How much is your claim worth? 

  • Who is responsible for your vehicle's diminished value.

  • Taking the proper steps to file a DV claim successfully.

  • New Jersey state minimum property damage policy limits.

  • Option of filing a DV claim against your own UM policy.

NEW YORK DIMINISHED VALUE

  • Hiring a Diminished Value Claim Attorney in New York.

  • Requirements to file a DV claim in the state of New York.

  • Holding the at-fault party liable for your vehicle's diminished value.

  • New York property damage insurance policy state minimum can be insufficient to cover your diminished value claim.

  • How to get an accurate DV claim assessment for your vehicle.

Florida, New Jersey, & New York all have different minimum required property damage policy limits.

  • Florida's minimum auto property damage policy is $10,000.

  • New Jersey's minimum auto property damage policy is $25,000.

  • New York's minimum auto property damage policy is $10,000.

Let's say for example your vehicle has been involved in an accident and you were NOT AT-FAULT. 

- Your vehicle gets towed to an auto collision center.

- An insurance adjuster comes out to visibly analyze the damage done to your vehicle.

- The adjuster will usually approve a certain amount of repair costs so that the body-shop can then go ahead and begin to remove the damaged cosmetic pieces to usually find the much more severely damaged parts like structural frame damage, suspension damage, electrical shortages along with many other problems.

- The auto body-shop lists the additional damages and then the adjuster has to approve the new repair estimate costs.

EXAMPLE PURPOSES ONLY:

 

NEW JERSEY EXAMPLE

Your vehicle's repair costs are $10,000.

       If this accident occurred in New Jersey, there is a chance that the at-fault driver may not be carrying a sufficient property damage policy due to the state of New Jersey's law requiring motorists to carry a $25,000 minimum property damage policy.

       Depending on who pays for the accident repairs up front, it is common for the at-fault driver's insurance representative to try to point you in the direction of going through your-own insurance company. You do not have to, though depending on the specific accident, damage costs, and policy limits available, it may be in your best interest to go through your own. Weighing out your options for your best case scenario moving forward for your particular auto accident case may be best for you and an attorney to do.

       If your accident happened to take place anywhere in the state of Florida, such as Orlando, Tampa, Venice, Nokomi, Osprey, Siesta Key, Sarasota, Fort Myers, Cape Coral, Boca Raton, Fort Lauderdale, Miami, Key Largo or any of the Florida Keys including the most southern point in Key West, the entire state carries the same minimum property damage insurance policy requirement which is $10,000. So again with the example listed above, $10,000 in repairs to a vehicle can wipe out your entire diminished value claim if you were to have the at-fault driver's insurance company pay for the damages done to your vehicle.

       This does not mean that you are out of luck in terms of not being able to be financially compensated for diminished value and possibly loss of use in the event you are left without a rental vehicle while your vehicle was undriveable and or receiving repairs due to the motor vehicle accident. 

       Here's an important process that can play a vital role when seeking to collect on your diminished value claim. If you end up choosing to have your own insurance company pay for the repairs and damages that were done to your vehicle by the at-fault driver after an accident, your insurance company will usually tend to wait until after all the repairs are completed to file a subrogation claim against the at-fault driver's insurance company. At this point of the scenario it means that the at-fault driver's insurance company more likely than not still has the $10,000 (PD) property damage policy funds in their possession. Your vehicle repairs are $10,000 and lets say your vehicle before the accident was worth $25,000 and now after your accident there is an "accident" listed on the title of your vehicle. You're vehicle is no longer worth the same value before and after it was involved in an accident. Now you want to file a diminished value claim against the at-fault driver's insurance company demanding your diminished value amount backed up with your diminished value report from a licensed appraisal.

Next is getting your-own insurance company to waive their right to subrogation, in short you hope they relinquish their right to collect the damage repair amount that they put out so that "you can be made whole and rightfully financially compensated" for any amount of time that you may have been without your vehicle due to the damage that was done to your vehicle from the accident that it was involved in.

       Keep the same scenario in place, with the same repair cost amount, the same vehicle value before and after the accident but change the state that the accident occurred in to now New York for example.

       The state of New York tends to turn a blind eye to diminished value claims and attempts at high costs not to recognize them unless they're forced by either the outweighed facts of a matter that somebody presents to them, or an aggressive, and knowledgeable accident and personal injury attorney who knows the ins-and-outs of each states diminished value statutes and will enforce justice when applicable to maximize and collect on their clients diminished value claims. There are a few rare situations where the vehicles value appreciates in value rather than depreciates. In these situations New York auto insurance companies have a much more narrow field of defence when they are presented with a diminished value claim while the vehicles value is appreciating in time.  

       Any person can submit their very own diminished value claim and/or even a loss of use claim at their own discretion. It is always best that you do your diligence on coming up with the most comparable like, kind, and quality to your damaged vehicle. 

 

 

 

 At this point So in this situation you are limited with only a few tactics that you can use to be successful on collecting on your diminished value claim. These tactics do not guarantee success by any means, matter of fact, it is common insurance companies deny a person's claim outright.

       If this accident occurred in the state of Florida, 

 

 

 

Diminished value refers to the reduction in your car's market value following an accident, even after it has been fully repaired.

However, the laws and statutes regarding diminished value vary by state, and in some states, it can unfortunately be unjust for victims of accidents. Some states recognize an inherent diminished value claim, which means that the owner of the vehicle is entitled to compensation for the diminished value of their vehicle. Other states may require the victim to prove that the value of their vehicle has been diminished due to the accident, and may not recognize a claim for inherent diminished value.

Furthermore, some states allow insurance companies to deduct the cost of repairs from the diminished value, which can result in a lower payout for the victim. In other states, insurance companies are required to pay the full amount of diminished value regardless of the cost of repairs.

Therefore, it is important to research the laws and regulations in your state to determine your rights and options for pursuing compensation for diminished value after an accident.

WHATS IS DIMINISHED VALUE?

DO YOU HAVE A DIMINISHED VALUE CLAIM?

HOW DO YOU CALCULATE YOUR VEHICLE'S DIMINISHED VALUE?

 

Diminished Value Claims, which are claims made to compensate for the decrease in value of a vehicle after an accident, can vary significantly from state to state due to differences in their respective statutes and regulations.

HOW ARE THEY DIFFERENT?

In New Jersey, a driver who is not at fault in an automobile accident can make a diminished value claim for the reduction in value of their vehicle resulting from the accident. According to New Jersey Statutes Annotated (NJSA) 39:6A-2k, a driver can recover damages for diminished value in addition to compensation for any repairs or replacement costs. However, the driver must provide evidence of the diminished value, such as an appraisal or expert testimony, and the claim must be filed within six years from the date of the accident. Additionally, the driver's insurance policy may limit or exclude coverage for diminished value, so it is important to review the policy carefully.

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