When someone else hits your car, causing damage, you expect the insurance company to pay to repair your vehicle. Even if it looks and runs great after the repairs, though, you may find that the car’s resale value is now significantly lower than before the crash.
You did not do anything wrong to cause the accident, and you should not have to suffer a financial loss in the future because of another driver’s negligence. Trust the Estero diminished value claim lawyer at Ged Lawyers to fight for you to receive compensation for the cost of your repairs along with an award for the lowered value your vehicle now has.
Our Diminished Value Claim Attorney Can Help You Seek the Payments You Need
After a car accident, the insurance company may determine that the vehicle is not worth repairing, as the cost of repairs would be higher than the value of the car. However, if a driver hit you while you were driving your luxury car, the cost of the repairs might not exceed the value of the vehicle.
The insurance company likely will agree to pay for the repairs. However, the insurer may balk at paying anything beyond that amount. Our auto accident lawyers at Ged Lawyers can help recover a payment that reflects the diminished value of the vehicle.
Diminished Value Claims Can Be Quite Significant on a Luxury Car
Depending on the type of repairs, you may find that your luxury car’s real-world value is now far lower than before the crash. If you would like to sell the car in a few years, having the accident and repairs as part of the vehicle history of the car could prompt buyers to offer you a lower price than the normal value.
Even though you may not realize this loss from the diminished value of your car until a few years after the crash, you deserve to receive a payment from the insurer now.
The state of Florida does not require drivers to carry insurance that would cover the diminished value of their car, according to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV). This complicates the process of receiving the damages you deserve, but our Estero diminished value claim lawyer is ready to fight against the insurance company for you.
Other Issues With Diminished Value After Repairs
Beyond potentially losing money on a resale of your repaired vehicle in the future, you may run into a few other problems with the vehicle after the crash that could negatively affect you financially.
- Loan on vehicle: If you owe quite a bit of money on the car, its now diminished value could cause the lending institution to require a lump sum payment from you to immediately reduce the loan’s principal amount.
- Lifespan of vehicle: Depending on the nature of the required repairs, your vehicle may not last as many years as it would have without the crash.
- Aesthetics of vehicle: Even a high-quality body shop may not be able to perfectly repair all damage to your vehicle, leaving a few spots on the car that clearly show a repair occurred.
Our Attorney for Diminished Value Claims in Estero Can Work on Your Behalf
Filing for diminished value damages on your vehicle is a challenging process. If you try to deal with insurers on your own to seek this money, it can become frustrating very quickly.
Depending on the type of insurance policy the other driver has, that insurance company may have no responsibility to pay for the reduced value of your vehicle after repairs.
In that case, our team at Ged Lawyers can explore other options for trying to obtain the payment you deserve to have.
We May Try to Seek Payment From Your Own Underinsured Motorist Policy
One strategy our team may use is to seek payment from the underinsured motorist portion of your insurance policy.
If the other driver’s insurance does not include coverage for the now diminished value of your vehicle, we may inform your insurance company that the other driver is underinsured. This gives us the ability to try to seek payment from your own uninsured motorist/underinsured motorist policy coverage.
Your Insurance Company May Balk at Paying Your Diminished Value Claim
Some of our clients are surprised when their own insurance company begins fighting them about making a payment under the underinsured motorist portion of the policy.
This does not surprise our Estero diminished value claim attorneys, though. Through our collective decades of experience with cases like this, we know that insurance companies rarely pay fair amounts willingly. Trust that we have strategies that aim to convince your insurer to give you the payment you deserve.
Our Estero Lawyers Can Help You Seek Compensation If You Were Hurt
What we often find is that drivers who are seeking a payment for a diminished value claim after a car accident also have injuries because of the severity of the crash. A crash at high speeds that significantly damages your car often requires you to seek medical care or to miss work.
You did not cause the crash, and you should not have to suffer financial losses from medical bills and lost income. While we help you with your claim for the diminished value of your car after the repairs, we can serve as your Estero personal injury lawyer, seeking compensation for your injuries on your behalf.
Hire Our Diminished Value Claim Attorney in Estero Today
Do not feel like you have to just accept the way the insurance company is treating you after your car accident that someone else caused. They likely will not want to pay you for the reduced value your car now has after the repairs. Because this can be a significant amount of money, though, it’s worth the fight.
Contact Ged Lawyers today for a free consultation about your case. We are ready to begin representing you as soon as you hire us.