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How to Handle a Diminished Car Accident Value Calculator in Florida

After an accident, you may be coping with injuries and associated medical bills. This is one reason to file a car accident claim. You might not know at that time the full range of the different damages that you have suffered as a result of the accident but if it was caused by another person's negligence, you need to educate yourself quickly and retain the services of an experienced lawyer. 

One other thing you'll need to learn about is a Florida car accident diminished value calculator especially because your vehicle may have suffered substantial damage. This can greatly decrease the overall resale value of your car especially if your vehicle was new and with little mileage and if another party caused the accident. You cannot file a diminished value claim with your personal insurance company but you are eligible to pursue a diminished value claim against the other party's insurance company. 

They will use a Florida car accident diminished value calculator to arrive at a final number but this does not mean you will agree with the number or that it will be accurate. There is no tried and true method outside of a formula that was recommended from a Georgia car accident legal case so read on to educate yourself more about how to determine your own Florida car accident diminished value calculator to protect your interests. 

You might not be able to resell your car at all simply because it’s been through an accident. Buyers of used cars have access to more information than ever and even if you went through a full repair process, the buyer might still be hesitant about whether it’s safe to drive. You might also be disappointed since this was your personal investment, too, and now the vehicle value has dropped in a big way post-accident. 

This is why you have the right to file a diminished value claim in the first place to recognize this type of loss, but you can only do that when you’re not the one responsible for the accident. The insurance company can deny the claim if you are at fault for the accident, so make sure you have a good case that the other person is responsible before proceeding with your own calculation or reviewing the information provided to you by the insurance company. 

Understanding Diminished Value Claims

A diminished value claim is there to help you recover compensation when your car has dropped in value after an accident. Diminished value can usually be collected from the insurance company of the at-fault party and is something you should seek out when you are in an accident that you didn't cause because you are not eligible to recover compensation if you did cause the accident. Helping to understand how a Florida car accident diminished value calculator works can make it that much easier for you to negotiate for full and fair compensation. 

Diminished value starts by consideration of the difference in the fair market price for your vehicle prior to and after an accident. Even when you have worked directly with an experienced mechanic and have undergone thorough and solid repairs with the original manufacturer's parts, this will end with a lower amount than what happened before the accident. 

Diminished value is a separate calculator from depreciation. Depreciation refers to a decrease in value over the course of time, whereas diminished value refers to the difference in your vehicle's value and resale ability pre and post-accident. 

The insurance company does have the final say in what the amount will be from a Florida car accident diminished value calculator, but you can also make a claim that you have evidence supporting a higher number. You can’t do this without knowing how to share those details and what factors go into the process of determining the final number. 

Calculating Diminished Value

Make your own calculation and be honest about things like the severity of the damage to your car and the original value. These two factors have a lot of impact on what the final number from a Florida car accident diminished value calculator says. 

The sooner you can understand a Florida car accident diminished value calculator, the easier it will be to navigate your own claim. Not every insurance company uses the same process or calculator but most do start with the diminished value formula 17c. Most of them will use this directly or an adjusted version of it. You would need to start by identifying your car's total value. 

You can use things such as a Kelly bluebook or the National Automobile Dealers Association website to get an appraisal for your vehicle. You might even hire an appraiser directly to give you an appraisal of your car. Get documentation anytime you do this as this will serve as part of your evidence. 

How Do You Use Calculators to Get to Your Vehicle Value? 

You will input specific details about your car to arrive at this final number since numerous features, options and factors will affect the car's value. This can include mileage, the type of engine, the condition, and the year, for example. 

The second stage of this four-step process is to calculate the base loss of value. Insurance companies usually apply a 10% gap which is referred to as the base loss of value for the sales value determined by NADA or Kelly Bluebook. This means that this is the maximum amount of money you would be able to recover in a Florida car accident diminished value calculator case. However, two different types of multipliers apply which could keep your claim at that maximum number or decrease it slightly. This is usually where you get into differences of opinion with the car insurance company and need to be prepared to fight for what is fair. 

The first of these is a damage multiplier. This is based on the overall type and severity of the damage. The multiplier starts at 0.00 for cars that have not sustained any structural damages or had to go through replaced panels. However, it can be as high as 1.00 for those cars that have significant structural damage. 

Gradations of 0.25 run along the course from 0.00 to 1.00. These include no structural damage, minor damage, moderate damage, major damage and severe structural damage. The fourth step in this process is to apply a mileage multiplier based on the odometer reading in your vehicle. Older vehicles that typically have more mileage will not have as much potential to recover here. For example, with a vehicle of 100,000 miles or more, a multiplier of 0.00 applies. If the vehicle has between 0 and 19,999 miles, a multiplier of 1.00 applies. 

Understanding the Impact of Appraisal 

Diminished value appraisal can be different between your estimation and the insurance company so it's a good idea to be prepared to negotiate a higher value from the Florida car accident diminished value calculator claim. Get appraisals and inspections completed by reputable third parties and turn in this evidence to the insurance company. 

You'll want to supplement your vehicle's fair market value because you may be able to get different results from the insurance company or from one website to another. A third party to do a physical inspection on the vehicle could also increase your chances of a successful negotiation. 

Since most insurance companies forbid you from filing a diminished value claim against your own insurance carrier, you should only file one when you are in a vehicle accident where the other party is at fault to recover the decrease in value for your car. It is smart to pursue a diminished value claim as soon as possible because it makes it all that much harder when the details are not fresh in your mind or when it can be hard to get copies of this information. 

Why You Might Need Outside Help With Your Claim 

You also may be busy dealing with your medical appointments and other after-effects of recovering from the accident, so do it in the early days and hire an experienced personal injury lawyer to help you if this feels overwhelming. Pursuing a diminished value claim as soon as possible is also important since every state including Florida has a statute of limitations for property claims. Florida does allow you to recover diminished value from the at-fault party's insurance company but remember that this insurance company has no vested interest in making you happy and is not looking out for your best interests. 

This means you need to be prepared to arrive at your own number for a Florida car accident diminished value calculator and to make an argument about this to the insurance company. Do not hesitate to get help from an experienced personal injury lawyer as this can greatly increase your chances of successfully navigating this claim and minimizing your stress.       

If you know that the car was critically damaged in an accident and are worried about the loss of resale value you experienced because of the crash, you need to take action quickly to protect your interests

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John Morgan