Florida
Diminished Value Overview
In Florida, a vehicle involved in a not at fault accident may lose market value even after repairs are completed. When another driver is responsible for the accident, Florida law allows you to pursue compensation for that loss in value from the at fault driver’s insurance company as part of your property damage claim.
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01
Statute of Limitations
Florida allows four years from the date of the accident to pursue a diminished value claim.
02
Third-Party Claims
Diminished value claims can be pursued against the at fault driver’s liability insurance when another driver caused the accident.
03
First-Party and Uninsured Motorist
Most first party insurance policies in Florida do not cover diminished value, and uninsured or underinsured motorist coverage does not apply to diminished value claims.
04
Small Claims Court Limit
Florida small claims court allows diminished value claims up to $8,000.
Florida Diminished Value Law
Florida law recognizes that a vehicle may suffer a loss in market value after a collision even when repairs are completed. When another driver is at fault, that loss may be recovered as part of a third party property damage claim.
McHale v. Farm Bureau Mutual Insurance Co., 409 So.2d 238 (Fla. 1982)
The Florida Supreme Court held that when an insurer elects to repair a damaged vehicle, the vehicle must be restored to substantially the same condition, function, and value it had prior to the loss. If repairs fail to restore the vehicle’s pre loss value, the remaining diminution in value is a compensable element of damages.
Siegle v. Progressive Consumers Insurance Co., 819 So.2d 732 (Fla. 2002)
The Florida Supreme Court reaffirmed that the measure of property damage includes any reduction in a vehicle’s value after repairs are completed. The court confirmed that a vehicle owner has not been fully indemnified unless the vehicle is restored without any remaining loss in value.