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Tampa Diminished Value Claim Lawyer

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In addition to representing clients in significant personal injury and wrongful death claims resulting from car crashes, our injury lawyers have developed a niche specialty practice representing owners of a high-end, ultra-high-end, exotic, antique, collector, luxury vehicles that have suffered a diminution in value (diminished value) as the result a car crash.

Diminished Value Claims High-End Vehicles

We are very selective in the cases we accept. The diminished value of your vehicle must exceed $10,000.00 before we will agree to represent you in your claim for diminished value.  The most common car brands that we would consider would include Porsche, Mercedes-Benz, Aston Martin, Lamborghini, Maserati, Bentley, Rolls Royce, Land Rover Range Rover, Audi, BMW, Ferrari, Lexus, Tesla, Bugatti, Lotus, McLaren, and Chevrolet Corvettes.

How Much is My Diminished Value Claim Worth?

State law allows for diminished value (also known as diminution of value) claims against the at-fault party that caused the crash. The actual legal measure of damages is set forth in Florida Jury Instruction 501.2 (h), which states the measure of property damage includes:

Even though state law and jury instructions clearly and unambiguously allow for diminished value claims, every single insurance company will fight to the bitter end to avoid paying such claims. We constantly hear from my clients’ stories about how an adjuster has asserted that there is no diminution of value claim if the repairs were completed in a satisfactory manner. Or assertions by insurance adjusters that there are no diminished value claims until such time that you sell your car for less than it would have been worth had it not been in an accident. Both assertions are patently false.

What are the Laws Regarding Your Right to a Diminished Value Claim?

Florida case law going back to 1982 recognizes your right to recover damages for diminished value. In the case of McHale v. Farm Bureau, 409 So. 2d 238 (1982), the Third District Court of Appeals held that the “…cost of repairs made plus the diminution in value will ordinarily be the measure of damages.” The Court went on to define diminution of value as the diminished value “…by virtue of the vehicle having been involved in the accident.”

In 1984, The Florida Department of Insurance published informational bulletin (84-270), which supported the right to compensation for diminished value. The bulletin states:

“The responsibility of the insurance company for automobile accident damages is the substantial restoration of the automobile as to function, appearance, and value. The owner has not been properly indemnified unless there is no diminution in value of the automobile as it was before the damage and as it is after repairs.”

In the case of Siegle v. Progressive Consumers Insurance Company, 819 So. 2d 732 (2002), the Florida Supreme Court again recognized Florida’s longstanding right of vehicle owners to be legally entitled to recover for the diminished value of their vehicles after having been repaired, when it held “We recognize that one may sustain an economic value loss when the repair of damage is perfect in every respect.”

Although for most brands and models of cars there will be minimal or no diminished value unless there has been structural damage to the vehicle, the same is not true for the case of damage to high-end luxury and sports cars. In those cases, the loss in value to such high-end luxury and sports cars is far greater than in mainstream vehicles. The individual willing to pay $100,000.00 to $200,000.00 and above for a vehicle will not purchase a vehicle with any history of damage, and if they do, they demand a significant discount for the vehicle.

Tampa Diminished Value Attorneys

Hancock Injury Attorneys represents clients with diminished value claims for their high-end, ultra-high-end, exotic, antique, collector, luxury vehicles. We have the experience, skill, and knowledge to win your case. Contact a Tampa diminished value claim lawyer for a free confidential initial consultation.

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what our clients say

Client Testimonials & Reviews

I have received nothing but the best service I can ask for from Mike Hancock’s office. He and his office are true professionals in every sense of the word. They guided me along the process and had outstanding communication. I am more than pleased with the services they provided, and I would definitely recommend them to anybody.

— Kayla Hamilton

From first to last interactions with attorneys Mike and Claire Hancock, to all the supporting staff and legals, the office has always been courteous, knowledgeable, and professional. They have always gotten right back with me when I had a question, and would not hesitate to highly recommend them.

—Debbie Smith

Absolutely fantastic! The Attorneys and its staff are very knowledgeable. Through my entire process they kept constant communication and the return of calls. I couldn't have made a better choice.Can’t say enough. Thank you, Mike and Gabby.

- L.C.

I want to express my thanks to you and your staff for handling my case. Your expertise and kindness in representing me was invaluable. Thank you so much for your professional and effective help. I won’t hesitate to recommend your firm to anyone who may need legal assistance

- J.M. of Tampa, Florida

I have no words to describe the wonderful experience that had been for me to do business with his legal firm . . . I really appreciate all the great effort that you guys put into my case.

- F.F. of Ocala, Florida

Heartfelt thanks to you for my check and for all your work for the extra check. I am so grateful to you. Appreciate everything very much! Special thoughts and prayers.

- So grateful to you

Thanks for the awesome service. You both did so much work on this and I appreciate it very much. This is a great outcome.

- P.Q. of Palatka, Florida

Mike and his team are awesome, emails are always responded back same day and the chiropractor recommendation was great. I was in a small fender bender but was always treated as if my case was worth a million dollars. I recommend his firm 1,000% you won't be disappointed.

- Chris

Your unwavering commitment to my family, and the love and compassion you have shown by your actions, and not just words, have had a dramatic, unforgettable impact on us all. Your kindness and level headedness in your representation has helped us be able to live a decent and stress-free life from here forward.

- P.M. of Brooksville, Florida

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