At The Abraha Law Firm, our experienced team of attorneys specializes in handling motor vehicle diminished value claims, recognizing the significant financial impact that occurs when a car or vehicle sustains damage, leading to a decrease in its value. We understand the complexities involved in pursuing these claims and strive to ensure our clients receive the maximum compensation they deserve. Our firm is well-versed in the approach taken by the courts of Missouri and Florida to calculate the diminished value of motor vehicles, tailoring our legal strategies accordingly.
In Florida, a diminished value claim seeks compensation for the loss in market value of a vehicle due to damage caused by an accident or incident. The courts in Florida primarily employ the following approaches to calculate the diminished value:
- 17c Formula Method: The 17c formula, derived from an insurance industry publication, is commonly used in Florida to calculate the diminished value. It takes into account factors such as the vehicle’s year, make, model, mileage, and pre-accident condition to determine the diminished value amount.
- Market Value Comparison Method: This method compares the market value of the vehicle immediately before the accident with its value after repairs have been made. The difference between these values represents the diminished value.
Our skilled attorneys at The Abraha Law Firm are well-versed in the intricacies of motor vehicle diminished value claims in both Missouri and Florida. We work closely with qualified appraisers, industry experts, and accident reconstruction specialists to gather compelling evidence and build a strong case on your behalf. Our objective is to secure the maximum compensation to restore the value of your vehicle and mitigate the financial impact you have experienced.
