The Sheldrick Law Firm

The Sheldrick Law Firm Accident & Personal Injury Law Firm

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10/02/2024

🏎Supercar Diminished Value and Loss of Use Claims in Florida
When a supercar such as a Lamborghini, Ferrari, or McLaren is involved in an accident, the aftermath can be financially devastating. Beyond repair costs, these high-end vehicles often suffer from diminished value—the loss in market value due to their accident history—even if repaired to perfect condition. Additionally, loss of use claims are essential to compensate owners for the time their supercar is unavailable for use. Understanding how these claims work under Florida law is crucial for maximizing compensation.

🏎💨 Understanding Diminished Value for Supercars
Diminished value refers to the reduction in a vehicle's market value after being damaged in an accident. Supercars, in particular, face steep reductions in value because potential buyers of luxury vehicles often seek pristine, accident-free cars. Even top-tier repairs cannot erase the accident from the vehicle’s history.
🏎💨 Loss of Use Claims for Supercars
Loss of use refers to the inability to use your supercar while it’s being repaired. For vehicles like a Porsche 911 GT3 or a McLaren 720S, this can be a significant financial and personal inconvenience, especially if the repairs take weeks or months. Florida law allows for loss of use claims to cover rental costs for a similar luxury vehicle or compensate for the time the vehicle is unavailable.

🏎💨🚫Has Your Diminished Value or Loss Of Use Claim Been Denied?
Insurance companies often deny Diminished Value or Loss of Use claims for various reasons, and it's important to understand why. Below are five common reasons an insurance company might deny your claim, along with details about each.

🚫1. Lack of Proper Documentation Insurance companies often deny claims because they argue there is insufficient evidence to support the diminished value or loss of use claim. They may assert that you haven't provided the necessary proof of the vehicle’s pre-accident value, post-repair market value, or clear documentation showing the time period for which the vehicle was unavailable.
Tip: To counter this, ensure you gather appraisal reports, repair bills, rental receipts, and market comparisons showing your car’s value before and after the accident. Expert reports, especially for supercars, can be essential to building a strong case.

🚫2. Claim Filed Against the Wrong Policy If you attempt to file a first-party diminished value claim, it will likely be denied, especially in Florida, where only third-party diminished value claims are allowed. The insurance company will argue that your policy doesn't cover such claims, forcing you to pursue a claim against the at-fault driver’s insurance.
Tip: Make sure you understand the difference between first-party and third-party claims. In Florida, third-party claims are allowed, meaning the at-fault driver’s insurance must cover diminished value and loss of use.

🚫3. Failure to Meet Eligibility Criteria Insurance companies will deny claims if they believe you are not eligible based on the circumstances of the accident. If you are partially at fault or the at-fault party is underinsured, insurers might deny the claim or offer reduced compensation. They may also claim the damage does not meet their threshold for a diminished value loss.
Tip: Prove that you were not at fault, and provide evidence of how the accident directly affected your car’s market value. Legal representation can help dispute any inaccurate determinations.

🚫4. Dismissal Due to Vehicle Type For luxury or supercars, insurers sometimes argue that because these cars are difficult to appraise or have volatile market values, the claim is exaggerated or unwarranted. They may also claim that because the car was restored to high standards, the diminished value is negligible.
Tip: Supercar owners should always use expert appraisers to establish the diminished value and loss of use claims. Independent appraisers who specialize in luxury vehicles are crucial to proving that the car has lost value, despite flawless repairs. Hiring a licensed appraiser and citing Florida case law that is relevant and in your favor will leave the defense with little to no options.

🚫5. Dispute Over Repair Quality or Necessity Some insurance companies will argue that the repairs performed on your vehicle were unnecessary or exceeded what was required, leading to an inflated diminished value claim. They might also argue that if you failed to mitigate damages (for example, by not getting timely repairs), you may forfeit your right to a full diminished value or loss of use claim.
Tip: Always retain full documentation of your vehicle’s repair history and work done. Ensure that the repairs are performed by reputable shops specializing in luxury vehicles to avoid disputes over the quality or necessity of the work.

By understanding these common reasons for denial, you’ll be better equipped to strengthen your diminished value or loss of use claim. If your claim has been denied, seeking legal assistance from a firm experienced in supercar claims can help you navigate the complexities and challenge the insurance company’s decision. Should you have any problems, allow for attorney Kayla Sheldrick to handle your case. With hundreds of thousands of dollars recovered from diminished value and loss of use claims, we are confident and ready to succeed on the next qualifying DV or LOU claim that comes our way.

❌ Do You Believe The Insurance Company Is Acting In BAD FAITH?
You might not be the only one with a legitimate claim, but the insurance company could be acting in bad faith by using deceptive tactics to deny or underpay your compensation. Don’t let them get away with it. Discover how insurers have a legal duty to act in good faith and what you can do if they fail to fulfill their obligations. Learn more about bad faith practices and how you can protect your rights by holding them accountable.

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Real-World Examples of Bad Faith
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Continue Reading: https://www.thesheldricklawfirm.com/post/understanding-bad-faith-insurance-practices-in-florida-new-jersey-and-new-york

Have a question that you would like to ask to a lawyer❓

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- Read our blog post by clicking on the link below…
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What is PIP? Personal Injury Protection (PIP), also known as "no-fault" insurance, is a component of auto insurance policies in Florida that covers medical expenses, lost wages, and death benefits regardless of who is at fault in an auto accident. PIP is designed to reduce the need for suing for com...

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📞 CALL❗️

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💥 Any Accident At all, Give Us a Call❗️

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- Free Consultation
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⚖️ The Sheldrick Law Firm
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We are available 24 hours a day, 7 days a week.

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⭐️⭐️⭐️⭐️⭐️ FIVE STAR FRIDAYS❗️  Mr. Gomez it is always our pleasure to assist you. We greatly appreciate this amazing 5 ...
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⭐️⭐️⭐️⭐️⭐️ FIVE STAR FRIDAYS❗️

Mr. Gomez it is always our pleasure to assist you. We greatly appreciate this amazing 5 star review & couldn’t ask for anything more.

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Happy Friday & Enjoy the weekend!

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https://www.thesheldricklawfirm.com/post/filing-diminished-value-claims-in-florida-new-jersey-and-new-york

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After being injured in an accident that was caused due to the negligence of another driver, do these three things…

First, get to safety and call 911 to report the accident, request to have medical attention come immediately.

Second, document the accident, by taking photos, videos, and any potential witness statements.

Third, contact The Sheldrick Law Firm for a free consultation regarding your accident & injuries.

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⚖️ The Sheldrick Law Firm
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📍 Florida, New York, New Jersey

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Need to consult with a lawyer❓
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⚖️ The Sheldrick Law Firm
🤝 Free Consultation
📞 561-440-7775
📍 Florida, New York, New Jersey

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We are available 24 hours a day, 7 days a week.

💥 Any Accident At All, Give Us A Call❗️

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📍 Florida, New Jersey, New York

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