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.
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.
For example, a 2020 Ferrari 488 GTB with a minor accident may face significant devaluation simply because of the repair history. Buyers of such cars look for perfection, and the stigma of an accident can lower the value by tens of thousands of dollars. Diminished value claims ensure that owners are compensated for this post-accident loss in market value.
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.
For example, while your Lamborghini Huracán is in the shop, you could claim for a comparable rental vehicle. If a similar supercar rental isn’t available, you may be entitled to compensation for the loss of enjoyment and use.
Florida Legal Considerations for Diminished Value and Loss of Use
In Florida, only third-party diminished value claims are allowed. This means you can file a diminished value claim only if another party was at fault for the accident. You cannot file a diminished value claim against your own auto insurance for accidents regardless if you are at fault or not at fault.
For loss of use claims, Florida allows you to recover compensation for the time your supercar is unavailable due to repairs, even if you don’t rent a substitute. The compensation is based on the reasonable rental value of a comparable vehicle, but if such a vehicle isn’t available, you may still claim loss of use damages for the inconvenience and time lost.
To be eligible for either claim, the key factors include:
Being not at fault for the accident.
Your vehicle suffering damage that affects its market value (for diminished value claims).
Your vehicle being unavailable for an extended period due to repairs (for loss of use claims).
Additionally, Florida law allows you to claim both diminished value and loss of use damages simultaneously, provided that you meet the necessary qualifications.
How The Sheldrick Law Firm Helps Supercar Owners
At The Sheldrick Law Firm, we aim to secure maximum compensation for diminished value and loss of use claims in supercars and luxury vehicles across Florida. Whether you're in Miami, Boca Raton, Orlando, Sarasota, Jacksonville, or Tampa, we understand the unique challenges that supercar owners face in these claims. Our firm uses industry experts to assess the true diminished value of high-end vehicles like yours, ensuring that our clients get the compensation they deserve.
HAVE A QUESTION?
CALL FOR A FREE CONSULTATION (561) 440-7775
Why You Need a Supercar Accident Lawyer
If your Ferrari, Lamborghini, Pagani Huayra or Bugatti Chiron has been damaged, you’re entitled to more than just repair costs. Many people try to handle diminished value or loss of use claims on their own, only to face denials or lowball offers from insurance companies. Insurers often claim that you lack the documentation needed to prove your loss or even tell you outright that you aren’t entitled to compensation.
This is where retaining a supercar injury lawyer is crucial. Insurance companies are aware that consumers often don’t understand the intricate details of making a successful diminished value claim, and they take advantage of this. However, when you have an attorney who specializes in these claims, the situation changes.
At The Sheldrick Law Firm, we understand the Florida case law and statutes that support your claim. We’ve seen countless clients denied by insurers acting in bad faith, claiming they aren’t entitled to diminished value compensation when, in fact, they are. Once we get involved, insurers often take these claims much more seriously. We challenge lowball offers and hold insurance companies accountable, ensuring that they honor their obligations under the law.
Dealing with diminished value and loss of use claims for supercars requires a thorough understanding of Florida law and the unique challenges posed by luxury vehicles. Insurance companies often attempt to deny or minimize these claims, leaving supercar owners with inadequate compensation. By working with a law firm that specializes in supercar claims, like The Sheldrick Law Firm, you can ensure that your vehicle's true value is recognized and that you are compensated for your losses. Don't settle for less—reach out to us for high caliber representation and protect your investment.
Complete Our 3 Minute DV Form
Submit It For Review
Our Diminished Value Lawyer Will Contact You
FLORIDA CASE LAW: DIMINISHED VALUE
In Florida, vehicle owners who are involved in an accident caused by another party’s negligence have the legal right to recover diminished value for their vehicles. This form of compensation recognizes that even after professional repairs, a vehicle’s market value can drop due to its accident history, which is especially important for owners of luxury and high-end vehicles. Over the years, Florida courts have solidified this right through various rulings, allowing vehicle owners to claim both the cost of repairs and the loss in market value. Below are three significant Florida cases that have shaped the way diminished value claims are pursued, ensuring that victims receive full and fair compensation for their vehicles.
In American Southern Insurance Co. v. Griggs, 959 So. 2d 322 (Fla. 5th DCA 2007), the court reinforced the right of vehicle owners to recover diminished value as part of a property damage claim when the at-fault party is negligent. The ruling emphasized that even if a vehicle is fully repaired, it may not regain its pre-accident market value, making diminished value compensation essential. This is particularly important for luxury and supercar owners, as vehicles like a Ferrari or Porsche can suffer significant market value losses due to their accident history, regardless of repair quality. Griggs solidifies the legitimacy of pursuing diminished value claims in third-party cases, ensuring that owners can claim both repair costs and the market value lost after an accident, helping to avoid substantial financial loss.
In Trinity Universal Insurance Co. v. Metzger, 360 So. 2d 960 (Fla. 3d DCA 1978), the court ruled that vehicle owners are entitled to recover both the cost of repairs and the diminished value from the at-fault driver’s insurance company. The court recognized that even after a car has been fully repaired, it can still lose value due to the stigma of having been in an accident. This case is especially relevant for supercar owners, as the value of high-end vehicles like a Ferrari or Lamborghini can drop significantly post-accident, even with flawless repairs. Trinity Universal underscores the importance of pursuing diminished value claims alongside repair costs to ensure full compensation for the loss in value.
In Papadopoulos v. Auto-Owners Insurance Co., 581 So. 2d 1387 (Fla. 2d DCA 1991), the court reinforced the principle that vehicle owners can recover diminished value in third-party claims, meaning the at-fault party's insurance is responsible for compensating the owner for both repairs and any decrease in the vehicle's market value. This case emphasized that, even if a vehicle is fully repaired, it might still suffer a loss in value due to its accident history, which is particularly important for luxury and high-end vehicles. The ruling in Papadopoulos is critical because it clarifies that a vehicle owner can pursue the full amount of the vehicle's lost value in addition to the costs associated with the repair. The court's decision helps establish the right to claim compensation for the market stigma attached to a vehicle that has been in an accident, despite any efforts to restore it to its original condition. This case is often cited in Florida when pursuing third-party diminished value claims, ensuring that accident victims are fully compensated for their losses, beyond just the cost of repairs.
These landmark Florida cases serve as strong legal precedents for pursuing diminished value claims, ensuring that vehicle owners can recover not only the cost of repairs but also the loss in market value caused by an accident. By understanding and leveraging these rulings, supercar and luxury vehicle owners can seek full compensation when they’re not at fault, protecting the true value of their investment.
INVOLVED IN A RECENT ACCIDENT?
Let us know by completing the pole below.
Are You Looking To File A Diminished Value or Loss Of Use Claim?
0%Yes
0%No
0%I'm Not Sure
Start Your DV/LOU Claim Today
FLORIDA CASE LAW: LOSS OF USE
In Florida, Loss of Use claims provide vehicle owners with compensation when their car is unavailable due to repairs. The law entitles you to claim for the reasonable rental value of a comparable vehicle, ensuring that supercar and luxury vehicle owners aren’t left settling for standard replacements. Courts have consistently ruled in favor of providing compensation based on the specific type and quality of the vehicle lost. Below are key cases that solidify your right to claim like-kind or comparable vehicles in Loss of Use claims after an accident.
1. Badillo v. Hill, 570 So. 2d 1067 (Fla. 5th DCA 1990)
In Badillo v. Hill, the court ruled that a vehicle owner is entitled to Loss of Use damages for the time their vehicle is being repaired, based on the reasonable rental value of a comparable vehicle. For supercar owners, this means you can claim for the cost of renting a similar high-end vehicle, such as a Ferrari, Lamborghini, or Porsche, instead of being forced to settle for a standard rental. Even if you don’t rent a replacement, you are still entitled to compensation based on what a rental of comparable quality would cost.
2. New Hampshire Indemnity Co. v. Smith, 357 So. 2d 1281 (Fla. 4th DCA 1978)
In this case, the court clarified that Loss of Use compensation should cover the period necessary to complete repairs, and it should be based on the type of vehicle involved. The decision ensures that luxury and supercar owners are compensated fairly for the inconvenience of being without a comparable high-end vehicle. If your McLaren or Bugatti is out of service, Florida law ensures you are compensated at the rate of a vehicle that matches your own in quality and performance.
3. Merrill Stevens Dry Dock Co. v. Nicholas, 470 So. 2d 32 (Fla. 3d DCA 1985)
In Merrill Stevens, the court ruled that Loss of Use damages can be claimed even if you don’t rent a replacement vehicle. However, the compensation must be based on the reasonable rental value of a comparable vehicle. This ruling is especially relevant for supercar owners, as renting a like-kind vehicle can be difficult, but you are still entitled to compensation equivalent to the rental of a comparable car, ensuring your financial loss is minimized even if no comparable vehicle is available.
4. American Fire & Casualty Co. v. Gresham, 321 So. 2d 74 (Fla. 1st DCA 1975)
The court in American Fire & Casualty Co. v. Gresham reaffirmed that owners are entitled to Loss of Use damages based on the reasonable time needed for repairs. Importantly, the ruling emphasizes that the compensation should be based on the reasonable rental value of a comparable vehicle, which is crucial for supercar owners who might face extended repair times and high rental costs for similar vehicles.
5. Meakin v. Dreier, 209 So. 2d 252 (Fla. 2d DCA 1968)
In Meakin v. Dreier, the court held that even if a vehicle is temporarily out of service, owners are still entitled to Loss of Use damages. The compensation must be calculated based on the vehicle’s market value and quality, meaning luxury and supercar owners can claim for rentals of vehicles of similar stature during the repair period. This decision highlights the importance of ensuring that supercar owners are not forced to accept lower-quality substitutes when seeking compensation for loss of use.
These Florida cases solidify the right to claim Loss of Use damages based on a like-kind or comparable vehicle, ensuring that supercar and luxury vehicle owners are adequately compensated when their high-end cars are unavailable due to repairs. Whether you rent a replacement vehicle or not, these rulings make it clear that the compensation must reflect the cost of a comparable vehicle, helping to protect supercar owners from financial losses during repair periods.
Do You Have a Loss Of Use Claim?
Fill out our Loss Of Use Form and we'll have an attorney be in contact with you as soon as possible.
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. Click here to uncover the truth and fight back!
NEED TO SPEAK WITH A LAWYER?
Call (561) 440-7775
Ask To Speak With Attorney Kayla Sheldrick!
Here are 5 Frequently Asked Questions (FAQs) About Loss of Use Claims In Florida
What is a Loss of Use claim in Florida? A Loss of Use claim allows you to seek compensation when you are unable to use your vehicle due to accident-related damage. This includes being reimbursed for rental car expenses or for the time your vehicle is out of service, even if you don't rent a replacement vehicle.
Can I claim for a rental car equivalent to my supercar? Yes, Florida law allows you to claim for a comparable rental vehicle of like kind and quality, especially if you own a high-end or luxury vehicle like a Ferrari or Lamborghini. Insurance companies may attempt to provide a standard rental car, but you are entitled to a vehicle that matches the value and type of your damaged car.
How long can I claim Loss of Use damages in Florida? You can claim Loss of Use damages for the entire time your vehicle is being repaired or for the duration it's undrivable. This timeframe must be reasonable and reflect the actual time needed to repair or replace your car.
What should I do if my Loss of Use claim is denied? If your claim is denied, it’s usually due to disputes about the length of repair time or the type of rental provided. You may need to provide additional documentation or work with an attorney to challenge the denial and secure the compensation you deserve.
Can I still claim Loss of Use if I don’t rent a car? Yes, even if you choose not to rent a car, you can still claim Loss of Use damages based on the reasonable rental value of a comparable vehicle during the period your car is being repaired or unavailable
Continue reading more diminished value and loss of use questions and answers that may better assist you with your property damage claim.
How long do I have to file a diminished value or loss of use claim in Florida?
Can I claim both diminished value and loss of use if my vehicle is a total loss?
How is diminished value proven for supercars?
Does my insurance policy cover diminished value claims?
These FAQs address some of the most common Diminished Value and Loss of Use issues, and working with attorney Kayla Sheldrick can help ensure your claim is handled properly.
Supercar Owners Trust Us: Client Reviews for Diminished Value & Loss of Use Claims
At The Sheldrick Law Firm, we pride ourselves on delivering top-tier results for supercar owners facing diminished value and loss of use claims. From Ferrari and Lamborghini owners to Tesla and Porsche enthusiasts, our clients trust us to protect their investments and secure the compensation they deserve. Don’t just take our word for it—read what our clients have to say about their experience working with us.
Miguel O. - Kayla is a very humble, passionate and a hard worker. If you are in search of a personal injury lawyer I highly recommend her. You won’t be disappointed.
Tyler R. - Kayla was both professional and timely in handling my case - an unfortunate incident involving a drunk driver in NYC. She was clear and communicative in her initial approach and through the process. I highly recommend the Sheldrick Law Firm for PI, diminished value, and other legal matters.
Juan P. - Kayla was great, she kept me informed all the time and the result was exactly what she said it was going to be. And since my case took a long time she reduced her fee to help me out.
Steven W. - Legit. Thank you to Kayla and The Sheldrick Law Firm for their invaluable assistance in handling my diminished value and LOU claim. Dealing directly with the at-fault party prove to be very frustrating. Kayla's expertise was instrumental in navigating through the complexities, and her prompt replies eased the entire process. I was able to come to a resolution to my satisfaction and learn how to avoid a similar situation in the future. I highly recommend Kayla and her firm for all future property damage claims!
Continue Reading, Click Here
Recent Supercar Diminished Value & Loss of Use Settlements Across FL, NY & NJ
At The Sheldrick Law Firm, we pride ourselves on securing top-tier results for our clients, especially those with high-value supercars and luxury vehicles. From New York to Florida, we’ve successfully recovered substantial compensation for diminished value and loss of use claims, ensuring that our clients are made whole after an accident. Whether it's a Lamborghini Aventador, a Porsche 911, or a Tesla Model S Plaid, our track record speaks for itself. Each case we handle reflects our dedication to holding insurance companies accountable and delivering results that match the premium quality of the vehicles we represent. These recent settlements are a testament to our commitment to winning for our clients across state lines and protecting their investments.
Now, let’s take a look at some of our most notable recent settlements!
Mercedes GT AMG
Diminished Value & Loss Of Use
Long Island, New York
Porsche 911 GTS (911.1)
Diminished Value & Loss Of Use
Fort Lauderdale, Florida
Porsche Macan GTS
Diminished Value & Loss Of Use
Old Westbury, New York
Porsche Cayenne Turbo
Total Loss & Loss Of Use
Long Island, New York
Tesla Model S PLAID
Diminished Value
Buffalo, New York
Mercedes E53 AMG
Diminished Value
Long Island City, New York
Lamborghini Huracan
Loss Of Use
Sarasota, Florida
Ferarri 488
Diminished Value
Boca Raton, Florida
Toyota Supra GR
Diminished Value & Loss Of Use
Tampa, Florida
Porsche Turbo S (911.2)
Diminished Value
Pompano Beach, Florida
Range Rover HSE (Super Charged)
Boca Raton, Florida
Diminished Value & Loss Of Use
These results highlight our dedication to securing significant settlements for luxury and supercar owners. From Ferraris to Teslas, we consistently ensure that our clients receive the compensation they deserve for diminished value and loss of use. Trust our expertise to handle your claim and maximize your recovery.
Locations We Offer Services for Supercar Diminished Value and Loss of Use Claims
At The Sheldrick Law Firm, we specialize in helping supercar owners recover Diminished Value (DV) and Loss of Use (LOU) claims after an accident, focusing on the high-stakes cases that affect vehicles like Ferrari, Lamborghini, Mercedes, Porsche, and McLaren. We proudly serve clients across Florida, New Jersey, and New York, ensuring that your luxury vehicle’s true value is protected after an accident where you are not at fault.
Florida: Our services extend throughout Miami, Boca Raton, Tampa, Orlando, Sarasota, and other key locations across the state. Florida law is favorable to pursuing DV and LOU claims, and our firm is equipped with the expertise to secure compensation that accurately reflects your vehicle's diminished market value and the inconvenience of its unavailability.
New Jersey: In New Jersey, cities like Newark, Basking Ridge, Edison, Holmdel, Point Pleasant, and Red Bank are where we’ve helped numerous luxury car owners recover the compensation they deserve. With our deep understanding of state-specific nuances and legal strategies, we work to ensure that your high-value vehicle’s loss in value and use is properly compensated.
New York: While New York is a more combative state for pursuing DV claims due to case law often being against plaintiffs, we’ve successfully won cases for luxury car owners in Long Island, Manhattan, Buffalo, and other regions. Every case is different, and while challenges exist, our track record demonstrates that successful outcomes are possible. We encourage you to consult with an attorney who understands the intricate details of New York's DV and LOU claims to evaluate your unique case and determine the best strategy for compensation.
No matter where your supercar was involved in an accident, The Sheldrick Law Firm is committed to ensuring you get the most out of your Diminished Value and Loss of Use claims. Protect your investment by consulting with our diminished value team today.