I’m looking to clarify how diminution of value for an insured vehicle is applied under collision in Florida. Our initial view is it is not typically provided as a first party coverage.

Florida Subscriber

Your policy language is very similar to the ISO language and makes no provisions for payment of diminution of value. There is a clause listing a stated amount on the declarations - if there is a stated amount on the dec that is factored into potential payment. However, payment is still the least of the ACV, amount to repair, or the stated amount. Payment of loss is as follows:

LIMIT OF INSURANCE
"Our" limit of insurance for loss will be the lesser of the:
1. Actual cash value of the stolen or damaged property;
2. Amount necessary to repair or replace the property; or
3. Stated amount shown in the Declarations.
If a repair or replacement results in better than like kind or quality, "we" will not pay for the amount of the betterment.
"Our" payment for loss will be reduced by any applicable deductible shown in the Declarations.