Diminished Value Claims After a Car Accident in SC
A car crash can lead to a wide range of losses, including damage to your vehicle. This damage can reduce your car’s value, even after you make the necessary repairs. However, you may be able to recover compensation for the reduction in your vehicle’s value caused by the car accident by filing a diminished value claim in South Carolina.
In many situations, an experienced car accident attorney can help you pursue compensation in a diminished value claim while also seeking damages for the other losses you have suffered.
What Is a Diminished Value Claim in South Carolina?
A diminished value claim provides a way to seek compensation for the reduction in your vehicle’s value after an accident. The claim can play an essential role in moving forward after a crash because, even after you repair your vehicle’s crash damage, the car may still have an inherently lower value than it did before the accident.
Many people value cars with accident damage lower than those with no accident history. As a result, a collision can reduce your car’s trade-in or resale value, meaning you will receive less money when you sell the vehicle or trade it in when buying a new one. Diminished value claims can provide fair compensation for the loss of value.
A vehicle may experience several different kinds of diminished value after an accident, including:
- Immediate diminished value – A car’s value may decrease before you get any repairs done to it.
- Inherent diminished value – Vehicles may have inherent diminished value even after undergoing repairs, which represents the loss in value that results from a car having an accident history.
- Repair-related diminished value – Cars may suffer reduced value due to poor-quality repairs or the use of non-OEM parts (or original components made by the car’s manufacturer).
How Do Diminished Value Claims Work After a Car Accident?
When a negligent driver hits your car in an accident, you may pursue a diminished value claim against them and their insurance to recover compensation for the decrease in your car’s value. South Carolina law requires all drivers to carry at least $25,000 in property damage liability insurance. As a result, you can file a claim against the at-fault driver’s insurance coverage to pursue compensation for the cost of repairing your car and its diminished value.
If an uninsured driver causes the crash, or if their coverage does not fully compensate you in your diminished value claim, you might seek compensation in the diminished value claim from your own insurance company through your insurance policy’s uninsured or underinsured motorist coverage. Uninsured motorist coverage can also apply in a hit-and-run accident if you cannot locate the fleeing driver.
Am I Eligible for a Diminished Value Claim in SC?
Car accident victims may become eligible for compensation for diminished value after a car accident occurs if they can prove that their vehicle has a lower value after the crash. Some of the factors that may affect whether your vehicle has suffered diminished value include:
- The extent of the damage your car sustained in the crash
- The cost of repairs to your vehicle
- Whether the repairs restored the car to its original condition
- The make and model of your vehicle
- The car’s age and mileage
- Whether the vehicle had prior accidents
- The used vehicle market.
Newer vehicles and luxury cars are more likely to have significant diminished value after a car accident than older, high-mileage vehicles or cars with an accident history.
Also, you will need to prove that the other driver caused the accident. You might not have a right to recover for diminished vehicle value if you caused the crash.
How Can I File a Diminished Value Claim in South Carolina?
You can file a South Carolina car accident claim to recover compensation for your car’s diminished value by filing your claim with the at-fault driver’s insurance company. If the driver does not have insurance or if they have insufficient insurance coverage to compensate you fully for your diminished value claim, you might also file an uninsured or underinsured motorist claim (UM or UIM claim) with your insurance company.
Evidence you may need to prove your diminished value claim in South Carolina includes:
- Police accident reports
- Photos of the damage your vehicle sustained in the crash
- Repair records
- Used vehicle market data
- Expert vehicle appraiser reports.
You may also obtain an independent diminished value appraisal to help you contest the insurance company’s valuation of your property damage claim.
Should the insurance company refuse to agree to a fair value for your claim, you might pursue legal action. South Carolina’s statute of limitations requires you to file a lawsuit within three years of the accident. Alternatively, you can pursue a property damage arbitration claim, or property arbitration claim, where a neutral arbitrator will determine the claim’s value.
How Can an Experienced Car Accident Lawyer Help with My Diminished Value Claim?
When an auto accident reduces your car’s market value, you may have the right to pursue compensation for that loss from the driver at fault for the crash or from other liable parties. At Elrod Pope Accident & Injury Attorneys, our lawyers have extensive experience helping people like you calculate diminished value claims and pursue financial recovery after a car crash. When you hire us, our legal team will help you pursue a diminished value claim by taking steps such as:
- Independently investigating the accident
- Collecting evidence and reviewing the facts and circumstances surrounding the crash
- Identifying all potentially liable parties
- Advocating on your behalf if the at-fault driver tries to shift blame for the crash to you
- Retaining experts to address technical aspects of your claim
- Assessing the value of your case
- Vigorously negotiating with the insurance companies to seek fair compensation
- Taking your case to trial if insurers refuse to pay you a reasonable financial recovery.
Get Help with Your SC Diminished Value Claim Today
Over more than 45 years, Elrod Pope Accident & Injury Lawyers has built a proven track record of success. Our family-oriented firm strives to treat every client like a family member. We prioritize our clients’ well-being by providing them with top-quality legal representation. We will never charge for our legal services unless you receive compensation.
Contact us today at Elrod Pope Accident & Injury Attorneys for a free consultation with an experienced car accident attorney and learn more about how we can help you pursue a property damage claim in South Carolina.