If you were in an accident that damaged your vehicle, causing its value to drop, South Carolina laws permit you to seek compensation for the loss in value.
Our South Carolina diminished value claims lawyers could work on your behalf to obtain compensation from the at-fault driver’s insurance company.
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A Diminished Value Claim Protects You From Your Vehicle’s Loss of Value
When someone else causes an accident that leaves your car’s value reduced, the at-fault party should be held accountable. Most people know that by filing a claim against the other driver’s insurance policy, you should be able to recover the costs of repairing your vehicle.
Less commonly known is the South Carolina law that lets you seek compensation for the depreciation of your vehicle. This amount reflects the difference between what your car was valued at before the collision and its value after receiving repairs.
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How Much Compensation Can You Get for the Diminished Value of Your Vehicle?
Most accident victims have difficulty determining how much to pursue in diminished value damages after a collision. Our lawyers could calculate this amount by analyzing numerous factors like:
- The extent of damage to your vehicle
- Cost of repairs to your vehicle
- Whether the repairs returned the vehicle to its original condition
- The make and model of your vehicle
- Your vehicle’s age and mileage
- Whether your car has been in a previous collision
- The market for used vehicles where you live
The possible value of your claim after considering all these factors ranges widely. In some cases, claims result in compensation of thousands of dollars.
The South Carolina Department of Insurance states that all drivers must carry property damage insurance for damage they cause to other people’s property in a crash. The minimum limit is $25,000 for property damage from one collision.
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Why It Is Important to File a Diminished Value Claim After Your Car Accident
The fact that your vehicle was in an accident causes the vehicle to decrease in value. If you were to someday try to sell your vehicle, potential buyers would consider the vehicle’s accident history. Any collisions could show up on Carfax and other used car listing services.
South Carolina’s diminished value laws protect you by compensating you for this loss ahead of time. If your car was worth $25,000 before the crash and dropped to a value of $15,000 after the accident, you should receive compensation of $10,000 to make you whole.
This $10,000 would be in addition to the cost of any repairs to your vehicle.
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Our Law Firm Has What It Takes to Help You With This Claim
Our law firm has plenty of experience with car accidents. Our “Best Law Firm” reputation comes partly from a strong track record of getting our car accident clients the compensation they seek after a collision. Even though it is your right to file a diminished value claim, many insurance companies make it difficult to get the compensation you deserve. Insurers often respond to a diminished value claim by refusing to pay it.
Our South Carolina lawyers have the knowledge and resources to fight insurers as they drag their feet in fulfilling your diminished value claim. As one client said,
“The insurance adjuster was absolutely horrible to me. He was rude and tried to take advantage of me. He didn’t want to listen to a word I said. That’s why I called George Sink. I felt like my lawyer was there for me anytime I needed… They handled everything extremely fast… Everything was finally taken care of, they helped me get back to my normal life.”
Our lawyers will meet with you at your home, office, or hospital room to get started on your case and resolve it as quickly as possible.
How We Will Fight to Get You the Compensation You Deserve
When the insurance company denies your diminished value claim, we will fight this denial. Our lawyers could file a property arbitration claim in the South Carolina county where your motor vehicle accident took place.
South Carolina Property Damage Arbitration serves as an alternative to small claims court. Using this type of legal action, our lawyers would resolve the settlement dispute with the insurance company. As part of this process, we would:
- File for arbitration
- Complete a claim of property damage form
- File the form in the court of common pleas
- Gather evidence to prove diminished value, repairs, and other costs
Types of Diminished Value That Could Prove Relevant to Your Case
When a car suffers significant damage in a collision, the vehicle suffers diminished value, which can be classified as one of three types:
Inherent Diminished Value
This loss of value stems from the fact that the vehicle was in an accident. Despite any repairs, the vehicle will not have the same value as one with the same make, model, and year and no accident history.
Repair-Related Diminished Value
If a vehicle was improperly repaired after an accident, repair-related diminished value applies. Incomplete or poorly executed repairs lead to this type of diminished value.
Immediate Diminished Value
The difference between the vehicle’s resale value before the accident and before repairs is the immediate diminished value.
Uninsured Motorist Coverage Covers Diminished Value
You could still recover compensation for your losses if:
- You were the victim of a hit-and-run accident.
- The at-fault driver in your collision either did not have insurance or did not have sufficient coverage to cover your diminished value claim.
South Carolina requires all drivers to carry uninsured/underinsured motorist coverage for personal injuries and related damages. The minimum coverage for car and property damages is $25,000. The amount of uninsured/underinsured coverage must be at least as much as the minimum property damage liability insurance.
Let Our South Carolina Lawyers Handle Your Diminished value Claim Case
You should not have to carry the financial loss of a vehicle whose value another driver diminished. Let George Sink, P.A. Injury Lawyers fight to get you the compensation to cover your losses. Call us today for a free case review: (888) 612-7001.
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