Diminished Value Claim: Laws and Factors Impacting It

What will you do after a car accident? Most likely, you will file a report for insurance claims, and get medical care if necessary. But do you know that your car’s value diminishes right from the moment of the accident? Maybe, or maybe not.

So, what to do in this situation? Don’t have any idea? In South Carolina, vehicle owners have the right to seek compensation for diminished value following a crash. Friends, we are here to help you learn about this and shed light on diminished value claim in South Carolina in this blog.

South Carolina Diminished Value Claim Explained

The South Carolina diminished value claim lets car owners recover the difference between their car’s market value before the accident and its value after repairs.

California Diminished Value Law

In this blog, we first discuss the laws of South Carolina diminished value claims under jury instruction guidelines: 3903J. Damage to personal property = economic damage. The harm to the plaintiff's item of personal property, like a car.

The Plaintiff first needs to prove that the crashed car’s value has reduced or the reasonable cost of repairing it to recover the damages. If it’s proved, the person is entitled to the lesser of the two amounts.

If you find out that your car can be repaired, however, after repairs, its value will be lower than it was before the crash; the damages are the difference between the vehicle’s value immediately after the crash and its lesser value after the repairs, plus the reasonable repair cost. The total amount that you get may not exceed your car’s value immediately before the crash.

You need to determine the fair market value of your car immediately before the crash and subtract the fair market value immediately after the crash to determine the reduction in value if repairs are impossible. “Fair market value of a vehicle is the highest price of a car a buyer would have paid to a seller.” On the assumption that both parties are ready to enter into the transaction and possess complete knowledge of the vehicle’s condition and quality.

Factors that Affect a Diminished Value Claim South Carolina

Even if a vehicle remains accident-free, its value naturally depreciates over time due to several factors. Similarly, there are things that influence a car's South Carolina diminished value claim diminished value claim.

• Age and mileage of the car

• Severity of the crash

• Model of the vehicle

• Repair quality

Help for South Carolina Diminished Value Claims

ADR Claims is a professional appraiser ready to help you with all the tasks and support you to get a fair diminished value claim in South Carolina at reasonable charges. They have years of experience in the same field, devoted to helping those who struggle to receive a fair settlement of insurance claims.

Diminish Value Claim Made Easy

Here, we learned about the South Carolina diminished value claims and the different factors that affect them. We also told you about a company that can help you with insurance claims. So, if you had a car accident recently and are struggling with an insurance claim, don’t panic. You can just call ADR Claims.

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