Sandra drove back home from the car body shop. She was happy and satisfied with the repairs. Little did she know, this wasn't the end of her problems. The real concern was about to start. A month later, she decided to sell her car. And she came to know about diminished value.

Her car was involved in an accident and was subsequently repaired. The restoration was good enough, but the value of the car dropped. This reduction in the value of a vehicle due to a collision is called diminished value.

Are you struggling in the same situation? Has your home lost its value, and you don’t know what to do? If your answer is yes! Then it's time to keep your worries aside and read this blog. Here, we will explore South Carolina diminished value claim. And how this wonderful scheme helps car owners protect their rights and earn back on their loss. So, let’s start!

What is a diminished value claim?

A diminished value claim is when you ask the other driver’s insurance company to pay you because your car is now worth less after being repaired from an accident.

Despite your car looking perfect after the collision, the incident is recorded in its history report. Any potential buyer checks the used car’s history before buying. And upon knowing about the accidental tag, they either avoid buying such cars or value them much less than other cars with a clean record.

This is where the diminished value claim steps in. It bridges the financial gap and provides an opportunity for car owners to recover their loss.

Types of Diminished Value

In South Carolina, the DV claim is further divided into three main types, including:

Inherent diminished value- this is the most common type. This means the car loses its value no matter how it has been repaired. The reduction is caused by the accident tag.

Immediate diminished value- a car’s value reduces the moment it is hit by another vehicle. This happens on the scene of the accident, before any repairs are made.

Repair-related- not all repairs are done up to the mark. On the other hand, not all damages are repairable. So, when substandard repairs are performed on the car. If aftermarket parts are used, it further deteriorates the car’s value.

The eligibility criteria for filing a Diminished Value Claim.

There are certain conditions you must meet in order to file the claim. This may include:

• The accident shouldn’t be your fault. Remember, only the innocent party is allowed to file this case.

• The car should be damaged enough that it needs repair.

• The claim should have been filed within 3 years of the date of the collision.

Final Words!

A car is much more than a mode of transportation- it's a valuable asset. It takes you from one place to another and can be a good source of quick cash in times of need. If someone else’s fault has damaged your car and lowered its value. Diminished Value Claim is present to project your interest.

For expert assistance in the filing of the claim or to ensure you get fair compensation, connect with ADR-Claims today!