WSOC-TV recently aired a story about Diminished Value claims for car accident victims, and we checked with our property damage specialist to get the full story.
Diminished Value claims help accident victims to recover the perceived loss in value of a vehicle that has been repaired after being in an accident. While the car may be repaired, its vehicle history report will always reflect the accident, which could lead a reduction of value when the car owner sells the vehicle. The Diminished Value claim helps accident victims be compensated for that loss, and is available to accident victims in both Carolinas.
And while the Diminished Value claim may be billed as the “Best Kept Secret” in the insurance industry, at Levine Law Group, it’s just part of the standard procedure for processing an accident victim’s claim. Our property damage specialist regularly files these claims, as long as the vehicle qualifies.
When determining if a vehicle is eligible for a Diminished Value claim, there are certain disqualifiers:
- Cannot be a leased vehicle
- Vehicle should be less than 5 years old, although sometimes there are exceptions, such as collectors’ cars
- Vehicle must have less than 100,000 miles on it
- Vehicle must not have been in a prior accident or prior damages, Diminished Value claims can only be filed for the first accident
- Damages to the vehicle must be more than 25% of the value of the vehicle at the time of the accident
- Diminished Value claims can only be filed on vehicles that were repaired, not a total loss vehicle
- Diminished Value claims can only be filed on the liability carriers, not on collision carriers
And remember that the insurance company is not on your side. They will attempt every trick in the book to limit the amount of money you receive as settlement for your claim. If you’ve been in a car accident that was the fault of someone else, call Levine Law Group. Your needs are our priority. And as a local law firm with over 30 years’ experience, the attorney handling your claim is available to speak with you about your claim. Call 1-877-660-4357 for a free consultation.