Diminished Value Claims: South Carolina
In South Carolina, you’re legally entitled to depreciation, which is the difference between the value of your car before the accident and its lesser value after it has been repaired. You can recover this lost value through a diminished value claim in South Carolina if you weren’t at fault.
If the other driver was uninsured, you can also file a diminished value claim with your own insurance company.
Did you already have your automobile repaired? It’s not too late—let DVCHECK assist with your claim.
Summary – South Carolina Diminished Value Claims
Statute of Limitations: 3 years
Third-Party Diminished Value Claim: Yes
First-Party Diminished Value Claim: Typically, no. Many insurance policies exclude diminished value.
South Carolina Property Damage Minimum Limits: $25,000 in coverage
Uninsured Motorist Coverage for Diminished Value: Yes, $25,000 in coverage is required. This includes hit-and-run driver coverage.
Underinsured Motorist Coverage for Diminished Value: Yes, it is an optional coverage
South Carolina Small Claims Court Limit: $7,500, attorney representation and appeals are permitted.
South Carolina Diminished Value Law
South Carolina is a state that allows drivers to file a diminished value claim if the accident wasn’t their fault. The statute of limitations for diminished value claims is three years from the date of loss. Diminished value claims can be filed with the at-fault party’s insurance company and your own insurance company if the responsible party is uninsured or flees the scene.
Newman v. Brown, 228 S.C. 472, 477, 90 S.E.2d 649, 652 (1955)
The cost of repairs plus the remaining diminution in value of the property will ordinarily be the proper measure of damages. If your vehicle is repairable, you’re legally entitled to the cost of repairs, loss of use, and diminished value compensation for any lost market value.
When an insurance company refuses to make a fair settlement offer, this state offers a great alternative to small claims court. It’s called South Carolina Property Damage Arbitration. This form of legal action is one you can use to resolve a dispute with the at-fault driver’s insurance company.
To file for arbitration, you must complete a claim of property damage form. Additionally, you must file this claim form in the court of common pleas where you reside or in the county where the accident occurred.
If you file for arbitration, the law dictates you’ll need evidence to prove your claim which may include an independent diminished value appraisal, your repair estimate, and any other evidence proving your diminished value claim.
How to File a Diminished Value Claim in South Carolina in 3 Steps
Step 1: Gather Your Information
No claim is complete without gathering, collecting, and submitting the proper paperwork. You’ll also need supporting documentation, especially a professional’s vehicle appraisal.
The best way to complete this step is to receive an independent diminished value appraisal from someone experienced in this industry. Insurance companies are looking for a high-quality, independent diminished value appraisal performed by an industry expert.
Step 2: Submit Your Demand Letter and Vehicle Appraisal
After gathering your documents it’s time to submit it to the at-fault driver’s insurance company.
Step 3: Settling Your Claim
At this point, one of three things will happen. The recipient will accept, deny, or attempt to negotiate the amount you’re requesting.
You’ll often find that insurance companies want to negotiate. Unfortunately, these negotiations can be challenging if you don’t know what you’re doing. It is in your best interest to enlist the services of a professional diminished value appraiser for help settling your claim. Negotiate until they get firm with their offer, and then consider the property damage arbitration process for situations where the offer is too low.
Let DVCHECK help with your South Carolina diminished value claim and understanding the state-specific laws. If you have any questions or would like a free claim review, please call us at (850) 201-1950 or submit a request for a free estimate.
