What Is a Diminished Value Claim in North Carolina?
After a car accident, you’ll likely turn to one of the insurance companies involved–either your own insurance company or the insurance company of the at-fault driver, depending on the details of the accident–for compensation.
Probably, you’ll claim compensation for property damage expenses, as well as medical bills, at the very least.
While you may think that you’re being fairly compensated for both, you may be overlooking the fact that you have a diminished value claim. North Carolina car accident attorneys like Harry Albritton of Irons & Irons P.A. can guide you through what this means and how to recover compensation for diminished value.
Diminished Value NC – What’s That?
Diminished value refers to a situation when a car is not as valuable after an accident as it was prior to an accident.
This is almost always the case – the mere fact of a vehicle being involved in an accident, even if it is repaired to look good as new, can reduce its value. There are three primary types of diminished value:
- Immediate diminished value. Immediate diminished value refers to the difference in the value of a car immediately before an accident and immediately after an accident. Typically, this difference is stark, as a damaged vehicle prior to repairs will hold much less value than a non-damaged vehicle.
- Inherent diminished value. The type of diminished value that most car insurance companies and claimants are referencing during the claims process is inherent diminished value. This refers to the difference in value of a vehicle prior to an accident and after the accident (after repairs have been completed). Even when optimal repairs have been performed, the resale value of a vehicle involved in a crash may be significantly reduced because the vehicle has a damage history.
- Repair-related diminished value. Finally, the third type of diminished value is repair-related diminished value. This refers to the lost value of a vehicle due to low-quality/poor repairs after an accident occurs.
You Deserve to Be Paid for Diminished Value in North Carolina
While you certainly deserve to be paid for diminished value of your vehicle, an insurance company may not immediately offer this type of compensation.
In fact, hoping to get away with offering you as little a possible, it’s likely that an insurance company will lowball your claim. When demanding damages, it’s important that you request compensation for diminished value. In many cases, you are owed this compensation per the terms of your insurance policy.
Our North Carolina Diminished Value Lawyers Can Help
Don’t let an insurance company get away with failing to pay out your diminished value claim. NC car accident attorneys like Harry Albritton of Irons & Irons P.A. have experience representing claimants during the recovery process and aggressively negotiating for fair settlements, including compensation for diminished value.
If your vehicle has lost value after a crash, our lawyers can help. Please call us today or send us a message to request a free consultation and learn more about our services.