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South Carolina Diminished Value Law

Car Accidents, Property Damage & Your Rights

In South Carolina, car accident victims have a right not only to recover damages involving personal injury – including their medical bills, lost income, and pain and suffering – but also damages involving their property and the diminished value of their vehicles after an auto accident. This means that if another party caused your car wreck, they should be held liable for any diminished value to your vehicle.

Questions about whether or not your car has diminished value? Contact Christian & Christian for more information and to seek out compensation. Consultations are free and confidential

What is the South Carolina Law for Diminished Value?

Under South Carolina law, your right to the diminished value of your vehicle is based on the unique facts of your case. For example, if your vehicle is totaled, at-fault parties must provide payment for the fair market value of your vehicle at the time of your wreck (but not any diminished value).

If your vehicle is repairable, however, the at-fault party must cover the costs of repairs and any lost value. This lost value, or diminished value, is the different in your vehicle’s value after a wreck as compared to its value prior to the collision. For example, if your vehicle was worth $15,000 before the accident, but valued at only $10,000 after the crash and repairs, you have a right to receive $5,000 for its diminished value, in addition to the costs of repairs.

Is there a Time Limit for Filing a Diminished Value Claim?

Just as there are time limits in place for filing a personal injury lawsuit after a car accident, there are also time limits for filing a diminished value claim. In South Carolina, this time limit (or statute of limitations) is three years from the date the accident occurred. Should the statute of limitations run out, you will not be able to recover compensation for the diminished value of your vehicle.

How Can I Recover Diminished Value in South Carolina?

You have the right to recover for the diminished value of your vehicle if another party caused your accident. However, in cases involving uninsured drivers, you can seek such compensation through your own insurance provider. Although insurance companies function to provide financial support to their policy holders, or to victims harmed by their policy holders, they are first and foremost corporations with motives to protect their bottom line. As such, having an experienced attorney by your side when seeking compensation for vehicle repairs, diminished value, and any injuries you sustained can prove invaluable.

Discuss Your Case & Rights During a FREE Consultation

Our Greenville car accident lawyers at Christian & Christian have extensive experience guiding car accident victims throughout South Carolina through all aspects of their legal cases. From helping them seek vehicle repairs, compensation for totaled vehicles or diminished value, and full financial recoveries for their personal injuries and resulting damages, we strive to protect clients’ rights and help them fight for the maximum compensation possible.

If you wish to discuss a potential car accident case, contact us for a free consultation.

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