Diminished Value
Understanding Diminished Value: The Insurance Detail Often Overlooked
What To Know About Diminished Value Claims in Charlotte, North Carolina
If you've been in a car accident in the past three years in North Carolina and were not at fault, you may be entitled to additional compensation from the insurance company. Many insurers fail to account for—or significantly undervalue—the diminished value of your vehicle. This compensation could be worth thousands of dollars, and it’s up to you to advocate for your rights.
What Is Diminished Value?
Diminished value refers to the reduction in a vehicle's market value after it has been in an accident. Even after repairs, the stigma of prior damage lowers the car's perceived value. Buyers often hesitate to pay full price for a car with an accident history, even if it looks and drives like new.
What most drivers don’t know—and what insurance companies won’t always tell you—is that you’re owed compensation for this loss in value in a lot of cases. This amount can add up to thousands of dollars, but you bear the burden of proof.
Why You Need an Independent Appraisal
Insurance companies typically downplay diminished value or skip it altogether when calculating payouts. To secure fair compensation, it’s essential to hire an independent appraiser—someone who works for you, not the insurer. An appraisal will document your vehicle’s value before the accident and provide the evidence needed to support your claim.
Auto Appraisal Network-Charlotte specializes in diminished value claims and ensures that your vehicle is accurately assessed. With our certified appraisal reports, you’ll have proof of the loss of value, and be better prepared to advocate for the compensation you deserve.
Eligibility for a Diminished Value Claim in North Carolina
North Carolina law allows vehicle owners to claim diminished value if their car is damaged in an accident and the repairs don't fully restore its value. This law applies to motor vehicle liability insurance policies issued or renewed after October 1, 2009.
How To File A Diminished Value Claim In North Carolina
- Negotiate with the at-fault driver's insurance company or invoke the appraisal clause within your policy
- Hire an independent appraisal company, like Auto Appraisal Network Charlotte, who will be able to establish your car's replacement value in a certified appraisal report.
- File a claim in North Carolina Small Claims Court in the county you reside in if you’re unable to get resolution dealing directly with the insurance company.
Proving Your Vehicle’s Loss in Value
As the vehicle owner, the burden of proof in diminished value claims lies with you. This means you must provide evidence of how much value your car lost, due to the accident, even if the vehicle is fully repaired.
Auto Appraisal Network - Charlotte uses our industry expertise, background in the insurance industry, extensive vehicle databases, and thorough documentation to:
- Assess your vehicle’s pre-accident value, including mileage, upgrades, and customizations that generic tools like Kelley Blue Book do not account for.
- Compile all findings into a certified appraisal report, which you can submit to the insurance company.
Why Choose Auto Appraisal Network - Charlotte?
We’ve helped drivers in the Charlotte, NC area recover hundreds of thousands of dollars in diminished value claims. Here’s why you can count on us to help you get what you’re owed:
- Unbiased Expertise: We work for you—not the insurance company—to ensure an accurate and fair valuation.
- Comprehensive Reporting: Our appraisals document every detail about your vehicle, from custom modifications to market trends.
- Fast, Mobile Service: We offer same day or next day service, in most cases, and we’ll come to you for your convenience.
- Guidance Over the Phone: Unsure if pursuing a claim is worth your time? Call us! In most cases, we can assess over the phone whether an appraisal will be worth it for you as a courtesy.
Don’t Leave Money on the Table
If you think the insurance company’s offer doesn’t reflect the true loss in your vehicle’s value, contact Auto Appraisal Network - Charlotte today. We’re here to help you recover what you’re owed and protect your financial interests.
Call us now to schedule your appraisal and take the first step toward securing your rightful compensation.
