When your vehicle is damaged in a collision, the cost to repair the vehicle may not be adequate compensation. Usually the liability insurance company will determine if the vehicle can be repaired.
If it can be repaired, usually the insurance company tries to settle for only the cost of repairs. In many cases, however, the cost of repairs may not be adequate.
If a vehicle is a North Carolina insured vehicle that has been repaired and the repairs exceed 25% of its value, North Carolina law requires that the collision be reported on your motor vehicle title. Obviously, a later purchaser would not want to pay the normal fair market value for a wrecked vehicle. This results in a vehicle having “diminished value”.
Talk with a Personal Injury Lawyer in Raleigh
In many cases, claimants are entitled to payment for diminished value from the insurance carrier but fail to make that claim. Often, this claim can be substantial. At Kirk, Kirk, Howell, Cutler & Thomas, we have been able to obtain diminished value for clients despite the fact that the vehicle was adequately repaired. We will be glad to answer any question you may have regarding this issue. Call 919-615-2473 or Request a case review today!
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