Diminished Value in North Carolina
Updated: Aug 17, 2020
North Carolina, drivers have 3 years from the time of the accident to file a Diminishment of Value (DOV) Claim. It is normal for the insurance company to outright deny or only offer a fraction of the actual DOV on your vehicle. The key to a successful DOV SETTLEMENT is providing a licensed, objective third party appraisal report that is recognized by the insurance industry and courts. Pursuant to North Carolina General Statute § 20-279.21, you are entitled to invoke what is known as the appraisal clause should the insurance company and you disagree on DOV amount. Essentially, by invoking the appraisal clause the insurance company will be required to hire their own objective third-party appraiser to settle with DVAC. If we are unable to reach an agreement, an umpire is selected and agreed to by both parties. Once the umpire rules, the decision becomes binding if neither party objects within a fifteen day period. Knowledge of NC Appraisal Clause and associated insurance regulations are critical success factors to recovering your correct DOV settlement.