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December 11, 2019

Determining Fair Market Value After a Car Accident

When you get into a car accident, your car can suffer expensive damages. After the wreck, your insurance company will determine the fair market value of your car in order to pay you a settlement amount. The fair market value of the car is used when your car is labeled as a total loss and repairs are determined to cost more than 85 percent of what the car is worth.

When your car is totaled, your insurance will give you a check for your vehicle so that you can either put that money toward your car’s loan or put it toward a down payment on a new vehicle. The check amount will equal the fair market value or the price for which someone would’ve bought your car before the wreck occurred.

Insurance companies use a formula to come up with the fair market value of vehicles, however, you’re allowed to dispute this number if you can prove there are other comparable vehicles out there that are selling for more money.

Proving Your Case

One thing insurance companies might not take into consideration in their valuation report is any custom details you added to your vehicle. If you plan to contest their offer, you can provide evidence of ways in which you added value to your car, such as adding a stereo system, special tires, or other custom parts. Showing why your vehicle is worth more than the amount they offered will require tangible proof.

Reach Out to a Car Accident Lawyer

Insurance companies can be very stubborn when it comes to giving you the claim amount you deserve. Seeking the help of a car accident lawyer can ensure you’re supported when you go to fight your case. At Dickson Kohan & Bablove LLP, we’ll be with you every step of the way to offer advice and guidance.

To schedule a no-obligation consultation and discuss your case in further detail, call us today at 1-844-404-2400 or fill out the contact form below.

 

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