How Is Fair Market Value Determined After a Car Accident?
Once you’ve ensured that everyone is safe after a car accident, the next step is often to assess the damage your car has suffered. After all, you’ll need to make sure the insurance companies give you enough to pay for all the damage.
Unfortunately, determining fair market value of a vehicle after a car accident can be confusing, and the insurance company certainly isn’t going to give you more than you ask for. This could leave you with a much lower settlement than you actually deserve.
To avoid this, reach out to the Seattle car accident lawyers at Craig Swapp & Associates. We’ll fight to make sure you get the compensation you truly deserve.
What Is Fair Market Value?
Fair market value may be confusing, but the concept basically answers this question: “What would your car be worth if you sold it on the market?”
This takes in a few assumptions—first, that the buyer and seller are both informed about any issues with the car so this hypothetical purchase is as fair as possible.
When the insurance adjuster arrives, he or she won’t just be looking at the current state of the car. The type of car and what it’s worth, based on the amount you would normally pay for that car, will be major factors.
Calculating the Diminished Value
The adjuster will typically look at the things that have diminished the value of the vehicle. This will factor into the amount you’ll receive for your vehicle, depending on several factors the adjuster will need to consider, such as the following:
- Car history
- Car make and model
- Additions to the vehicle
- Cost of replacing the auto
- Price of comparable vehicles
We Can Help After an Auto Accident
The adjuster will be able to calculate what your vehicle is worth and how much the insurer will be willing to settle for after an accident.
However, you may be surprised by the first settlement offer you receive. It may seem especially low, based on the damage and the cost of repairs, and you may wonder if you’re getting the right settlement amount in the first place.
That’s why you need to call a lawyer at Craig Swapp & Associates who can calculate your vehicle’s fair market value before you accept an offer. While it’s possible that the insurance company is offering the right settlement, you need assurance that you’re not getting shortchanged.
For help determining fair market value of your vehicle after a car accident, schedule a free consultation with a Seattle car accident lawyer at our firm. Just give us a call at 1-800-404-9000 or fill out the form below.