December 08, 2019

Determining Fair Market Value After a Car Accident

In the wake of a car crash, getting the full settlement you deserve for your losses is important. You’ll need that coverage to pay for the damages you’ve suffered. One of your main concerns may be the value of your damaged or totaled vehicle.

Determining fair market value after a car accident can be tricky. You might be unfamiliar with the tools you’ll need, and you’re already injured. If you’re struggling with your claim, reach out to the lawyers at the Law Offices of Gary S. Greenberg for help getting compensation for your car’s full value.

What Is Fair Market Value?

When your car has been damaged in a car wreck, finding the fair market value gives you the amount your car would reasonably be worth. This calculation assumes that both the buyer and seller are willing to make this exchange, and the car’s condition is understood.

The amount you’ll receive will also depend on whether your car is going to be repaired or is totaled. If your car is totaled, it would be costlier to fix than to replace.

No matter what they tell you, the insurance company does not want to offer you the full value of your vehicle, so you may need help getting the full compensation you deserve.

Finding Your Car’s Value

When you’re trying to determine your car’s fair market value, it may help to begin with the value of your vehicle before the accident. Typically, you’ll find this value through a tool like the Kelley Blue Book, although you may also need to contact your attorney about any changes in value. For example, if you added an expensive sound system to the car, that loss may also be considered.

Once you’ve done this, you might also look for vehicles of “like kind and quality,” also referred to as LKQ. These similarly valued vehicles can help the insurance adjuster determine the fair value of your claim.

However, you’ll also need to ensure that those vehicles are truly similar. Otherwise, the insurance company may use a discrepancy to offer you a lowball settlement that doesn’t cover your needs.

A Lawyer Can Make Sure You’re Treated Fairly

After a serious car accident, you’ll likely need compensation for the damage done to your vehicle. Unfortunately, the fair compensation you deserve can be hard to get without help. You’ll need someone on your side when it comes to determining fair market value after a car accident.

At the Law Offices of Gary S. Greenberg, we have the tools you need to determine exactly what your vehicle is worth. You shouldn’t have to rely on the insurance company alone. Instead, get started with a free consultation, and we’ll help you understand what your vehicle is really worth.

If you’re struggling with your case, reach out for help. When you’re ready, give our Milwaukee law firm a call at 414-271-7007 or complete the online form below.