How Is Fair Market Value Determined After a Car Accident?
When you’re in a car accident in NYC, your car may be seriously damaged or even totaled in the crash. Repairs can be expensive, not to mention the many other expenses you may have received after the accident. Fortunately, you should have a chance to obtain compensation based on your car’s value.
Pinpointing that amount isn’t easy, so how is fair market value determined after a car accident? This number is important to your recovery, so speak to a lawyer from Greenstein & Milbauer, LLP before you act. They can help you seek out fair compensation for your vehicle.
What Is Fair Market Value?
The concept of fair market value can be used for many different services. This value simply shows the actual value of your property if it were sold. That has uses for donations and for determining things like what your insurance company should owe you following a wreck.
Fair market value is what the item would be worth if it was sold fairly on the open market. Both the seller and the buyer in this case are aware of the quality and the history of the item, and both are fully willing to buy or sell.
This number can help you and your insurance company understand the value of your car before the accident, which can help you find the cost of replacing your car, or simply what the replacement parts are worth.
Finding Your Car’s Value
Calculating the value of a car can come with a lot of factors affecting its worth, however. Vehicles are complex and expensive, which means you’ll need to do a little research.
Typically, the fair market value is mostly determined by the worth of the vehicle in a digital database, such as Kelly Blue Book. This database shows the average worth of the vehicle within a local market. That shows you how much your vehicle generally should have cost.
However, that’s not the only factor that should be considered. Both upgrades and damages to your car should also be considered. For example, if you just replaced the stereo with a nicer, newer system, the value of your car might increase. However, if you’d already been involved in a rear-end collision in the past, that damage would be considered in these calculations.
Seek Out a Lawyer for Your Car Accident’s Worth
Fair market value isn’t the only indicator of your claim’s value. Although your car is a major expense, it’s important to also remember your medical costs and lost wages. That’s not to mention your intangible damages, such as emotional trauma.
Determining the full value of a car accident claim isn’t easy, but it can be done with a lawyer from Greenstein & Milbauer, LLP. We understand how difficult your claim can be to calculate, so we offer free consultations, in which we can discuss your damages and their relative worth. We want you to know you’re in the right hands before you commit to working with us.
If you’ve been in a car accident, call 1-800-VICTIM2 (842-8462) or complete the online form below to get started.