How Is Fair Market Value Determined After a Car Accident?
After you’ve been involved in a car accident, you’ll likely have to deal with the insurance company of the liable party in order to recover compensation for your losses. As such, the fair market value of your vehicle will need to be evaluated as part of calculating the value of your personal injury claim.
However, due to the fact that there are several factors that come into play when establishing fair market value, the insurer could be attempting to take advantage of you, which is why you should always have your car accident lawyer review any settlement offers you might receive.
Like, Kind, and Quality
A property damage adjuster will be responsible for figuring out what your vehicle is worth. This is done by comparing vehicles of similar Like, kind, and quality (LKQ).
Remember, the adjuster is working for the insurance company, so it will be important to review their equivalent vehicle information prior to accepting a settlement offer, as insurers are known for providing false or misleading comparables in order to minimize the settlement amount they’ll have to pay you.
Your Next Steps
If you haven’t already retained an attorney, now might be a good time to take advantage of a free consultation. If you have reason to believe that the insurance company didn’t properly compare your vehicle to others of similar LKQ, you should come back to the negotiation table with reasonable equivalents and fight for the compensation that you’re entitled to.
Consult a Boston Car Accident Lawyer
Dealing with the insurance company and a civil claim on your own can be tiresome, but when you have a highly trained Boston car accident lawyer at Joel H. Schwartz, PC working on your case, you’ll be able to recuperate while we ensure you get the most out of your case.
To schedule a meeting with your attorney, you can fill out the confidential contact form provided below or call our firm directly at 1-800-660-2270.