How Much Will I Get for My Car After an Accident?
If your car was damaged in a motor vehicle collision, you are probably wondering how much you will get to repair or replace your vehicle. Valuing a car may seem straightforward, but it can become a complex and sensitive issue. In many ways, your car or truck is likely worth more to you than its market value, and in most cases, the insurance company will offer you the absolute lowest payout possible. They will use factors such as age, mileage, and condition to bring down your vehicle’s value. Read on for more information about how much you can expect to get for your car after an accident.Is Your Car Repairable or a Total Loss?
There are many factors insurance companies use to determine whether your vehicle is repairable or “totaled,” especially if you own an older car. Contrary to popular belief, the extent of damage to a vehicle is not the reason it’s declared totaled by an insurance company. While damage is a contributing factor, it is the cost of repairs compared to a vehicle’s true market value that determines if your car is a total loss.
If your car is older—with a relatively low true market value—it could be considered a total loss after a minor fender bender if the cost of parts and repair work are higher than the vehicle’s actual value. For example, $6,000 worth of damage to a new car will probably warrant a repair; on the other hand, $6,000 worth of damage to a late model daily driver with high miles will most likely result in a totaled car.Determining the Value of Your Car
Insurance companies have ways to determine a vehicle’s value that often work to their benefit. Therefore, it’s important to gather information about the possible market value of your car after an accident. Look at Kelley Blue Book, as well as sales listings in your area for cars like yours. Your vehicle may sell for more in your city than it does nationally.
With this knowledge, you’ll have an idea of what the reimbursement amount from the insurance company should be. If their offer differs greatly from your findings, you may need to hire your own appraiser to evaluate your vehicle’s worth. The insurance company should also provide you with the information on which it is basing its assessment.Contact the Legal Team at KWFDM after a Car Accident
For help with getting the full value of your vehicle after a car accident, please contact the legal team at KWFDM in Atlanta. Your consultation with one of our experienced personal injury attorneys is totally free, but there are time limits in which to take legal action. Call our office today at (404) 460-0101 for help.