Putting the word “Fair” back into Fair Market Value: How to get the Insurance Company to Pay What You Deserve for Your Totaled Vehicle
When your car has been damaged in an accident, the insurance company for the other driver often sends an appraiser out to look at your car or truck. If the car can be repaired for less than its fair market value, the insurance company must pay to fix your car. If the cost to repair your car exceeds its fair market value, the insurance company must pay you the fair market value. This means your car is totaled. But what if you don’t agree with the insurance company’s value? We see it all the time-the insurance company values a car less than it is worth.
When you hire the Rinehardt Law Firm for your injury claims we will assist you to get the best price for your car, free of charge.
If you want to deal with the insurance company on your own, there are some things you can do:
- Ask your own automobile insurance company to have it’s claims adjuster estimate your vehicle’s fair market value (if you have collision coverage). If your insurance company’s valuation is higher, you have the right to collect that amount from your insurance company. Your insurance company will then collect that amount from the wrongdoer’s insurance company.
- Try the NADA guide as one measure of value. This may provide insight for you as to what the car is worth. It is not enough to show the insurance company advertisements with asking prices for a used vehicle comparable to yours You must show what comparable vehicles are actually selling for in your market.
- If you have made any recent repairs to your vehicle, you should provide copies of the receipts to the claims adjuster. Your recent repair costs can help you to show that your vehicle had a value greater than the “average” vehicle of that make and model. The same is true for any special equipment you have added to your car, such as upgraded tires or rims.