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How Is Fair Market Value Determined After a Car Accident in Indiana? 

Driving a car is a normal part of life for most people. If you live in Indiana, you probably need a car to get you from point A to point B. If you have a car, then you will most likely be in an accident at some point in your life. Your car could be completely destroyed in a car accident, and this is one of the negative issues that result from a car accident.

If someone else caused your car accident, then you might be owed financial compensation from their insurance company. Because they owe you money for your damages, you may need to learn how to determine fair market value for your vehicle. You don’t want the at-fault person’s insurance company to get away with paying you less than your car is worth.

Figuring out fair market value is not always easy. Here’s some information on how to figure out your car’s monetary value after an Indiana car accident.

How to Determine Fair Market Value

If someone caused your accident and totaled your car, the insurance company could be required to pay you fair market value. To determine the fair market value of your vehicle, you must do some research.

You need to look at what a reasonable person would pay for your vehicle. You will need to factor in the age of your vehicle, the vehicle’s make and model, what special features the vehicle had, and whether it was in perfect condition before the accident. There are some other factors to consider, but you get the general idea. 

You can look online to see what vehicles like yours have sold for. There are also websites that can help you determine the value of your vehicle. You want to be sure you get this right because you don’t want to receive less than fair market value for your vehicle. When you are doing your research, make sure you keep evidence.

Dealing with an Insurance Company

Once you have the value of your vehicle, you will send in documentation to the insurance company along with proof of other losses you dealt with after the accident. For example, if you were injured and needed medical care, the insurer could have to pay your medical bills, as well.

Keep in mind that dealing with insurance companies can be a challenge. They don’t always treat accident victims fairly. 

You can get help with your car accident claim. A lawyer can help you with the entire claim process. They can help you figure out how much money you’re owed in a settlement. They can help you determine fair market value for your vehicle and can help you calculate your other losses.

Contact an Indiana Car Accident Attorney

Make the call to an Indiana car accident lawyer and secure legal assistance with your car accident claim. You can reach Kooi Law through the internet form below or you can call 317-569-1335.

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