How Do They Determine the Value of My Car After a Car Accident in Virginia?
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After a car accident in Virginia in which your vehicle was totaled, the amount your car is worth for compensation purposes is equal to its “actual cash value” the moment prior to the collision. Unfortunately, many insurance companies try to get away with paying less than this amount.
To ensure you get compensated fairly after a Virginia car accident, you should speak with an attorney from the Parrish Law Firm, PLLC. Our firm’s founder, Jim Parrish, spent years working for insurance companies before opening his own firm to fight for the rights of injured victims. Armed with information from inside the insurance industry, he will fight aggressively to get you the compensation you deserve.
To learn more about how they determine the value of your car after a car accident in Virginia, call (571) 229-1800. The Parrish Law Firm, PLLC team is ready to help you.
How They Determine the Value of a Car After a Car Accident in Virginia
After a typical car accident, the insurance company sends an employee known as an adjuster to examine your vehicle and assess the damage. The purpose of this inspection is to estimate the dollar amount in damages that your vehicle suffered (i.e., how much it will cost to get your car or truck fixed).
If your vehicle is totaled, that means either your vehicle is nonrepairable or that the cost of a repair would exceed the value of the vehicle itself, making it pointless to get it fixed. In these situations, car owners and insurance companies need another way to assess the vehicle’s value for compensation purposes. In Virginia, determining the value of your car after a car accident means establishing the car’s actual cash value.
What You Need to Know About Actual Cash Value
Actual cash value refers to the amount your car was worth immediately before the accident.
To arrive at the correct actual cash value for your vehicle, you must take several factors into consideration:
- The year, make, and model of the vehicle
- The add-on features the vehicle contains (e.g., leather seats, sunroof, heated seats, remote start, and so forth)
- Damage to the vehicle that was present before the accident
- The mileage of the vehicle
If you have all of this information, there are several resources you can use to determine an amount close to your vehicle’s actual cash value. They include the following:
- Kelley Blue Book
It is important to note that these values may be inaccurate. In addition to these publicly available sources, the insurance company may use its own proprietary valuation system to determine your vehicle’s fair market value. Be aware that the insurance company’s may arrive at a lower value than what your car is actually worth. This helps the insurance companies maximize their profit margins by paying less in claim values.
To make sure you receive the proper actual cash value for your car, you should likely not take the insurance company’s first offer after a total-loss accident.
Do not let the insurance company incorrectly determine the value of your car following a car accident in Virginia and saddle you with a subpar claim that does not pay the full value of your car or truck. Even if you are eager to get a check in the mail, run the offer it presents you with by a lawyer before you accept it.
For a Free Car Accident Case Evaluation in Virginia, Call the Parrish Law Firm, PLLC at (571) 229-1800
The Parrish Law Firm, PLLC has been helping clients take on the insurance companies and recover the compensation they deserve for many years. We want to put our resources to work for you. We offer a free case evaluation and never collect a fee until we win your claim. To speak with a member of our team today, call us at (571) 229-1800.