A car accident can be completely overwhelming. In addition to dealing with injuries and the emotional rollercoaster that comes along with a crash, victims also often have to deal with the financial burden of repairing or replacing their vehicle. In high-impact accidents (where at least one vehicle was traveling over 30 miles per hour), the odds of the insurance company “writing off” the vehicle increase dramatically. When you’re dealing with a total loss of a vehicle, it can be very frustrating to hear that the at-fault driver’s insurance company is only offering to pay the fair-market value of the vehicle, which is often far less than what’s needed to purchase a reliable replacement.
So, is the at-fault driver obligated to compensate you for the full value of your car? No, they are only obligated to compensate the driver for the current fair-market value of the car at the time of the accident.
Fair-Market Value vs. Full Value
If your car is totaled in an accident, the at-fault driver’s insurance company is only obligated to compensate you for the vehicle’s fair-market value at the time of the crash. The fair-market value is calculated by identifying your car’s age, mileage, condition, and depreciation. For older cars especially, this calculation can result in an offer that falls far short of what it would cost to replace the vehicle with one of similar quality. Unfortunately, this leaves accident victims in a difficult position, especially if they owe more on their car loan than the fair-market value and/or need the vehicle to get to work and doctor’s appointments.
How a Car Accident Attorney Can Help
Dealing with the at-fault driver’s insurance company alone can be intimidating because insurance adjusters are trained to downplay your losses and attempt to settle quickly for less than what you deserve. A car accident attorney can advocate for a full and fair settlement. Here’s how they can help:
- Provide an accurate valuation. Attorneys work with experts to calculate the true replacement cost of your vehicle to ensure that all factors are accounted for, including upgrades or special features that may increase its value.
- Negotiate on your behalf. Your attorney will handle negotiations with the at-fault driver’s insurance company, pushing back against lowball offers and providing evidence to support your claim.
- Fight for a full and fair settlement. In addition to compensation for property damage, your car accident lawyer will pursue compensation for any other relevant damages, such as for pain and suffering, medical bills, and lost wages.
Being involved in a car accident is stressful enough without worrying about how to replace your vehicle. By working with a car accident attorney, you can focus on your recovery while they handle your car accident claim. A personal injury attorney is highly motivated to ensure you receive a settlement that covers all your losses because they are only compensated through a percentage of your settlement.
If you’ve been in an accident and are being offered less than you deserve for your vehicle, contact a local car accident lawyer today. Let them help you fight for the settlement you’re entitled to so you can move forward with peace of mind.
Seek the Help of a Car Accident Lawyer
If you or a loved one was injured in a collision because of the negligence of another, contact a personal injury lawyer to discuss your legal rights. Let an experienced car accident attorney fight for the full compensation that you deserve. It is not uncommon to receive a settlement from the insurance company that is five to ten times larger with the help of a lawyer. Call the personal injury lawyers at Tario & Associates, P.S. in Bellingham, WA today for a FREE consultation! We have been representing people injured in Whatcom County, Skagit County, Island County, and Snohomish County since 1979. You will pay nothing up front and no attorney fees at all unless we recover damages for you!
