When a car is damaged in an accident, the two (2) most common sources of payment to repair or pay the value of the irreparable car are: A “collision claim” against the damaged car’s insurer or a “property damage” claim against the at-fault car’s insurer.
In both situations, it may be almost impossible to know exactly how an insurance company arrived at the value they offer for your totaled car following an accident. New York state law requires the insurance company to either pay the actual cash value (ACV) or a specific payout amount included in the applicable policy for automobile physical damage total loss claims. Most policies rely on ACV and use proprietary industry formulas to put a value on a vehicle after an accident.
The ACV of a car should be the replacement cost of the vehicle plus any sales tax owed, under New York statutes. They will, however, in the case of a “collision claim” against the damaged vehicle’s insurer, take out any deductibles you owe and any fees owed to the loan holder before paying you.
Understanding the Factors That Contribute to Your Car’s Value
The question to ask of yourself is, how do insurance companies determine the value of my car after a car accident in NY? While insurance companies generally use industry formula to put a value on your car following an accident, we know many of the factors that are a part of this formula. The insurance company will gather information to plug into their computer program to help their adjusters put together an offer for you. This will include:
- Your car’s age
- Make and model
- Options packages
- Past repair work or previous accidents
- Upgrades or dealer add-ons
In some cases, the adjuster will search your area for similar vehicles with comparable wear and tear before making an offer. Your payout should theoretically allow you to purchase a very similar vehicle and pay sales tax on it.
For a free legal consultation, call 516-932-0400
Negotiating a Higher ACV After a Car Accident in NY
It’s important to understand how insurance companies determine car value. It is also important to know that the insurance company is likely prepared for you to reject their initial offer. You do not have to accept their offer until you do your own research and understand the value of your vehicle and what it will cost you to replace it.
If you believe their offer is too low, challenge their valuation of your car. Collect documentation of the value of your car by identifying cars for sale at local dealerships, looting up your vehicle on Kelly Blue Book, and taking other steps to prove the true ACV of your vehicle before the accident.
If you have a car accident attorney, they will help you answer the question, how do I determine the value of my car after a car accident in NY? We will assist you in the process of demanding a fair payout from the insurer.
Let an Attorney Help You Understand Your Car Accident Case
A car accident lawyer from Friedman & Simon, L.L.P. will evaluate your Nassau County, Suffolk County, or Greater NYC car accident case for you. We will meet with you anywhere on Long Island or in New York City to discuss your case for free. We will help you understand:
- If your injuries are serious enough to pursue a fault-based claim
- When and how to file a claim with your no-fault insurance provider
- How to pursue compensation for your property damages including repair or replacement of your vehicle
When we take on a car accident case, we do the following for our clients:
- Keep You Updated on Your Case
- Identify Liable Parties
- Communicate with All Parties for You
- Gather Evidence
- Determine a Value for Your Case
The insurance companies will not have your best interests in mind, so it is important to ask, how can I determine the value of my car after a car accident in NY? If we are handling your case, once you are satisfied as to your car’s value and cost of repair we will help you negotiate a settlement of the property damage claim with the at-fault party’s insurer.
We will also build a case against the at-fault motorist and pursue additional damages on your behalf when possible. This includes past and future medical care costs for serious injuries, lost wages, diminished earning capacity if necessary, pain and suffering losses, and other non-economic damages.
If your loved one passed away in a car accident in NY, we are very sorry for your loss. We understand how difficult this time is for you and your family, and we will help you pursue and recover wrongful death damages to the extent allowed by the law. We want to win the compensation you need and the justice your loved one deserves
Discuss Your Case with a Car Accident Attorney in NY
At Friedman & Simon, L.L.P., our experienced and dedicated attorneys will advocate for you and help you pursue the payout you deserve following a car accident in Nassau County and Greater NYC. We offer free case reviews, and you owe us no attorney’s fees unless we recover a payout in your case.
We will take the time to help you understand your rights and situation, including the strength of your case and your legal options. We have multilingual staff (Spanish, Greek, Bengali, Tamil, and Kannada) who will explain your case to you in your preferred language to help you feel as comfortable as possible.
Call today at (516) 932-0400 for your free case evaluation and consultation. We will meet you at the hospital, in your home, or another location convenient for you.