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

Car accidents are part of life in Louisiana. Chances are, at some point in your life you will be involved in an auto wreck. If it’s already happened to you, you might be trying to figure out how to retrieve a fair settlement for your accident. If you car was wrecked beyond repair, you might be trying to figure out how to determine its worth.

You are probably wondering, “How is fair market value determined after a car accident in Louisiana?”

What Is Fair Market Value?

A vehicle is an object, and its value depends on many different things. For you, your vehicle might have been priceless because it was the first vehicle you owned, for example, and there were memories attached to it. In the end, every vehicle has what is called a fair market value attached to it.

This value is not usually what you could get for it in a trade-in. This value is not what you think it’s worth. The value is what a reasonable person would pay for your car given its condition, age, and other factors. You might need to do some research to find out what similar cars in your area have sold for.

Why Do You Need to Know What Fair Market Value Is?

If you didn’t cause your wreck, you should be paid an amount equivalent to your vehicle’s fair market value. This ensures that you are able to purchase a vehicle with equal value to the one you had before. This all goes into ensuring that you are made whole after an accident you didn’t cause.

The insurance company of the at-fault party is not required to pay you more than your car was worth. They only have to pay you the value of the vehicle at the time of the accident.

Speak to a Car Wreck Attorney

Now you know how fair market value is determined after a car accident in Louisiana. For help with an auto wreck claim, reach out to Spencer Calahan Injury Lawyers by dialing 225-387-2323, and obtain a free case consultation. Fill out the form below for more information about the car crash claim process.