Your insurance company may decide on the value of your vehicle if you are involved in a collision in Los Angeles. This value is not directly connected to the amount you paid for your vehicle. In fact, it can be much less than the purchase price of your car.
So, how do insurance agents determine the value of your car after a car accident in Los Angeles, CA? Use this article to consider the formulas used to calculate the Actual Cash Value (ACV) of your vehicle. If you need legal help after a car accident, you can call (310) 997-4688 to speak to the Simmrin Law Group’s car accident lawyers in Los Angeles.
Defining Actual Cash Value in Los Angeles, CA
The insurance company focuses on determining the ACV of your vehicle after a wreck. As we mentioned, ACV does not represent the price you paid to purchase your car. Instead, ACV represents the amount of money you’ll be paid if your vehicle is totaled or stolen. ACV represents:
- The pre-collision value of your vehicle MINUS
- The deductible for your comprehensive insurance OR
- The deductible for your collision insurance
However, you should be aware that insurance companies do not generally release a straightforward equation to calculate the ACV of your vehicle. This can make it difficult to know what the value of your vehicle will be after a collision.
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Factors to Determine the ACV of Your Car After an Accident
When determining ACV for your vehicle, insurance companies will first consider the pre-collision value of your car. Note that the pre-collision value of your vehicle is also not the price you paid for it. Instead, pre-collision value represents what your vehicle was worth at the time of the collision.
In order to determine the pre-collision value of your vehicle, insurance companies can take the original cost of your vehicle and lower this amount based upon:
- The age of your car
- The mileage of your vehicle
- Any previous accidents
Insurance agents may also look at the costs for other vehicles like yours in your area. They can use these prices to determine the ACV of your vehicle. If you need more information about the steps to calculate ACV, you can contact a car accident lawyer in Los Angeles by calling (310) 997-4688.
The Importance of Your Vehicle’s Value in Los Angeles
So, why worry about how the insurance company values your vehicle after a car accident in Los Angeles? Insurance agents will use the ACV of your vehicle to determine whether or not your car is considered totaled. If repair costs for your vehicle exceed the ACV, then your insurance company may decide not to pay to have your car fixed.
Note that you do not have to just accept the insurance company’s ACV for your vehicle. You may be able to dispute the ACV they submit by researching the value for similar cars in your area. A car accident lawyer in Los Angeles could help you investigate the costs for cars that are similar to yours.
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Getting Compensation for Repairs After a Car Accident in Los Angeles
You may be entitled to compensation for vehicle repairs after a collision in Los Angeles. The other driver’s insurance company may be required to pay for your repairs if:
- Another driver caused your accident and
- The accident caused damage to your car
However, it can be difficult to prove that another driver caused your accident if you work on your own. You may need professional legal help from a car accident lawyer. The team at the Simmrin Law Group can investigate your accident, starting right now. We can:
- Go over the scene of the collision
- Speak with witnesses who saw the accident
- Request the police report from the wreck
Allow us to negotiate with insurance agents for you. We may be able to ensure you get a fair settlement for your losses. We can also take your claim to court, if insurance agents in Los Angeles refuse to treat you fairly.
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Find Out How the Value of Your Car After a Car Accident is Determined in Los Angeles
So, how do insurance agents determine the value of your car after a car accident in Los Angeles, CA? They often look at the original value of your car and then adjust downward based on age, mileage, and other considerations. Find out more about how insurance companies work by calling (310) 997-4688 or filling out the Simmrin Law Group’s online contact form.
You can reach out to our car accident lawyers in Los Angeles right now to get a FREE initial case evaluation.