Legal Question in Insurance Law in California

Fair market value for a total loss in auto accident

I was rear ended by a 17 year old kid in a BMW. I was at a complete stop in traffic and he slammed into me so hard that it sheared off the bolts on the driver's seat. My vehicle is an older one, but we had just rebuilt the engine and transmission, along with some other fairly extensive repairs within the last 2 1/2 years. I am afraid the kids insurance is not going to give me an amount even close to what I have put in the car. What if I don't agree with the amount they offer me? The repair shop has already stated that it is a "total loss". What constitutes "fair market value" and how to you establish a "pre-loss value"?


Asked on 1/04/00, 8:44 pm

2 Answers from Attorneys
John Hayes The John Hayes Law Offices

Re: Fair market value for a total loss in auto accident

The insurance companies research two sources when they are determining the value of total loss vehicles. First they find out the low blue book value. They then call used car dealerships in your area and find out what a car similar to yours is selling for. From this information they come to an amount. You can do your own research and find out what cars that are in similar condition to yours are going for, and make a counter offer. If you would like additional information about your property damage, amount you should ask for on your personal injury portion or if you would just like to speak with an experienced lawyer in person, please feel free to contact my office at 877-546-9918. You can also email me with your phone number and a good time to reach you, and I will call you at your convenience. The call and consultation are free. I look forward to speaking with you.

John Hayes

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Answered on 1/07/00, 10:22 pm
Ken Koury Kenneth P. Koury, Esq.

Re: Fair market value for a total loss in auto accident

two very common methods are to look in the local classifieds or the kelly blue book. you can get free quotes from them at www.kbb.com

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Answered on 1/09/00, 10:50 pm


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