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What Does Fair Market Value Mean In A Car Accident?

What Does Fair Market Value Mean In A Car Accident?

When someone is in an automobile accident in North Carolina or South Carolina and their vehicle is deemed a total loss, questions arise as to what the liability insurance company has to pay.  Common misconceptions are that the liability insurance company has to find and purchase you a new car, or pay off the loan of your totaled vehicle.  Neither one of these things are true.

The liability insurance company has to pay the fair market value of your vehicle, which can be simply explained as the price you could have sold the vehicle for right before the accident happened.  Because automobile loans are typically front loaded with interest, if your car has been recently purchased there is often a gap between the value of the car and the amount of your car loan.  The best way to protect yourself is to purchase “GAP” coverage when you buy your car, which will play off the difference between what the liability insurance company pays the bank or lien holder where you financed the car and the car loan itself.

 

The attorneys at Tippens& Zurosky have represented people involved in auto accidents in North Carolina and South Carolina for nearly twenty years.  Let us answer any of your questions regarding your automobile accident.  Call us toll free at (877) 372-3580, or 704-343-0018 to schedule a consultation so that we may assist you.

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Why Should I Call Tippens & Zurosky? 704-343-0018

Our legal fee is a percentage of your case settlement.  Unlike domestic, or criminal, lawyers, who work on a nonrefundable retainer, there is only a legal fee if we are able to negotiate a settlement on your behalf.

Insurance companies set what is called a reserve for every claim. A reserve is simply the amount of money they think they are going to have to pay to settle your claim. Naturally, if an attorney is involved the reserve is generally set higher to account for the fact that the attorney can file a lawsuit on your behalf, and litigate the claim.

We are in the business of dealing with insurance companies, so let us talk to them on your behalf. Insurance adjusters are trained to help save their companies money, and sometimes this is at your expense. Let’s face it if an insurance company can find a way to not pay on a claim, they are going to do so. It’s good business for them and bad news for you.

Many people injured in automobile accidents or injured at work are afraid to get medical treatment because they are afraid that they are going to get stuck with the bill.  We can analyze your case for any risk of denial, and also refer you to chiropractic physicians that will not charge you upfront for their services, and will wait to get paid at the end of the case.

Whether you were on a motorcycle, were a pedestrian, or in a car, we can help you.  We handle rear-end collisions, head-on collisions, intersection, or right-of-way cases, drunk driving, or reckless driving cases, and every other type of automobile accident.  Also, if you were in an auto accident while on the job, we can take care of this for you.

Though our main office is in Charlotte, North Carolina, we represent people injured in automobile accidents that occur all over North Carolina, and South Carolina.

Calling Tippens & Zurosky as quickly as you can after you have been involved in an automobile accident, lets us file your claim with the insurance company, so you don’t have to speak with them.  The sooner we can get involved, the sooner we are able to protect your rights, preserve the evidence, and get you the medical treatment you need.

Charlotte Personal Injury Attorneys: The System

With our law firm, the client always comes first and we employ our knowledge of the law to protect our clients’ interests. Our office is located in Charlotte, North Carolina. We serve clients in North Carolina and South Carolina and across the United States.

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The legal information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer or attorney client relationship. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Please contact an attorney for a consultation on your particular matter.

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