How do They Determine the

Value of My Car After a Car

Accident in NY?

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 determined the value of
your car after a car accident in NY.

According to the New York Department of

Financial Services (DFS), 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, per
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 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 an 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.

Your Vehicle’s Unique Factors Affect Its

Value

The insurance company will gather information

to plug into their computer program to help their
adjusters put together an offer for you. These
factors often include:

Your car’s age

Make and model
Mileage
Options packages
Past repair work or previous accidents
Upgrades or dealer add-ons
Location of where the insurance policy is
held (For example, the value of a car in
Upstate New York may differ significantly
from the value of that same car on Long
Island.)

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 516-271-3489

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. The Insurance
Information Institute (III) provides information on
how to determine your car’s value, which
includes doing market research. Collect
documentation of the value of your car by
identifying cars for sale at local dealerships,
looking up your vehicle in the Kelley Blue Book,
and taking other steps to prove the true ACV of
your vehicle before the accident.

A Car Accident Lawyer Can Advocate

for Appropriate Compensation for You

If you have a car accident attorney, they will

explain how insurance companies determine the
value of your car after a car accident in New
York. Should you decide to hire an attorney from
our firm, our legal team will explain the way you
can obtain your own comparable sales of your
vehicle to increase the determined total loss or
actual cash value of your vehicle.

If the insurance company does not cooperate

with your compensation demands, we will
explain other avenues to resolve your property
damage claim. Personal injury lawsuits allow
plaintiffs to pursue more compensation than
what insurance policies might allow. So, if you
suffered other damages as a result of personal
injury besides just the property damage to your
vehicle, we believe you should strongly consider
retaining our firm to file a claim or lawsuit
against the appropriate parties. Should you
decide to hire our firm, our legal team will take
effective action on your behalf.

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

Once you have an understanding of your legal

options and decide to work with one of our
personal injury lawyers, we will start building
your case and keep you updated as it moves
through the claims or litigation process.

Click to contact our personal injury lawyers

today

We Provide Several Services to

Build Your Case

When we take on a car accident case, we do the

following for our clients:

Keep you updated on your case: We will

notify you whenever new developments
occur for your case, whether that involves
telling you about investigation results,
court notices, or settlement offers you
receive.
Processing: We will process insurance
paperwork and other related documents
Identify liable parties: Our team will
conduct our own investigation to identify
who may be held liable for damages and
whether more than one party might be
liable. Should multiple liable parties exist,
we will guide you on whether you should
file multiple actions or target specific
parties based on the evidence you have.
Communicate with all parties for you: To
protect clients from accidentally making
statements that weaken their cases, our
attorneys speak on their behalf. Should an
insurance adjuster, defending attorney, or
law enforcement officer reach out to you
for a statement, you can refer them to our
attorneys, and we’ll handle those
communications for you.
Gather evidence: During our investigation,
we will collect as much evidence as
possible. Evidence might include video
footage, witness testimony, expert witness
testimony, photographs, and accident
reconstruction analysis.
Determine a value for your case: Our
legal team will go over your damages to
reach an estimate of their financial worth.
We consider both economic and non-
economic damages when calculating your
case’s value.

The insurance companies will not have your

best interests in mind, so it is important to
understand your rights and what you may be
entitled to collect. We will negotiate a
settlement of the property damage claim with
the at-fault party’s insurer based on the
comparative negligence laws of the State of
New York.

Complete a Free Case Evaluation form now

Calculating Other Damages Will

Increase the Value of Your Case

We will also build a case against the at-fault

motorist and pursue additional damages on your
behalf when possible. You may qualify for
different types of damages, such as:

Past and future medical care costs

Lost wages
Diminished earning capacity
Pain and suffering
Emotional distress
Diminished quality of life
Physical disfigurement or permanent
disability

If you had to face other financial expenses, such

as rental car fees, or your injuries affected your
life in different ways (e.g., your relationships or
personal independence), we will include those
damages when calculating how much
compensation to pursue on your behalf. Once
your case settles, you will not be able to pursue
additional compensation, so our team aims to
be as thorough as possible when estimating
your case.

We Will Pursue Wrongful Death

Damages If You Lost a Loved One

If your loved one passed away in a car accident

in New York, please accept our deepest
condolences. We understand this is a difficult
time for you and your family, and we will help
you by pursuing and working tirelessly to
recover wrongful death damages to the full
extent allowed by the law. Our team
understands the privilege we have to advocate
for surviving families, which is why we want to
win the compensation you need and the justice
your loved one deserves.

Wrongful death damages may include:

Loss of consortium
Lost parental guidance
Funeral expenses, including cremation or
burial expenses
Loss of inheritance
Loss of financial support
Loss of society
Medical debts left behind from the
decedent (the deceased party)

Discuss Your Case with a Car Accident Attorney

in NY

At Friedman & Simon, L.L.P., our car accident

attorneys will advocate for you and help you
pursue the payout you need 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 compensation
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 who speak Spanish, Greek,
Bengali, Tamil, and Kannada. Should you need
language assistance during your consultations,
they will explain your case to you in your
preferred language to help you feel as
comfortable as possible.

Call today for your free case evaluation and

consultation. We will meet you at the hospital, in
your home, or another location convenient for
you.

Call or text 516-271-3489 or complete a Free

Case Evaluation form
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