4/4/2023 0 Comments Actual cash value of my car![]() The add-on features the vehicle contains (e.g., leather seats, sunroof, heated seats, remote start, and so forth).The year, make, and model of the vehicle.To arrive at the correct actual cash value for your vehicle, you must take several factors into consideration: Related: How do Virginia Cell Phone Laws Affect Car Accident Injury Cases? What You Need to Know About Actual Cash ValueĪctual cash value refers to the amount your car was worth immediately before the accident. In Virginia, determining the value of your car after a car accident means establishing the car’s actual cash value. In these situations, car owners and insurance companies need another way to assess the vehicle’s value for compensation purposes. If your vehicle is totaled, that means either your vehicle is nonrepairable or that the cost of a repair would exceed the value of the vehicle itself, making it pointless to get it fixed. The purpose of this inspection is to estimate the dollar amount in damages that your vehicle suffered (i.e., how much it will cost to get your car or truck fixed). Related: Should I Hire an Attorney in Virginia or Let the Insurance Company Handle My Car Accident Claims? How They Determine the Value of a Car After a Car Accident in VirginiaĪfter a typical car accident, the insurance company sends an employee known as an adjuster to examine your vehicle and assess the damage. The Parrish Law Firm, PLLC team is ready to help you. To learn more about how they determine the value of your car after a car accident in Virginia, call (571) 229-1800. Armed with information from inside the insurance industry, he will fight aggressively to get you the compensation you deserve. Our firm’s founder, Jim Parrish, spent years working for insurance companies before opening his own firm to fight for the rights of injured victims. To ensure you get compensated fairly after a Virginia car accident, you should speak with an attorney from the Parrish Law Firm, PLLC. ![]() Unfortunately, many insurance companies try to get away with paying less than this amount. After a car accident in Virginia in which your vehicle was totaled, the amount your car is worth for compensation purposes is equal to its “actual cash value” the moment prior to the collision. ![]()
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