Fair Market Value
Location: Austin, TX area
My case is still ongoing so I'll be very brief about my situation, except to say I was rear ended and found to be 0% at fault. I am currently working with a lawyer (primarily injury related) and the case is near it's end.
My question is in terms of property damage for some equipment that was in the vehicle at the time of accident. The equipment is worth about $3500 new (that's what it would currently cost me to replace it). However, I had bought this equipment used for an extremely low cost, still in very good condition, a few years ago. My lawyer tells me that he can only ask the at-fault insurance company for the amount that I paid for it. There is no way I will find this again at the price I had gotten it beforehand, so to replace it would mean I'd be spending significantly more. I had been of the understanding that I should get the fair market value for my property at the time of the accident. I'm obviously no lawyer myself so I'm trying to figure out if I've misunderstood the law.
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