In the state of Kentucky, you can recover the difference between what your car was worth immediately before the accident and what it is worth immediately after the accident. Insurance companies use estimated repair costs and the Blue Book value of your car to make their decision.
If the estimated repair costs are more than 75% of your car’s Blue Book value, they will likely total your car and pay you the Blue Book value of your car immediately before the accident. In most cases the insurance company will send an adjuster to estimate what it will cost to repair your vehicle.
Your insurance company will then issue you a check for repairs or a check for the Blue Book value amount if they choose to total your vehicle instead. If you receive a check for repairs, you may use the mechanic shop of your choice.
If your car is totaled, your insurance company may argue to reduce the amount they pay you from the Blue Book value to the salvage value of your vehicle. You will have to pay the Blue Book retail value for a replacement, so you should argue to be compensated according to this highest Blue Book category. Non-stock upgrades should also be considered when determining the totaled value of your vehicle.
Other Than Vehicle Value, What Else Can I Recover?
In Kentucky, you are also able to be financially compensated for the loss of use of your vehicle. This amount is usually determined by the cost of renting a car that is considered a reasonable replacement for your vehicle.
Insurance companies typically will not arrange for the rental, but the money you spend to rent a car on your own should be reimbursed back to you. And if you do not rent a car, you are still entitled to receive a check for the amount of what a rental car would have been, compensating you for the loss of use of your vehicle.
When Should I Contact a Lawyer?
Simple car accident claims often can be handled by your insurance company with few or no complications. However, it is not uncommon for problems to arise. If the other driver does not have insurance or if their insurance company is disputing liability and refusing to pay for your vehicle’s damages, getting legal help may be the answer.
Thomas Law Offices is dedicated to helping Kentucky car accident victims recover from their accident and receive the financial compensation they deserve. Contact our legal team today for a free consultation of your case. We can answer your questions and help you return your life back to normal.