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Car Insurance Salvaged Car Louisville Kentucky KY

Reader’s Question:

I need to know how to determine the Salvage value for my totaled vehicle here in Louisville, Kentucky. I don’t think my
car insurance company is giving me a fair price for my lost vehicle. Thanks!

Clark

Louisville, KY

Hi Clark, if you feel that you are not being given a fair amount (for the salvage value of your car) you can call up several different salvage or wrecking yards in or near Louisville, Kentucky so you can compare and compute the average that these yards are willing to pay for your totaled vehicle. That should give you a very good idea of how much salvage value your vehicle is worth. Generally though, around fifteen to twenty-five percent of your car’s retail value at the time you lost your vehicle is what’s used by most insurance adjusters.

Please note though that each car insurance company will have its own system in determining how much to pay you for the price of your vehicle loss. Some of the other factors that your car insurance provider may use to determine the salvage value includes: Current bluebook value, re-sale value with dealers, the car conditions and appraisal prior to the accident, newspaper listing of prices and current salvage values that may come from their own affiliated wrecking yards. They may also reference the current market value of another comparable vehicle. It is also interesting to note that the part of the vehicle that was severely damaged by the collision can also affect the salvage value of the car. Front-end damage will result in a lower salvage value as compared to a read-end damage.

Tags: auto insurance