There are many different setbacks that people may experience after a major motor vehicle collision. Kentucky motorists and the passengers in their vehicles could incur significant injuries and require treatment at a hospital. Even scenarios that do not lead to serious injury can have major financial repercussions because of the damage caused to the vehicles involved.
Those seeking compensation after a Kentucky collision may need to request reimbursement for expenses related to injuries and property damage losses. Those dealing with significant vehicle damage may need assistance navigating the process of seeking compensation because covering those expenses can prove challenging.
Many drivers have limited insurance
When negotiating an insurance claim, the amount of coverage acquired by the driver at fault for the crash is an important consideration. Many drivers in Kentucky carry what the state requires and nothing more. Kentucky statutes only necessitate $25,000 worth of property damage coverage. Those with vehicles that they need to replace instead of repair could easily find that the cost of purchasing a new vehicle is more than the amount of insurance available. Even repairs could run dangerously close to the policy limit for someone’s coverage if they only carry what the state mandates. Drivers who settle too quickly after a crash may not receive enough to offset the cost of repairing their vehicles.
Diminished resale value is another consideration
In addition to looking at the cost of repairing a vehicle that is not a total loss, people have to consider the impact that a crash could have on the resale value of the vehicle. In general, a history of involvement in a significant collision, which typically turns up on vehicle history reports, can undermine the resale value of a vehicle. That diminished value is another loss someone can claim compensation for after a wreck. Insurance or the driver at fault for the crash can potentially reimburse someone for the financial impact that a history of damage and repairs can have on the fair market value of a used vehicle.
Insurance adjusters are often eager to convince people to settle for less than they deserve. Individuals with significant expenses might benefit from partnering with an attorney who can help them address the cost of repairing a vehicle and offsetting the reduction in resale value that results from a collision. Determining the full financial impact of a crash is a key step towards the pursuit of appropriate compensation after a collision. Drivers who learn about the losses that insurance can cover are in a better position to secure the compensation they deserve.