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What
does LKQ mean?
Just so you can understand, let's relate it to flooring in your home.
If the flooring in your living room is ruined by a ruptured hot water heater, your
insurance company will replace it with Like Kind and Quality.
If you have $20 per sq. yd. Berber Carpet, the insurance company cannot replace it with $6
a sq. yd. sheet vinyl . They have to pay for carpet and at least as good as you had.
Another example could be the engine in your automobile. If drive
into high water, and water is sucked into the intake of your car and ruins your engine,
your insurance company will replace it. They also will usually go LKQ. If you have a 1998
car with 36,000 miles, they should put in a 1998 or newer (if it will fit) engine with
36,000 or less miles. You may insist on a new or rebuilt engine, and if you do, your
insurance company will depreciate your engine and charge you betterment. This can be from
several hundred to a couple of thousand dollars. |