What is Actual Cash Value or ACV?
It is our option to repair, replace or rebuild a damaged vehicle or we can simply pay for the damage. If the damage makes the vehicle a “total loss” as detailed above we will seek to pay you for your vehicle. Our obligation is to pay you Actual Cash Value which the value of your vehicle considering all aspects of the condition of your vehicle such as mileage and wear and tear as well as optional, non-standard items that might increase the value of your vehicle. Please review your policy; you may have an endorsement that extends your coverage to provide replacement cost coverage subject to certain limitations.
