How is the ACV determined?
ACV (Actual Cash Value) is the market value of the vehicle taking into consideration the vehicle’s condition before the loss, it’s options and equipment, mileage, and the market area. ACV is determined, in general, by looking at area quotes from dealers or ads for vehicles of like kind and quality. Your vehicle’s value may be less than what is owed on your loan or lease. You should discuss with your lien-holder if you had purchased “Gap” coverage at the time of your vehicle purchase to protect you in these situations.
