Actual Cash Value (ACV)

The fair market value of a vehicle before the loss occurred, used by insurance companies to determine total loss thresholds and payouts.

Definition

The fair market value of a vehicle before the loss occurred, used by insurance companies to determine total loss thresholds and payouts.

Related Terms

Market Value

The estimated price at which a vehicle would sell in the current market, derived from comparable sales data.

Total Loss

When an insurance company determines that the cost to repair a vehicle exceeds a certain percentage of its actual cash value, typically 75%.

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