ACV | Insurance Software development

ACV (Actual Cash Value) in Car Insurance

Author - Webner
4:36 am
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Actual cash value means replacement cost less depreciation. An insurance company determines the worth of the car after accounting for the depreciation and what we get is Actual Cash Value (ACV). This is the amount of money your insurance company will pay out if it is stolen or totalled after they’ve subtracted your deductible, which is required with a comprehensive or collision claim. It means the value of your car as determined by your car insurance company considering the market value of the vehicle. Actual cash value is different from replacement cost coverage, which covers the full […]

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