If you need to file for an insurance claim, the insurance market value of my car may seem like a total mystery. While every insurance company has their own method of assessing the cash value of your car, Holiday Automotive can walk you through the basics of how to determine the Actual Cash Value of a car in the Oshkosh area. Looking for answers to the query “How to calculate actual cash value of my car”? Get in touch with our finance experts for personalized assistance.
The Actual Cash Value of my car is the amount that your insurance company is willing to pay after your accident. Generally speaking, the ACV is the value of your car before the collision — minus any deductibles. While this may seem cut and dry, it can actually be quite complicated. Many insurance companies also take into account things like:
That means that even if you have a ballpark idea of your car’s original value, you might be surprised to see an ACV that falls hundreds or thousands of dollars below your estimation — even if you’re an extremely careful driver. This is where GAP insurance can come in handy!
As we mentioned previously, every insurance company has their own unique formula, so learning how to calculate the Actual Cash Value of a car isn’t easy. While you can get a quick valuation online through Kelley Blue Book or the National Automobile Dealers Association (NADA), there’s no way to know how much your insurance company will deduct. They will also consider your car’s value against others around Sheboygan and West Bend, which can complicate the formula even further.
You might be wondering, “How do I get the insurance market value of my car possible?” Here are some things to keep in mind as a driver to get the odds on your side.
We’ve touched on the basics of how to determine actual cash value of a car, but what about how to calculate actual cash value of my car specifically? Contact us to learn more about the valuation process and find out all about your insurance options. We’d be happy to help.
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