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How to Determine Actual Cash Value of a Car

Insurance Agent Examining Car After Accident


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.

What is the Actual Cash Value of my Car?

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:

  • Usage of your car
  • Past accidents
  • Wear and tear
  • Depreciation
  • …And more

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!

How to Calculate Actual Cash Value of a Car

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.

Getting the Best Insurance Market Value of My Car

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.

  • Disputes: Not everyone agrees with how to determine the actual cash value of a car, and if you are not satisfied with your ACV, research other cars in the Beaver Dam and Ripon area. Make a case that your car is worth more than insurance claims, and try to boost your valuation.
  • Insurance: Gap insurance coverage will help you pay off the difference between your owed amount and the ACV in case of an accident, and it is generally an inexpensive way to secure peace of mind.
  • Replacement: New replacement coverage is available for new vehicles. This coverage will provide you with more than the ACV of the car if your vehicle is totaled, but you must be the first owner of the car.

Find Out More with Holiday Automotive

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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