What Does “Actual Cash Value” Mean In Car Insurance?

Defining “Actual Cash Value” Unlike our homes, we all expect that our cars depreciate in value over time. In fact, you are probably familiar with the fact that your car drops in value the second you drive it off the dealership lot. Once your car is no longer new, its resale value diminishes. Your car insurance provider knows this, too, and that is why your car insurance policy probably contains the words “actual cash value.” What actual cash values means is that your insurer will reimburse Read More