What does ACV mean on insurance policy?
What does ACV mean on insurance policy?
Actual Cash ValueActual Cash Value (ACV) ACV is the amount to replace or fix your home and personal items, minus depreciation. Depreciation is a decrease in value based on things like age, or wear and tear.
Which is better total loss coverage or actual cash value?
If the adjuster determines the cost to repair the damages to the car is more than it is worth to them—that is, repairs exceed the actual cash value, or ACV, of the car—then it is considered a total loss. Nov 10, 2021
What is coverage L?
Coverage L — Liability — We pay, up to our limit, all sums for which an insured is liable by law because of bodily injury or property damage caused by an occurrence to which this coverage applies.
