Insurance question?

Question

We have progressive insurance and on the policy it says COMPREHENSIVE ACV LESS $500 DEDUCTIBLE whats the ACV mean?

Answer 1

Actual Cash Value. In the case of comprehensive coverage an "ACV" payment would only be made if your car was involved in a comprehensive claim. These would include colliding with an animal, flood, smoke or smoke related damage, fire, and lightning (those are the big ones)...where your vehicle is considered to be a total loss. The other type of comprehensive claim involving an ACV payment would be if your vehicle were stolen. The way ACV is calculated the folks above have very accurately explained. :)

-As for the deductible, this of course is the amount you are responsible for. So if the ACV of your vehicle was 5k, you would be paid $4500.

Answer 2

Actual Cash Value

Answer 3

Actual Cash Value: Actual Cost Value (ACV) is a method used by insurance companies to assign value to a piece of property at the time it is damaged or destroyed. ACV is estimated by taking the cost of replacing the property minus the depreciation from age or "wear and tear

Answer 4

Actual cash value or market value. Meaning the insurance co. will NOT pay for replacement cost of a vehicle, only what it is actually worth.

Answer 5

actual cash value. For instance if your car is stolen, you will get the actual cash value of t he car at the time of the loss less your deductible. Or if your car is totalled by a comprehensive loss (fire, theft of vehicle, flood, hail, vandalism), you will be paid the actual cash value of the car at the time of the loss less your deductible.

Answer 6

ACV means.....

Actual cash value

Answer 7

ACV - The cost to replace an item or property at the time of loss, less any allowance for depreciation.

http://www.insurancebeacon.com/Online_Insurance_Quote_Glossary/glossary_a.htm

Answer 8

acv means all covered vehicles