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Actual cash value means the fair market value of your car before the accident. This is the price that a willing buyer would pay a willing seller, neither under pressure to buy or sell.

Your company may survey dealers, value guide books, and private parties for a similar vehicle to approximate the ACV. A computerized market analysis system might also be used.

If you do not agree with your company’s figure for ACV, you may want to do your own survey of dealers and private party sellers in your area. Companies are required to offer a fair settlement. If you can show that your figure more closely approximates the ACV, your company should be willing to negotiate. Your policy may also contain an appraisal provision.