Auto Insurance

Explore practical auto insurance tips from The MVP Insurance Agency. Learn about liability limits, deductibles, comprehensive and collision coverage, uninsured motorist protection, discounts, claims, teen drivers, vehicle changes, and more. Our goal is to help you understand your options and choose the right protection for your vehicles, family, and budget.

Isometric 3D rendering of a new silver SUV in a clean white studio

Why Standard Auto Insurance Pays You Less After a Total Loss : and How to Fix That

Understanding Actual Cash Value (ACV) Standard automobile insurance policies utilize Actual Cash Value (ACV) for total loss settlements. ACV is defined as the replacement cost of the vehicle minus depreciation. Depreciation factors include: Vehicle age Total mileage Physical wear and tear Local market conditions When a vehicle is totaled or stolen, the insurance provider issues a payment based on current market value. This amount is typically lower than the original purchase

Jim Palmer

Jul 222 min read