Actual Cash Value
In my coverage outlines, the car value is termed "actual cash value." What does this mean in understandable terms? Is condition and mileage taken into consideration? Is it the price in any of the market guides or is the price determined by what a dealer wants for a car?
Actual cash value is the depreciated value of your car. It's what you can expect to get if you sell the vehicle.
Now, the actual value of your car will depend on whether it is in "good" condition or "bad" condition. If your car is considered to be "totalled" (or not worth fixing), you will most likely get what is commonly called "book value" for your vehicle. This is normally based on the commonly used guides.