Deductible

Your Deductible is the amount you pay out of pocket before your insurance coverage applies. On a total-loss settlement, the deductible is typically subtracted from the ACV — you receive ACV minus deductible.

Related terms

Actual Cash Value (ACV)

Actual Cash Value is the dollar amount your insurance company is required to pay you for a totaled vehicle. ACV represents the price you would pay to buy a comparable used vehicle of the same make, model, year, mileage, and condition in your local market — not the vehicle's original price, replacement cost, or what you still owe on a loan.

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