Actual Cash Value
You’ll see this term a lot in auto insurance policies or if you ever have to file an auto insurance claim. That’s because most auto insurance coverage reimburses you only for the actual cash value of your car. Your car’s actual cash value is calculated by determining its original value, minus the amount your car has depreciated since you bought it.
Featured Article
Best Ways To Save Money On Your Auto Ins
1. Drive Less for and get a discount
Some carriers will discount your premium with a low-mileage discount if you drive less than 7,500 miles per year. Also ask your agent if you can receive a commuter discount for using public transportation.
Glossary
Get the answers you need.
Uninsured Motorist Bodily Injury Coverage:
Uninsured Motorist Bodily Injury covers you, the other people on your policy and your passengers for damages or death caused by an uninsured motorist.