February 18th, 2022
Part 2: Getting Your Vehicle Replaced
Posted in: Personal Injury Tagged: Fred A. Balkin
If your vehicle is declared a total loss, insurers typically evaluate it based on its Actual Cash Value (ACV) rather than the cost to purchase a replacement. Because ACV accounts for depreciation, mileage, and pre-accident condition, the settlement offer often falls short of what you originally paid or what a comparable vehicle currently costs on the open market. Understanding the legal distinction between ACV and replacement cost is critical when negotiating a fair settlement for a totaled vehicle.
Personal Injury attorney Fred Balkin speaks about some of these challenges as well as what is Replacement Value Coverage and how clients can advocate for themselves.
