Actual Cash Value or Fair Market Value?

October 16, 2017Arizona diminished value, Auto Accident, California Diminished Value, Diminished Value, Diminished Value FAQ, Expert Answers, Insurance Claims, Luxury Vehicle Diminished Value, New York Diminished Value, Tesla Diminished Value, Texas Diminished Value, Total Loss FAQ, Virginia Diminished Value, Washington Diminished Value
Actual Cash Value or Fair Market Value?

I’ll bet that no one has explained to you what I am about to explain . . .

First of all, the terms Actual Cash Value (ACV) and/or Fair Market Value (FMV) are sorely lacking and ambiguous when it comes to actually helping to define the value of a private passenger automobile. 

In fact, the formal definition in almost every source one can find leaves out the MAIN ASPECT that would make the definition useful. 

The terms ACV and FMV are so ambiguous that they are totally meaningless when it comes to figuring out the value of your vehicle.

Don’t believe me, let’s break it down. 

Start with familiarizing yourself with the “formal” definitions.

Find out the difference between ACV & FMV!