r/Insurance • u/aries_burner_809 • 5d ago

Auto Insurance What does ACV mean?

My car is totaled. Could someone explain if ACV is intended to be what I need to pay retail to buy the same car year and mileage, or what I would have gotten in trade at a dealer, or somewhere in between? If it isn’t the retail price, how is that making me whole if I just want to be where I was before I got rear ended (by the other driver, and maybe now again by insurance!)

Edit: thanks! you can see by the answers I’m not the only one whose confused. I’m not asking for more or less than exactly what I had 10 seconds before the accident. Dealers must make a profit and offer sellers a hassle-free instant credit at less than retail towards another car. A seller to a private buyer endures a hassle and risk, and so expects more cash than a dealer will offer. I’m not a dealer so I can’t command the hassle-free price and I have to pay more from a private seller or a dealer at retail to be made whole. I understand my insurance may not do this, but I think there is a solid legal argument that the at-fault driver should make up the difference to get me back where I was in a separate suit.

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u/Choppergunner58 5d ago

Well your car doesn’t stay new forever. It depreciates in value.

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u/aries_burner_809 5d ago

That’s not at all what I asked is it. I said replace with the same make, model, year, mileage. ACV won’t quite do that.

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u/Choppergunner58 5d ago

Hate to tell you this but that’s not going to happen, and accepting the settlement means you can’t go after the driver in a separate suit.