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Commonly Used Claim Terms

Actual Cash Value (ACV) -  Your car's actual cash value is calculated by determining its original value, minus the amount your car has depreciated since you bought it.  The value of the vehicle at the time of the loss.

Adjuster - An adjuster is the person who investigates and settles auto insurance claims.

Claim - An auto insurance claim is a policyholder's request to be reimbursed for a loss that's covered by car insurance.

Claimant - The third party in a claim.

Comparative-Negligence Comparative negligence is considered when two or more parties failed to perform at a "reasonable standard." Each party has some degree of negligence in causing an accident. Your dedicated rep can help you with the comparative negligence laws in your state.

Deductible - The portion of a claim or responsibility to be paid by the insured before any payment is made.

Insured - The person, group, or property for which an insurance property is issued.

Supplement - Damages paid after an initial estimate amount is paid.  Hidden damages that are related to the initial loss.

Total Loss - Your vehicle will be considered a total loss if:

  • Damage is so severe that it can't be repaired safely
  • The repairs will be more expensive than the value of the vehicle
  • The damage is so severe that state regulations require the vehicle to be declared a total loss
 

 

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