Fair Market Value

Fair Market Value (FMV) is the price a willing buyer would pay a willing seller for a vehicle in an open market, with both parties acting without compulsion and with reasonable knowledge of relevant facts. For total-loss claims, FMV is functionally identical to Actual Cash Value (ACV).

Related terms

Actual Cash Value (ACV)

Actual Cash Value is the dollar amount your insurance company is required to pay you for a totaled vehicle. ACV represents the price you would pay to buy a comparable used vehicle of the same make, model, year, mileage, and condition in your local market — not the vehicle's original price, replacement cost, or what you still owe on a loan.

Comparable Sales (Comps)

Comparable Sales — or 'comps' — are recent sale prices of similar vehicles used to determine the fair market value of your totaled car. Insurance valuation tools build their offer by averaging adjusted prices of comps from your local market.

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Your consultation and offer review are free. If we agree to be your appraiser, our service is $199 for the appraisal research plus up to 2 hours of appointed-appraiser work at $149/hour.

Free appraisal consultation — and you pay nothing unless we get you at least $1,000 more. Our average is $3,260 more.No upfront payment — we pre-authorize your card only after reviewing your consultation and agreeing to take the engagement.

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The minimum guarantee is a full service-fee waiver when an accepted engagement does not deliver the minimum additional value over the insurer's initial offer. Results vary. See terms.