Policy Limits

Policy Limits are the maximum dollar amounts your insurance will pay under a specific coverage. For total-loss claims, the relevant limit is your collision or comprehensive coverage limit, which is the ACV of the vehicle (minus deductible) — there is no separate dollar cap on most modern policies.

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.

Deductible

Your Deductible is the amount you pay out of pocket before your insurance coverage applies. On a total-loss settlement, the deductible is typically subtracted from the ACV — you receive ACV minus deductible.

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