What does actual cash value mean?
Short Answer
“Actual cash value” refers to the cost of an item, less its depreciation.
More Detail
In terms of travel insurance, “actual cash value” is usually used in reference to the Baggage and Personal Items Loss benefit.
If your baggage or personal items are lost or stolen while on a covered trip, and you have the Baggage and Personal Items Loss benefit, you may be reimbursed the actual cash value of the item. This is determined by the provider.
This information can vary based on the travel insurance policy. Please review the policy certificate to verify coverage. If you have questions about a specific policy, please contact us directly at 800-240-0369. Our customer service representatives are available from 8am to 10pm ET seven days a week and are delighted to help!
- Author: Steven Benna
- Title: Lead Data Analyst