My policy says I can be reimbursed for an item's "actual cash value". What does that mean?
"Actual cash value" means the depreciated value of an item.
Most travel insurance providers refer to "actual cash value" as it applies to the Baggage and Personal Items Loss benefit, which provides reimbursement for items that are lost, stolen, or damaged while traveling.
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 24/7 and are delighted to help!
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