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6 Q. How does the insurance company evaluate vehicle D damage? A. A qualified adjuster or appraiser usually inspects the vehicle damage. The adjuster or appraiser then writes an estimate based on the initial inspection. If further damage is found during the repair process, the shop will contact the insurer to get approval for the additional cost of repairs. Keep in mind the insurer may send out an adjuster to re-inspect the additional damages. If the damage is relatively minor, the company may instead ask you to submit competitive repair estimates. Remember, it is your responsibility to sign and authorize the shop to repair your vehicle once you are satisfied with the final estimate and repair facility. Q. What will the company pay on a physical damage claim under a standard auto policy? A. Generally, the company will pay the lesser of the following: • The amount necessary to repair the vehicle or • The actual cash value (ACV) of the vehicle. Read your policy to determine what is covered. Pay particular attention to exclusions and limitations. For example, there is usually no or limited coverage for enhanced aftermarket stereo equipment, telephones, or tires and wheels unless it is Original Equipment installed by the automobile Manufacturer (OEM) . Additional coverage is usually available for such installed equipment at an additional charge. Q. What is actual cash value (ACV)? A. Actual Cash Value - Unless otherwise defined in the policy, actual cash value in California means fair market value. The fair market value of an item is the dollar amount that a prospective buyer and seller are willing to pay and are reasonably knowledgeable about the asset. They must be behaving in their own best interest and free of undue pressure to transact.