When is actual cash value calculated

[mrJones]

I'm hoping to get some info on what (I imagine) is a fairly uncommon scenario. I have a 2015 Ford F-150 which was involved in a hit and run (other driver ran) in 2017. I filed a claim the day after the accident and my carrier completed an estimate; however, because this was a hit and run and the other vehicle (I was able to collect the license plate number) was uninsured, the claim was against my collision coverage and I was not in a financial position to cover the deductible. As life continued on, new reasons to procrastinate on repairs continued to present themselves: couldn't be without the vehicle, was away from home for work, time constraints, etc etc. Fast forward to today, I am going to look into having the necessary repairs completed. However, a mechanic friend of mine took a passing glance at the truck and told me that based on the impact point, there is a good chance that there is frame damage.

My question is this: if I take this in for repair and the cost is greater than the estimate, enough so that the insurance carrier deems it a total loss, on what date is actual cash value calculated? What I mean is, should I expect them to calculate ACV based on today's value, or would it be based on the value of the vehicle on the date of the accident?

I know I may be putting the buggy in front of the horse here, but I also know that if the above scenario plays out, things can move pretty quickly and I don't want to find myself scrambling for answers.

Thanks for reading. Any insight is greatly appreciated.

 

[fed up]

Most likely your claims person will default to the original estimate and force you to prove that the additional damage was part of the original hit since you have waited 2 years to address the issue. That said, if it is now a total loss I can also see the ACV set at today's value because the vehicle is 2 years older

 

[adjusterjack]

I agree that ACV is likely to be at today's value because you've had use of the vehicle for the last two years while it has continued to depreciate.

I suggest you take your vehicle to a repair shop and have the frame inspected. If there is frame damage call your claims department and see about getting an adjustment.