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Recent Blog Posts

Insurance Terms Defined – Actual Cash Value versus Replacement Cost

ACV Replacement cost


There is a lot of very specific vocabulary in the world of insurance. Do you sometimes find yourself scratching your head at the jargon? You’re not alone!

In this post, we’re going to get into two very common terms in insurance: actual cash value and replacement cost. When you’re looking for the best insurance rates, it’s important to understand what these phrases mean and how they apply to your home insurance and other insurance coverage.

Actual cash value

Actual cash value (ACV) refers to what it would cost to currently to replace an item with a similar one in the same condition. It’s essentially a valuation of what an article is worth today, taking into account wear and tear. So a sofa that you bought back in the 80s would be valued at less than a sofa that was bought just a few years ago, for example. The insurance company will be looking to figure out the value of the actual article.

Replacement cost

Replacement cost refers to what it would actually cost to replace the item right now. There isn’t any deduction for depreciation factored in. So to go back to the sofa, if yours is destroyed, with an insurance plan that offers the replacement cost, you will get what a similar sofa is worth now, regardless of how worn out or old the sofa in question was. You’re given what you need to replace the item with a comparable, new one at current retail values.

Which one is best?

Wondering what you should go for with your home insurance? If you’re looking for the cheapest option possible, generally plans based around ACV are less costly. They pay out less benefits which allows for the savings. If you don’t have a lot of stuff, or tend to buy frugally, such as choosing second hand over brand new, ACV could be a good option for you.

However, for many people, going for replacement cost is worth the additional premiums as you will get more out of it should you need to make a claim. Your insurance broker can discuss these options with you and assist you in selecting the right coverage, at the right price.

Have some other insurance jargon on your radar that you’d like clarified? Check out our full glossary of insurance terms here.

Not sure what direction to take with your home insurance coverage? Need some guidance on what would be best in your scenario? Get in touch with us today.


Image source: | Stuart Miles


What to Do When You’re in a Car Accident

Car accident

As a driver, hands down one of the most stressful situations to be in is getting involved in a car accident. With the adrenaline pumping and your mind going a million miles a minute, the last thing on your mind might be to protect yourself or your interests. You might not exactly be in the calmest, most rational state of mind.

But this type of event is precisely when you need to keep your wits about you. The following recommendations are key to taking control of the situation. You might even consider jotting them down and keeping them with your car insurance papers, so that even when frazzled or otherwise beside yourself, you can reference them.


  • Call the police immediately, and an ambulance if necessary in the situation.
  • While your instinct might be to immediately start hashing out the situation verbally with the other party involved and assessing what happened and why, do not admit liability. Keep your thoughts to yourself and leave it to the insurance providers to determine what happened and whose fault it was.
  • Record the details of the accident including date, time, location, a description of the accident, any injuries, and any charges laid. You may think that you will remember these details, but given the highly charged nature of an event such as this, you might be surprised at what slips your mind down the road.
  • Record details concerning the other party involved in the accident and his or her vehicle such as the owner’s full name and address, phone number, and the year, make and model of the vehicle.
  • It is very important to obtain the auto insurance information of the other driver. Make sure you get the name of the insurance company they are covered under, the policy number and the name of their broker or agent.
  • Get a copy of the police report from the attending officer so that you have the accident report number for future reference.


Do remember that these are just some helpful hints and every situation will be unique and will require different actions. Whenever you are involved in a car accident, you should contact your insurance broker immediately to get the support you need during this challenging situation. Your agent will be able to offer you expert advice as to how to handle the situation and give you the specifics on how your car insurance coverage will go into effect.

Have some further questions about what to do in an accident? Not happy with the service you’re getting from your current insurance provider? Want to get a quote for cheap auto insurance in Toronto and Ontario? Whatever assistance you need, we’re here and would love to hear from you. Contact us today.


Image source: |  Naypong


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