Alongside the actual cash value, what element influences the payout for a total loss theft claim?

The payout for a total loss theft claim is primarily influenced by the vehicle's actual cash value (ACV), which accounts for depreciation. The depreciation rate directly impacts the ACV since it reflects the reduction in the vehicle's value over time due to factors like age, wear and tear, and market conditions. This means that as a vehicle ages or incurs damage, its value decreases, and this depreciated value is what insurers typically consider when determining payouts for total loss claims, including theft.

While other aspects like the current dealership price and the age of the vehicle might play ancillary roles in establishing value, it is the depreciation rate that fundamentally drives the calculation of the payout alongside the ACV. Repair estimates are irrelevant in a total loss theft claim since the vehicle is presumed irretrievable and cannot be repaired, making them non-influential in this particular context.