With Auto Insurance, you get only what the car is worth, “Actual Cash Value.”
That could be the “Blue Book” value, the fair market price (typically lower than “Blue Book”), and, maybe, if it’s super new, you might get a new car. Doubtful.
Commercial Insureds, business owners with trucks and cars, see the “cost new” info on an application, and immediately believe that’s the value insured.
Nope.
You only get what it’s worth, at the time of the accident, or the value of the repair, whichever is LESS.
I spend my days explaining to Rugby-playing business owners this difference: ACV vs “getting a new car.” Rugby players have an interesting vocabulary.