Have you wondered how people figure out how much their car is worth? Whether it’s for selling, trading in or filing an insurance claim, understanding your car’s actual cash value (ACV) can make a big difference. And as it turns out, most drivers aren’t just guessing – they have their go-to methods.
Based on a recent poll we conducted, here’s what we found about how drivers prefer to crunch the numbers when it comes to valuing their vehicles.
78% prefer using online tools to calculate their car’s value
Based on our recent poll results, about 78% of drivers turn to online tools to estimate their vehicle’s value. Some sites like Edmunds and Kelley Blue Book provide tools to help people calculate their car’s market value.
These platforms make it easy to input details like make, model, year and location to get a ballpark figure in minutes. It’s a convenient and reliable starting point for many since these tools often reflect current market trends.
19% of drivers compare with similar vehicles in the market
Another 19% of drivers prefer a more hands-on approach. They like to research by checking out what similar cars are selling for on the market. That usually means scrolling through listings on different online platforms or browsing local dealership websites to see how their vehicle stacks up.
Only 3% of drivers let the insurance company take the wheel
Interestingly, only 3% of drivers rely solely on their insurance company to determine the value of their vehicle. That’s likely because many people worry about getting a lower estimate than they deserve. By knowing the car’s value ahead of time, drivers feel more empowered to challenge low offers and advocate for a fair insurance payout if they ever need to file a claim.
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Why is the actual cash value of your vehicle important when filing a claim?
If your car gets totaled in an accident or stolen, the payout you receive from your insurance company is based on its actual cash value (ACV), not what you paid for it and not what it’s worth to you emotionally.
Understanding your car’s current market value can make a big difference when you’re dealing with a claim. Whether you use an online pricing tool or browse similar listings in your area, having a value in mind puts you in a much stronger position.
In a stressful moment, a little knowledge can go a long way. You’ll be ready to negotiate with confidence if the insurance payout doesn’t match the actual cash value of your vehicle, as you determined.
Confident decisions begin with clear information
When it comes to car insurance claims, one of the best ways to stay in control is by knowing how much your vehicle is worth. Instead of accepting the insurance company’s claim payout, many drivers do their own research using online valuation tools or comparing prices of similar cars. This kind of preparation gives them a clearer picture of their car’s market value and the confidence to negotiate the payout.
See our detailed guide on determining your car’s actual cash value
Sources
- Edmunds. “How much is my car worth: Instant used car value and trade in value” Accessed June 2025.
- Kelly Blue Book. “My Car’s Value” Accessed June 2025.
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