It happens.  You are out to dinner with your family, shopping at a local mall, or perhaps attending a show or event.  Parking in these locations can sometimes be difficult to find on your own, so you chose to use the valet service.  When you are finished with dinner, your shopping, or the show and get your car back, it’s not exactly in the same condition as it was when you dropped it off.  There’s damage.

So, who is responsible?  You can consult the operation manager of valet facilities to resolve the issue.  If you find major damage then you should consult your auto insurance agent for an initial survey and investigate coverage from the valet company.  This is something that you should immediately bring to the attention of your auto insurance company.

Just as it’s a possibility when you park your car on your own, scratches and damages can occur with a valet.  This is especially true if the parking space is small and cars are parked behind and next to each other in a crammed lot.

Additionally, accidents can occur while a valet drives your car.  Sometimes, the valet has to drive a car on city streets to park in a designated valet parking location.  These types of accidents are part of the risk inherent when you give your car keys to someone else to drive, regardless of whether or not it’s the fault of the valet or someone else.

Should an accident happen to your vehicle, call your auto insurance company to inform them and be sure to complete any claims paperwork from the valet service.  Reputable valet companies should have a claims process in place in the event of any damage to your vehicle.

What can you do to prevent damage or accidents to your car in these situations?  You can either self park if possible or you can make a specific request to the valet to park it in an isolated area and then get your keys back. This way, since the car is an isolated area, the valet service doesn’t need to move it to get other cars out and as such won’t need the keys.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

Actual cash value (ACV) is a term that refers to a method of computing what an insurer (such as an auto insurance company) will pay an insured, after a loss, for a specific insured item (such as a car).  Generally, ACV is determined by subtracting depreciation from replacement cost.  Replacement cost is the typically the preferred method of insuring.  However, ACV is often a less costly method of insuring articles like cars.

There are several different methods by which your auto insurance company may calculate the amount it will pay you for a loss.  ACV, sometimes known as market value, is the standard that insurance companies normally prefer when reimbursing policyholders for their losses.  The ACV represents the dollar amount you could expect to receive for an item like your car if you sold it in the marketplace.  The auto insurance company determines the depreciation based on a combination of objective criteria and subjective assessment.  The objective criteria are calculated using a formula that takes into account the category and age of the property and the subjective assessment comes from the auto insurance adjuster’s visual observations of the car or a photograph of it.  In the case of auto theft, the insurance company would deduct from its replacement cost an amount for wear and tear prior to the time it was stolen.

Certain property may be subject to a special valuation basis other than replacement cost or actual cash value.  To find out about ACV and to learn if your auto insurance company has special valuations, contact your agent to learn more.
NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.