Vehicle Appraisal & Insurance Valuation in Maryland

The Maryland Insurance Administration (MIA) provides guidance on automobile total-loss valuation standards. Maryland's regulatory framework addresses the determination of fair market value for total-loss vehicles and the use of substantially similar vehicles in establishing that value.

Maryland's applicable regulatory framework addresses a standard under which a vehicle may be considered a total loss. The Maryland Insurance Administration provides guidance on the applicable threshold and terminology.

Maryland's total-loss valuation standards address the use of substantially similar vehicles — vehicles of the same make, model, year, options, condition, and mileage — available in the applicable market. Applicable taxes and registration fees are addressed in the settlement context where officially supported.

ACV in Maryland is the fair market value of the vehicle immediately before the loss. The determination considers the vehicle's make, model, year, options, condition, and mileage, as well as comparable vehicles available in the applicable market.

An independent appraisal can examine the same evidence — comparable vehicles, market data, condition, mileage, equipment — and develop an objective opinion of value. Depending on the evidence, an independent appraisal may produce a value that is higher, lower, or similar to the insurer's valuation.

The Maryland Insurance Administration discusses independent appraisal evidence in the context of diminished-value claims. An independent appraisal can provide valuation evidence relevant to a diminished-value claim.

An appraisal can provide valuation evidence — it does not automatically establish insurance coverage or legal entitlement to recover diminished value. Whether a specific Maryland claim supports a diminished-value recovery depends on the applicable policy, the type of claim, and applicable Maryland law. Questions about legal entitlement should be directed to a qualified attorney in Maryland.

Maryland does not establish a universal statutory automobile Right of Appraisal independent of policy provisions. If the applicable policy contains an appraisal clause, that contractual provision governs the availability and procedure of the appraisal process for disputes about the amount of a loss.