Vehicle Appraisal & Insurance Valuation in Virginia

The Virginia State Corporation Commission (SCC) provides guidance on automobile total-loss valuation. SCC guidance addresses collision and comprehensive total-loss claims, ACV, and current market value.

Virginia does not prescribe one mandatory valuation methodology. SCC guidance indicates that insurers use various methods to determine ACV, and the SCC does not mandate a single approach. An independent appraisal can examine the available evidence and develop an objective opinion of value.

SCC guidance indicates that liability insurers consider third-party diminished-value claims individually and should consider credible evidence. Virginia does not prescribe one universal diminished-value calculation formula.

Virginia's SCC guidance on third-party diminished value applies to third-party liability claims — it is not a universal first-party insurance coverage rule. First-party physical-damage coverage and third-party liability damages are distinct legal frameworks in Virginia.

Virginia Code §8.01-416 addresses qualified appraisal evidence relating to motor-vehicle damage or diminution in value in civil actions. This statute addresses the admissibility and use of appraisal evidence in Virginia civil proceedings.

Virginia Code §8.01-416 is an evidence statute — it addresses the admissibility of qualified appraisal evidence in civil actions. It is not itself an insurance coverage mandate. Evidentiary admissibility is distinct from insurance entitlement, and §8.01-416 does not establish universal first-party diminished-value coverage.

Virginia 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.