Actual Cash Value

Your beloved 1997 Porsche. You could've sold it for $43,000 that week, but you just liked driving it around. You named her Suzie. Then, one day, some idiot nanny was texting, "chicken or fish?" and ran into you headlong, totaling Suzie.

Luckily, your auto insurance featured a $1,000 deductible. The agency assayer recognized the $43,000 in value of the car and wrote you a cash check for $42,000 on the spot. This was both good news and bad, as the $42,000 was a thousand dollars short of what the replacement cost of the car might have been. But unfortunately, there were no Suzies for sale in the market. A brand new Suzie would cost a few hundred grand, and the insurance company would've subtracted some 2/3rds or more of her value as depreciation losses, and written you that actual cash value check...but some things are just priceless.