Retail Price vs. Clearance Price for RCV Coverage Assessment
Hi there! When evaluating an item with Guaranteed Replacement Cost (RCV) coverage, like clothing that’s on sale, should I consider the retail price or the clearance price? I’m uncertain about which value to use. Thanks for your help!
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When determining the value of an item for Guaranteed Replacement Cost (RCV) coverage, you should usually use the retail price, not the clearance price. RCV is meant to cover the cost to replace an item at current market prices, which typically reflects the retail price of similar items, even if you purchased it on sale.
However, it’s always a good idea to check your specific insurance policy, as definitions and guidelines can vary. If you have any doubts, reaching out to your insurance provider for clarification can help ensure you assess the value correctly.