How I know….17 years ago (2008) my wife hit a 9 year old female pedestrian J-walking across Main Street (25 mph zone). The kid just bounced off her car and was taken to the hospital for precaution. My wife’s SUV unscathed without a scratch. Because there was an accident report on the vehicle Honda lease company depreciated it $4k upon lease turn-in. Needless to say the $4k came out of my bank account. Lesson learned. Make sure the insurance company covers the current depreciation value. Though the police cited the kid she was permitted to sue our insurance company up to the age of 18. That never happened but we had to sleep with that on our minds for 9 years.