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what's the difference between market and agreed value?

answer

Agreed value is an amount we will agree with you to insure your vehicle for, fixed for the term of the policy (12 months). The amount includes any modifications, options or accessories you have on your vehicle and makes it clear how much your car is insured for in the event of a claim. It includes GST, registration and any other on-road costs but it does not include allowance for dealer profit, warranty costs, future stamp duty and transfer fees. In the event of a total loss, any applicable excesses, unpaid premium and unused portions of the registration are deducted from this amount.


Market value is our assessment of your vehicle's value at the time of the incident you are claiming for, using local market prices and considering the age and condition of your vehicle. It includes any modifications, options or accessories attached to your vehicle, GST, registration and other on-road costs. It does not include allowance for dealer profit, warranty costs, future stamp duty or transfer fees. In the event of a total loss, any applicable excesses, unpaid premium and unused portions of the registration are deducted from this amount.

 

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