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This is the how insurers determine how much your car is worth, if you need to make a claim.
Agreed value is the amount your car is insured for, which has been agreed by you and your insurance company. Your car’s age and condition will affect how much it’s worth.
Market value is the amount your car is insured for, which has been valued from the current market, based on car type, condition and number of kilometres. Other factors that might affect the value could be, where you live, how secure your car is parked, and if it has an alarm etc.
It’s important to remember that your car’s value will affect how much you pay on your monthly premiums.
Market value tends to be less expensive and more common than agreed value. But that doesn’t mean that’s it right for your circumstances or budget. See more about how car insurance is calculated.
Remember that all cars depreciate in value. Even if you bought a brand new car one day and wrote it off the next, the car would still have depreciated - like all cars do as soon as they leave the showroom.
However much you are paid back it should be sufficient enough amount to buy another car that is worth the same value as the one you have just lost.
Now you have a good idea which valuation is right for your pride and joy, you can start to compare car insurance quotes in just 2 minutes. We do not compare all the insurers in the market.
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