Market Value – For policies purchased or renewed on or after 27th June 2017
Your car is covered for its market value. Your car includes keys, options, accessories, or modifications that are permanently fitted to your car.
Market value means the amount we assess your car to be worth on the road in your local area. We’ll consider your car’s make, model, age, condition and kilometers travelled in assessing its market value. We may use recognised industry publications to assist us in determining its market value. Market value includes costs of registration and compulsory third party insurance and any stamp duty and transfer fees.
Estimated Value – For polices purchased or renewed on or before 26th June 2017
You set the estimated value for your car, including any accessories and modifications fitted to it.
Under this policy estimated value is the maximum amount we’ll cover for loss or damage to your car, it’s not the guaranteed amount you’ll receive at claim time. If, during us settling a claim, we determine that the actual market value of your car is lower than the estimated value, then we’ll limit cover for loss or damage to your car to that market value.
At assessment time, when we determine your car’s market value, we take into account many factors including its age, make, model, kilometres travelled and general condition. We may also use industry publications to help us determine its market value.
The market value of your car can change over time.
For more information on estimated value please see page 2 of your product disclosure statement (PDS) - part 2. This PDS can be found HERE.