Estimated Value – For polices purchased or renewed on or before 26th June 2017
It is up to you to set the estimated value for your car, within the range that we make available for you to choose within. The estimated value you choose should also cover any permanently fitted accessories and modifications your car has.
Under this policy the 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, permanently fitting accessories and modifications 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. This PDS can be found HERE.
If you had any further questions relating to your Estimated or Market value, please click here to send us a message.