If you need to lodge a claim with us and the damage to your car is covered under your policy and your car is uneconomical or unsafe to repair, we’ll deem it a write-off.
That's when the Market Value of a vehicle becomes relevant.
Market Value means the amount that the market would pay for the car. Your car includes keys and accessories or modifications that are permanently fitted to your car. It also includes paint protection.
Market Value is based on many factors including the age of the vehicle, make, model, kilometres travelled.
Market Value also excludes costs of registration and compulsory third party insurance and any stamp duty and transfer fees, dealer warranty costs and dealer delivery.
We may use recognised industry publications to assist us in calculating the amount.
The Market Value of your car can change over time.