Agreed Value – The fixed amount we agree with you to insure your car for, and the maximum amount we will pay for damage caused to your car in the event of a claim. This amount can change when you renew your policy.
Market Value – The reasonable cost to replace your vehicle with one of the same make, model, age and condition as your car at the time of loss or damage. It does not include allowance for warranty, stamp duty or transfer costs. It is always good to have an idea of what your car may be worth, you can find out by searching for your car at https://www.redbook.com.au/
The above information is general in nature and does not take into account your personal objectives, needs and circumstances. You should consider the appropriateness of the information having regard to your personal circumstances and consider the Product Disclosure Statement available on the Car and Home Insurance Disclosures page before making any decision in relation to an insurance product.