With car insurance, what is the difference between market value and agreed value?
Market value is the selling price defined by the current market, which would take into account things like mileage on the car and the general condition of the vehicle.
Agreed value is the amount you agree with an insurer - this is the amount you will receive at claim time in the event of a total loss. The benefit of an agreed value is that you know how much you are going to get paid. ASB Private Motor Vehicle Insurance policies (that cover a total loss) are all agreed value.
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