What is Market Value (Motor) | Insurance glossary by upcover

Market value is a valuation method that assesses the insured vehicle at its current retail value at the time of loss. It accounts for make, model, age, condition, and kilometres travelled. Insurers work out market value using industry guides, dealer prices, and market conditions. The final settlement can be lower than the insured expected.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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