What is Sum Insured (Motor) | Insurance glossary by upcover

Sum Insured (Motor) is the maximum amount the insurer will pay for total loss of the insured vehicle. The sum insured may be based on market value (the vehicle's current retail value) or agreed value (a fixed amount specified in the policy). The sum insured is a key factor in motor insurance cover and premium calculation.

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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