What’s the difference between market and agreed value?
Last updated 13 January 2016
Depending on the type of car you own, you can insure it for either market or agreed value. It’s important to note this is only available with our Comprehensive Car Insurance.
Here’s what they are:
- Agreed value is the amount we agree to insure your vehicle for. Choosing this option means you’ll pay more for your insurance and we’ll be able to tell you the agreed value on your Certificate of Insurance.
- Market value is the amount it will cost to replace your vehicle immediately prior to the loss or damage, based on its age, make, model and condition. This means this amount could vary during your Period of Insurance and the value isn’t shown on your Certificate of Insurance.
You can find out more in the PDS.
Important information: Car Insurance is provided by Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CommInsure is a registered business name of CIL. CIL is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. This information is provided by CIL and where we refer to ‘we’, 'us' and ‘our’, we mean CIL. You can download the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) by clicking on the links, or by calling us on 13 2423 for a paper copy.