What does agreed value mean?

The agreed value is only a one aspect of your policy's premium. As your car ages, the value may decrease but the parts can become more difficult to source in the event of a claim.

There are also other pricing factors that will affect your premium. For more information, please refer to the Premium, Excess & Discount Guide on our policy booklets page.

Your sum insured represents the replacement price of your car, including the value of any legal modifications and on-road costs (like registration and CTP Insurance). You can choose agreed value or market value to insure your car.

If your car is covered for an agreed value, your sum insured can be found on your Certificate of Insurance under the policy summary area. You can also log in to your account.

You're covered even if you forget to lock your door or window. So, if your home is burgled while you're out, we've got you covered.

Read the Product Disclosure Statement (PDS) on our policy booklets page for more information.

If there's considerable damage to your car, or the repair cost assessed is uneconomical, it may be written off (also known as a 'total loss').

If this happens:

• Depending on your policy and the age of your vehicle, we'll either replace your car, or we'll pay you your car's agreed or market value minus any excess, on-road costs¹ (like unused registration and CTP Insurance), input tax credit and unpaid premiums
• Your policy will end and there will be no refund or transfer of your premium. If you pay your premium in instalments, we'll deduct any unpaid amounts from your settlement. If there's secured finance on your car, we'll pay the outstanding loan to the credit provider, and any remaining balance to you
• We keep your damaged car.

The amount we pay you and any deductions that apply will be different based on your level of cover.

We understand that a total loss claim can be unexpected. We'll explain the next steps in detail if we settle your claim this way.

For more information, see our Product Disclosure Statement.

Things you should know

¹ Due to different state registration refund processes, no on-road cost deductions apply to cars registered in QLD.

We cover unintentional damage caused to glass if the fracture extends through the thickness. Depending on whether you have Buildings Insurance or Contents Insurance, we cover:

• Glass windows and doors
• Cooktops & oven doors
• China sinks, showers, toilets and baths.

Read the Product Disclosure Statement (PDS) on our policy booklets page for more information.

We're only able to give you a guide as we're not licensed valuers. If you're unsure of the value of your home you can seek professional guidance from a licensed quantity surveyor or builder.

If you’ve chosen an Agreed Value policy, this value is the amount we agree to insure your vehicle for that is shown on your Certificate of Insurance. If you’ve chosen a Market Value policy, then we assess the value of your vehicle immediately prior to the incident you are claiming for (or at the time of any claim under the 'Lifetime repair guarantee' additional benefit), using local market prices and considering your vehicle’s age and condition. Both agreed and market values include any modifications, options or accessories to your vehicle, along with GST, registration and any compulsory third party insurance and other on-road costs.

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories.

This is different to agreed value, which is where you choose the amount to insure your car for (from a range we give you).

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories/extras.

When making any decisions about your policy, you should read the Product Disclosure Statement (PDS) on our policy booklets page.