What's the difference between agreed value and market value?

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.

Agreed value is an amount of cover that you choose for your car (from a range we give you). The agreed value includes:

• Any modifications, options or accessories that are attached to your vehicle
• GST
• Registration and any CTP Insurance
• Other on-road costs.

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

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

The amount we pay you and any deductions that apply will be different based on your level of cover. When we settle a total loss claim, we keep your damaged vehicle.

For Comprehensive cover, we’ll pay you the agreed value or market value (depending on the cover you’ve chosen), minus any excess, outstanding owed-premium and on-road costs (like unused registration and CTP Insurance)¹.

If you hold Comprehensive or Comprehensive Plus cover, your vehicle was bought new and is less than 24 months old at the time of the incident, we may instead choose to replace your vehicle under our new vehicle replacement additional benefit. We can only do this if the same or similar vehicle is available in Australia at the time, and the conditions for this are met.

For Third Party Property Damage cover, we will pay up to $5,000 if you weren’t at fault and the driver at-fault is uninsured.

For all policies, if your claim is settled as a total loss, 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 vehicle, we'll pay the outstanding loan to the credit provider, and any remaining balance to you.

For more information about what's covered, what's not and terms and conditions, read the Product Disclosure Statement (PDS) on our policy booklets page.

Things you should know

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

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

The amount we pay you and any deductions that apply will be different based on your level of cover. When we settle a total loss claim, we keep your damaged vehicle.

For Comprehensive cover, we'll pay you the agreed value or market value (depending on the cover you've chosen), minus any excess, outstanding owed premium and on-road costs (like unused registration and CTP Insurance)¹.

If you hold Comprehensive or Comprehensive Plus cover and your vehicle was bought new and is less than 24 months old at the time of the incident, we may instead choose to replace your vehicle under our new vehicle replacement additional benefit. We can only do this if the same or similar vehicle is available in Australia at the time and the conditions for this are met.

For Third Party Property Damage cover, we will pay up to $5,000 if you weren’t at fault and the driver at fault is uninsured.

For all policies, if your claim is settled as a total loss 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 vehicle, we'll pay the outstanding loan to the credit provider, and any remaining balance to you.

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 offer market value policies for cars that have pre-existing hail damage providing that they're in registrable condition.

You can find more information on market value policies by visiting our car insurance page.

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'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/extras.

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