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Car valuation for insurance
Car insurance pays either an agreed value you set at renewal or the market value the insurer decides at claim time. A current, evidence-backed valuation helps you set the first sensibly and challenge the second if it comes in low. From A$49.95 for an Online Car Valuation; A$149.95 for a certified valuer's signed report.
Agreed value or market value?
Agreed value is fixed when you take out or renew the policy and is what you receive if the car is written off (less excess and any unpaid premium). Market value is worked out by the insurer at the time of the claim, using their own data and guides, and typically allows for the car's age, kilometres and condition. Agreed value usually costs a little more in premium and gives certainty; market value is cheaper and gives you whatever the insurer calculates.
Setting an agreed value
Insurers offer a band to choose from. Picking the top of the band costs premium every year; picking the bottom leaves you short after a write-off. An Online Car Valuation at renewal shows what your exact variant and kilometres are fetching today, so the agreed value tracks the real market. Keep the PDF with your policy documents.
Challenging a total-loss or market-value payout
- Ask for the basis. You are entitled to know how the insurer arrived at its figure. Ask which guide or data it used and which adjustments it made.
- Put evidence against it. A valuation report that lists comparable cars currently advertised, adjusted to your odometer, is specific evidence rather than opinion. Highlight listings in your state and with similar kilometres.
- Use the insurer's internal dispute process. Every Australian insurer must have one and respond within set timeframes.
- Escalate to AFCA if unresolved. The Australian Financial Complaints Authority is free for consumers and can review the insurer's valuation. A certified valuer's signed report carries more weight at this stage than an automated estimate.
Insurers are not obliged to accept a third-party valuation, but a well-evidenced one is the strongest basis for a revised offer. For a modified car, a classic, or a car with aftermarket accessories that the insurer's guide ignores, choose the Certified Comprehensive Valuation so the valuer can take those into account.
Value my car · from A$49.95Compare the two valuations
Questions
Will my insurer accept your valuation?
Some do, some treat it as supporting evidence. Ask your insurer what it accepts. A certified valuer's signed report is more widely accepted than an automated estimate.
Which figure do I compare with the insurer's market value?
Insurer market value usually sits between private sale and dealer retail, which is exactly where our market value figure sits. The report also shows private sale and dealer retail separately.
Does the valuation include my accessories?
The Online Car Valuation values a stock-standard vehicle. Bull bars, canopies, lift kits and other add-ons are considered in the Certified Comprehensive Valuation.
How recent does the report need to be?
For a claim, as close to the date of loss as possible. For setting an agreed value, at or just before renewal.