Market value vs agreed value: what's the difference?

Agreed value

With agreed value, you and the insurer agree on an amount when the policy starts or renews. If the car is written off, that's the amount the policy is based on, subject to the policy's terms. Comparing advertised prices doesn't change it.

Market value

With market value, the amount is worked out at the time of the claim: what a car like yours was worth just before the loss. That's why the make, variant, kilometres, condition and accessories all matter, and why the insurer's figure can be checked against cars for sale.

How to tell which one you have

Look at your certificate of insurance or policy schedule. It usually says "agreed value" with a dollar amount, or "market value". If you're not sure, your insurer can tell you.

Can you change from one to the other?

Some insurers offer both, and premiums can differ. If you want to change, ask your insurer when the policy renews. A change applies from then on, not to a claim that's already happened.

Can DisputeX check an agreed value payout?

No. DisputeX checks market value offers only. With agreed value, the amount is the one set out in your policy, so comparing advertised prices doesn't apply.

Where does my policy say which cover I have?

Usually on the certificate of insurance or policy schedule, next to the car's details.