How do I know if my car has been insured for retail value or the market value?
Probably the easiest way to find out would be to ask your insurer.
Alternatively a good place to find out the value of your vehicle is on the TransUnionAuto web site.
The retail value which is the higher value is the average price a dealer would sell the vehicle for taking its age, condition and mileage into account. If your vehicle is covered for its retail value, and it is either written-off, stolen or hijacked without being recovered, the settlement amount will be based on its retail value less the applicable excess. This will enable you to replace the vehicle with a similar model.
The market value is a lower than the retail value. A discounted premium is charged for clients selecting the market value.
Finally the trade or book value of the vehicle is the average price a dealer will pay you for your vehicle.
Car Insurance Additional Information
MiWay offers flexible car insurance to cover losses primarily due to an accident or theft.
In addition to accident or theft, comprehensive car insurance in South Africa covers losses due to fire and explosion, natural disasters like hail and floods and damage to the vehicle’s glass.
Additional options such as car hire and cover for non-standard sound systems and car accessories can also be added to your car insurance policy.
Car Insurance is sometimes referred to as Vehicle Insurance or Motor Insurance.
