What is the difference between the retail and the market value of my vehicle?
The retail value which is the higher of the two 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.
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.
