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What is the difference between the retail and the market value of my vehicle?

  • The retail value which is a higher value than market value - and the highest value you can insure your vehicle for, is the average price a dealer would sell the vehicle for - taking its age, condition and mileage into account.
  • The market value is the average between the retail and trade value of your vehicle and is therefore a lower than the retail value. A discounted premium is charged for clients selecting the market value as insured value.
  • Finally, the trade value of the vehicle is the average price a dealer will pay you for your vehicle.

A good place to find out the value of your vehicle is on the TransUnionAuto web site.

Whatever value your vehicle is insured for, when it is either written-off, stolen or hijacked without being recovered, the settlement amount will be based on the insured value less the applicable excess and any dual insurance.