Market or agreed value insurance?
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Asked by Jo Bleakley
We have recently been burnt big time with our 18-year old's car 2006 Hyundai Elantra that has been written after she was rear-ended by an uninsured driver. Our insurance covers market value of the car, which only $3000 when we paid $6000 for it. How can we make sure we won't fall into the same trap this time? We can purchase the write-off for $5000, but market value suggests it's worth $3800. We're uncertain of how to progress.
Answered by CarsGuide
10 Apr 2015You could get an agreed value on the next car, which would cover you for that amount in the event of a write-off, but you will pay more for your insurance. It's probably not worth buying the write-off given that you would have to repair it. It will also have been placed on the written-off register, so you'll have the extra trouble of getting it checked and approved for a return to the road before you can register it and drive it again.
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