Agreed value is a fixed amount you and the insurer agree to insure your car for, and the most that will be paid if you ever make a claim. You can change this amount whenever you renew your policy.
Market value is what your insurer thinks it would cost to replace your car with one of the same make, model, age and condition as your car when it was lost or damaged (not including warranty, stamp duty or transfer costs).
For an idea of what your car is worth, check out redbook.com.au.
The above information is general in nature and does not take into account your personal objectives, needs and circumstances. You should consider the appropriateness of the information having regard to your personal circumstances and consider the Product Disclosure Statement and Target Market Determination available on the Insurance Disclosures page and obtain independent financial advice before making any decision in relation to an insurance product.
Oly has the answer to most common questions: check out the full FAQs list
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Oly may receive commissions in connection with its services.