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It'd be a really odd situation where you'd get more for a Market Value policy than the highest Agreed Value you could arrange at the same time.
If Redbook says $47k-$52k, it's really hard to believe NRMA won't increase your Agreed Value, as RedBook (or Glasses') is where they get their values from.
As for how the Market Value is determined ... they go with the cheapest way to generate a value at first, so that's going to be using the same database used for putting Agreed Values on policies, assuming an average-condition car. Then if the policy-holder disagrees they'll use a valuer to take into account all the variables ... the valuer is usually au fait with the current price-movements in the market.
If you haven't called NRMA to up the Agreed Value since September (when this thread started), definitely give it a go now.
If you have a market value policy and your car is written off, then the payout offer is really just that, an offer. So you have to consider it a negotiation process With an agreed value policy, the negotiation was done up frontLike I said in the beginning, my car is now covered for $39200 which is Max agreed value with NRMA.
I think market prices are higher now that my max agreed value; plus I would save almost $200 on insurance premium.
I think it would cost me 50K to replace my car. Redbook says $47,400 - $51,900 private price guide...
I am aware an assessor for insurance determines market value, but how is this calculated ?
What happens if the customer does not agree with their valuation ?
Would it be smarter to insure it as market value?
It's likely a unique situation most insurance companies rarely address if ever, where market values increase and may take them time to catch on to the fact that VF's have increased in price dramatically since Holden's closure.