How much is Market Value?
As the term suggests, Market Value is the amount that your car would be sold for on the ‘open market’ (before the accident, of course). ‘Open market’ basically just means out there in the car selling/buying world, so it’s not the same as the trade-in value or what a specific buyer (like a collector, for example) would pay for it. It’s also not the same as how much your car was or is brand new – as your particular car’s age, mileage, condition, etc. can determine how much it’s worth. The exact Market Value for each car will be determined by our claims managers at the time of the claim for a total loss.