Amount Covered vs Market Value
Amount Covered is a set amount, and it’s the maximum we’ll pay for loss or damage to your car.
Keep in mind that your Amount Covered won’t automatically update if you add accessories or mods to your car. You can increase your amount if you’ve added modifications or accessories otherwise you'll have to wait for your policy renewal.
The Amount Covered is shown on your certificate of insurance. You can view and update your policy at any time using your AAMI online account.
Market Value is a variable amount based on our assessment of how much the market would pay for the car at the time of an insured incident. The Market Value depends on the condition of your car and what it would sell for based on comparable sales in the market. It's important to keep in mind this is not necessarily the highest sale price.
It does not include stamp duty, transfer fees, dealer warranty or delivery costs.
Bear in mind that if you choose to insure for Market Value, you won’t be able to change to Amount Covered until it’s time to renew your policy.
Read the PDS for more info, including any deductions that may apply. You can also learn more on our blog about Amount Covered and Market Value cover.
Type of vehicle
The car you choose — its make, model, and safety features — also plays an important role in the makeup of your premium. This can be because the cost of replacement parts may vary depending on the kind of vehicle you have, and any unique or complicated features it has.
The address and location where the car is kept
The address and location where your car is kept will have an impact on your premium. This, of course, depends on where you live and your specific circumstances.
This is because risk is evaluated based on location-specific data, like:
- theft rates
- accidents, and
- natural disasters and weather events, including hail.
Driver details and age
Whoever is a listed driver on your policy will impact your premium. For example, younger drivers are generally considered to have a higher likelihood of claiming based on claims history.
We use historical claims data about age, experience and vehicle use to assess this claim likelihood for all customers.
Claims
Historical claims data is used and considered to predict how likely it is that you’ll make a claim in the future.
This is why your premium may change depending on the total amount of claims we receive each year across all motor policies.