Market value of your car: What does it mean?

This is the price your car would sell for on the open market now. Your car’s market value is likely to be less than you bought it for. When you take out car insurance, you’ll usually give the price you paid for the car as its value. But if your car is written off and you make a claim, your pay-out will be for its market value.

Market value of your car: The long answer

The market value of your car refers to the estimated worth of your vehicle in the current market. It is the price at which your car could be sold if you were to put it up for sale. This value takes into account various factors such as the make, model, age, condition, mileage, and demand for similar cars in the UK market.

Knowing the market value of your car is important for insurance purposes, as it helps determine the appropriate coverage and premium. Additionally, it can be useful when considering selling or trading in your vehicle, as it gives you an idea of how much you can expect to receive.