Can someone in the insurance industry or legal background explain or define the term "market value" to me?

Cheers!

 

Is this a sarcastic question kuz u got a ropy price?
Anyway it just means wot yer car is worth now in theory, who's theory is another matter Try parkers or similar 4 a guide although dont like the price they say for my car & i've seen em go generally more than quoted but a nice guide
Si

 

No, it's not a sarcastic question, it's genuine.

Wanted to know whether market value meant the price you sell your car for or, the price you can buy your car at, which obviously makes a difference as far as insurers are concerned.

 

No straightforward answer.

Market Value is simply what "the market" is willing to pay for it, on the day.

From an insurance perspective, I would suspect that you are looking at what you would have to pay to replace it, as opposed to what the books say its worth, so its from a buyers perspective.

D

 

Market Value for insurance purposes should the value/cost of going out to buy a car of similar age and condition from a dealer, not private sale price and not trade price.

You are supposed to receive an amount of money to enable you to walk to your nearest dealer and buy a replacement car immediately, no haggling just pay the sticker price.

 

Reffro,

That's my argument too, but the insurance company is claiming that they should only be paying me the trade price.

 

**** 2 that if they can get u an identical 1 at book price then tell em 2 try their luck might not b good idea unless u like lemons but unless yer a dealer or lucky at auction u pay the "market price"
Si

 

Has anyone who's had problems with agreeing a settlement actually asked their insurers to supply a replacement vehicle of same type, age, mileage etc instead?