What is the car’s market value?
The market value is the amount your car is worth at a particular point in time. If you have an accident and the car is declared a total loss, you will be paid the market value of the car at the time of loss or your sum insured, whichever is the lower. Therefore, it is important that you revise the market value of your car every year so that it reflects as much as possible the actual worth of your car in the local market.