{"id":6820,"date":"2016-12-08T11:50:24","date_gmt":"2016-12-08T03:50:24","guid":{"rendered":"https:\/\/x.www.carsome.my\/news\/what-is-an-agreed-value-vs-market-value-in-car-insurance\/"},"modified":"2025-05-14T15:43:29","modified_gmt":"2025-05-14T07:43:29","slug":"what-is-an-agreed-value-vs-market-value-in-car-insurance","status":"publish","type":"post","link":"https:\/\/www.carsome.my\/news\/item\/what-is-an-agreed-value-vs-market-value-in-car-insurance","title":{"rendered":"What is an Agreed Value vs Market Value in Car Insurance?"},"content":{"rendered":"<p><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/car%20insurance%20flickr%20rs.jpg\" alt=\"\" \/><\/p>\n<p>If you\u2019re uncertain on what <em>Agreed Value<\/em> vs <em>Market Value<\/em> is on your <em>Comprehensive Car Insurance Coverage<\/em>, look no further as we explain the different car insurance premiums in Malaysia with an aim to educate you on what these two mean.<\/p>\n<p>If you own a car in Malaysia, you will need car insurance. The best way to have a full complete coverage would be to get a <em>Comprehensive car insurance coverage<\/em>. Why? Because it is a plan that covers everything you&#8217;d need, including your own vehicle!<\/p>\n<p><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/car%20theft.jpg\" alt=\"\" \/><\/p>\n<p>It is recommended to switch to a <em>Comprehensive Coverage Policy<\/em> if you happen to have one of the more basic ones instead. This is where an <em>Agreed Value<\/em> vs <em>Market Value<\/em> of an insured sum comes into view when your vehicle is declared a total loss or has been stolen.<\/p>\n<p>What is the difference?<\/p>\n<p><strong><span style=\"font-size: 22px;\">Market Value<\/span><\/strong><\/p>\n<p style=\"text-align: right;\"><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/myvi%20se%20blue.PNG\" alt=\"\" \/><span style=\"font-size: 10px;\">Credit: Perodua Malaysia<\/span><\/p>\n<p><em>Market Value<\/em> as it\u2019s name suggests is based on the calculated worth of the vehicle at the time. Assuming you have insured your 2015 Perodua Myvi at RM50,000 in January of that year, the value of the Myvi would have depreciated its value eight months later. Should you have to claim based on a total loss or theft of your car, the <em>Market Value<\/em> pay-out will be certainly less in August of 2015.<\/p>\n<p><strong><span style=\"font-size: 22px;\">Agreed Value<\/span><\/strong><\/p>\n<p><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/car%20accident.jpg\" alt=\"\" \/><\/p>\n<p>An <em>Agreed Value<\/em> however, is an amount which has been agreed by the insurance provider based on your car\u2019s model and year. By insuring your vehicle with an <em>Agreed Value<\/em>, should you have to claim at an event of a total loss, the sum of pay-out will be based on your policy as the agreed value. By having an <em>Agreed Value<\/em>, there would be no risk of under-insuring or over-insuring the value of your vehicle. But as with this, insuring your car for more than what it\u2019s worth will cost slightly more in your premium payment.<\/p>\n<p>Which is better? It depends.<\/p>\n<p><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/auto-insurance.jpg\" alt=\"\" \/><\/p>\n<p>Insurance and financial providers recommend insuring your vehicle based on an <em>Agreed Value<\/em> as this provides the policyholder to claim according to an arrange value stipulated in the policy. <em>Market Value<\/em> policies however could also cost you as it would depend on how much your vehicle is worth. Ultimately, insuring your vehicle based on the best cover for you should be done by a reputable company like Allianz.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" style=\"width: 100%; height: 100%;\" src=\"https:\/\/carsomemy.s3.amazonaws.com\/wp\/calculator%20rs.jpg\" alt=\"\" \/><\/p>\n<p>It is good to have a <a href=\"https:\/\/www.allianz.com.my\/car-motor-comprehensive-cover#utm_source=carsome&amp;utm_campaign=allianzonline&amp;utm_medium=cpc&amp;utm_term=carmotorcomprehensivecover&amp;utm_content=article\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #ff8c00;\">Complete and Comprehensive Car and Motor Insurance from Allianz<\/span><\/a> which will protect your vehicle against liabilities to other parties for injuries, accidental fire and theft of your car. On top of your car insurance, it is also best to have a reliable 24-hour roadside assistance and unlimited towing distance with <a href=\"https:\/\/www.allianz.com.my\/enhanced-road-warrior#utm_source=carsome&amp;utm_campaign=allianzonline&amp;utm_medium=cpc&amp;utm_term=enhancedroadwarrior&amp;utm_content=article\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #ff8c00;\">Allianz\u2019 Enhanced Road Warrior<\/span><\/a>.<\/p>\n<p><span style=\"font-size: 10px;\">Image credit: <a href=\"https:\/\/www.cheapfullcoverageautoinsurance.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">CheapFullCoverageAutoInsurance<\/a><\/span><\/p>\n<p><strong>Also if you are looking at getting a second hand car, <a href=\"https:\/\/www.carsome.my\/news\/item\/Five-Tips-When-Buying-2nd-Hand-Cars\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #ff8c00;\">click here<\/span><\/a> for Five Tips When Buying 2nd Hand Cars.<\/strong><\/p>\n<p><span style=\"font-size: 12px;\">This article was produced in partnership with Allianz Malaysia.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re uncertain on what Agreed Value vs Market Value is on your Comprehensive Car Insurance Coverage, look no further as we explain the different car insurance premiums in Malaysia with an aim to educate you on what these two mean. If you own a car in Malaysia, you will need car insurance. The best [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":12041,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is an Agreed Value vs Market Value in Car Insurance?<\/title>\n<meta name=\"description\" content=\"If you\u2019re uncertain on what Agreed Value vs Market Value is on your Comprehensive Car Insurance Coverage, look no further as we explain the different car\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carsome.my\/news\/item\/what-is-an-agreed-value-vs-market-value-in-car-insurance\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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