Introduction
Most car owners don’t really think about market value and agreed value when buying insurance. But honestly, it matters a lot. These two can make a big difference in how much cash you actually get if your car gets stolen or wrecked.
Market Value
Market value is basically what your car is worth right now, not what you paid for it. It goes up and down depending on age, condition, and how hot the model is.
For example, maybe you bought your car for RM80,000, but today the market says it’s worth about RM55,000. If it gets stolen or totaled, that’s roughly what you’d get. Simple as that.
Agreed Value
Agreed value is a bit different. You and your insurer agree on a set amount when you buy the policy. That number doesn’t change, even if the market price drops.
The good thing? You know exactly what you’d get if something happens. The not-so-good? Premiums are usually a bit higher. But for new cars, rare models, or cars with sentimental value, many think it’s worth it for the peace of mind.
Which One to Pick?
- Market Value: Works for normal, everyday cars.
- Agreed Value: Better for new, collectible, or sentimental cars.
If you want certainty, go agreed value. If money’s tight, market value works fine.
How BJAK Helps
Using Bjak, you can see both options side by side. Premiums, coverage, add-ons — all in one place. Makes deciding a lot easier, and faster too.
Wrap-Up
So yeah, market vs agreed value can change your payout a lot. Knowing the difference saves you headaches later. And with Bjak, checking both and picking the one that fits your car and budget? Super simple.
Read More:
Avoid Rejected Car Insurance Claim
Panel Workshop, Why It Matters
The Role of JPJ & Bank Negara In Regulating Car Insurance Policies
