{"id":7202,"date":"2021-10-28T15:21:11","date_gmt":"2021-10-28T07:21:11","guid":{"rendered":"https:\/\/bjak.com\/blog\/?p=7202"},"modified":"2025-09-12T17:25:30","modified_gmt":"2025-09-12T09:25:30","slug":"car-sum-insured-market-value-vs-agreed-value","status":"publish","type":"post","link":"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value","title":{"rendered":"Car Sum Insured: Market Value vs Agreed Value"},"content":{"rendered":"\n<p>When you renew your <a href=\"https:\/\/bjak.my\/blog\/car-insurance-guide-in-malaysia\/\">car insurance<\/a>, you will have to decide on the sum insured for your car. So how do you determine the sum insured? Do you choose the market value or the agreed value? Let&#8217;s find out in this article.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_50 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Contents =<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-69d7678f83db0\" aria-hidden=\"true\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999999;color:#999999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999999;color:#999999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d7678f83db0\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#What_is_%E2%80%9Csum_insured%E2%80%9D\" title=\"What is &#8220;sum insured&#8221;?\">What is &#8220;sum insured&#8221;?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#What_does_%E2%80%9Cmarket_value%E2%80%9D_mean\" title=\"What does &#8220;market value&#8221; mean?\">What does &#8220;market value&#8221; mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#What_does_%E2%80%9Cagreed_value%E2%80%9D_mean\" title=\"What does &#8220;agreed value&#8221; mean?\">What does &#8220;agreed value&#8221; mean?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Market_Value_vs_Agreed_Value\" title=\"Market Value vs Agreed Value\">Market Value vs Agreed Value<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Premium\" title=\"Premium\">Premium<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Risk_of_over-insuranceunder-insurance\" title=\"Risk of over-insurance\/under-insurance\">Risk of over-insurance\/under-insurance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Is_the_agreed_value_or_market_value_better\" title=\"Is the agreed value or market value better?\">Is the agreed value or market value better?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#When_is_choosing_the_agreed_value_better_for_you\" title=\"When is choosing the agreed value better for you?\">When is choosing the agreed value better for you?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#When_is_choosing_the_market_value_better_for_you\" title=\"When is choosing the market value better for you? \">When is choosing the market value better for you? <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Can_you_insure_your_car_below_the_market_value\" title=\"Can you insure your car below the market value?\">Can you insure your car below the market value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/car-sum-insured-market-value-vs-agreed-value\/#Get_professional_advice_before_renewing_your_car_insurance\" title=\"Get professional advice before renewing your car insurance\">Get professional advice before renewing your car insurance<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_%E2%80%9Csum_insured%E2%80%9D\"><\/span>What is &#8220;sum insured&#8221;?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before we go into the details, let&#8217;s first understand the meaning of &#8220;sum insured.&#8221; <\/p>\n\n\n\n<p>The <strong>sum insured <\/strong>for a car refers to <strong>the maximum amount for which your car is insured<\/strong>. According to the General Insurance Association of Malaysia or Persatuan Insurans Am Malaysia (PIAM), the basis for assessing the true worth of a car is its market value at the time of a loss. Further, the sum insured should not be below the market value. If the sum insured is below the market value, then the policyholder will have to bear the difference. <\/p>\n\n\n\n<p>When deciding on the sum insured for your car, you may choose either the market value or the agreed value.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"What_does_%E2%80%9Cmarket_value%E2%80%9D_mean\"><\/span>What does &#8220;market value&#8221; mean?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Market value refers to the current calculated worth of your car.<\/strong> If you choose the market value, your car is covered for what it is <em>currently<\/em> worth in the market. Say that you choose the market value as the sum insured for your car, <strong>your insurer will give you a payout according to the market value of your car at the time of theft or loss<\/strong> (not the market value at the time of your insurance renewal). Refer to our example below.<\/p>\n\n\n\n<p>Example: You have chosen the market value of your car as the sum insured. At the time of insurance renewal, your car was valued at RM100,000. 11 months after the insurance renewal, your car met with an accident and was completely wrecked. Instead of getting RM100,000, you only received RM85,000 in compensation as your car market value has depreciated by 15% at the time of loss. <\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"What_does_%E2%80%9Cagreed_value%E2%80%9D_mean\"><\/span>What does &#8220;agreed value&#8221; mean?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Agreed value<em> <\/em>is the value agreed upon by both the insurer and policyholder at the time of insurance renewal. <\/strong>Insurers determine the agreed value based on a few underwriting factors and risk assessment. Say that you choose the agreed value as the sum insured for your car, <strong>your insurer will give you a payout exactly as the agreed value.<\/strong>  Below is an example.<\/p>\n\n\n\n<p>Example: You have chosen the agreed value of RM100,000 as the sum insured for your car. 11 months after the insurance renewal, your car met with an accident and became a total wreck. You received the full amount of the agreed value, RM100,000, even though your car&#8217;s market value has depreciated by 15% at the time of loss.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Market_Value_vs_Agreed_Value\"><\/span>Market Value vs Agreed Value<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Premium\"><\/span><strong>Premium<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Many users may consider that the insurance premium following the agreed value is fairer. Many would think that they should get compensation as per the sum insured for their car, not the market value of their car at the time of theft or loss.<\/p>\n\n\n\n<p>However, you actually have to <strong>pay a lower premium if you choose the market value than the agreed value as your car sum insured. <\/strong>Despite being able to pay a lower premium, here&#8217;s the risk: car market value depreciates around 10-15% annually. So as mentioned earlier, you can expect a lower payout or compensation at the time of theft or loss due to the value depreciation. <\/p>\n\n\n\n<p>On the other hand, if you choose the agreed value as your car sum insured, the premium you have to pay may be higher. But the upside is the compensation following a loss or theft is not affected by the market value, so you&#8217;ll get the full amount as your insurer and you have agreed at the time of insurance renewal. <\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Risk_of_over-insuranceunder-insurance\"><\/span><strong>Risk of <em>over-insurance\/under-insurance<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The biggest risks of following the market value are over-insurance and under-insurance. <\/p>\n\n\n\n<p>Say that the sum insured of your car is above the market value (over-insurance), the compensation you will get will still follow the market value at the time of theft or loss. Meanwhile, if the sum insured is below the market value (under-insurance), the compensation you will get will be lower than the market value.<\/p>\n\n\n\n<p>Before you agree to any sum insured, ensure that you check your car&#8217;s market value.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Is_the_agreed_value_or_market_value_better\"><\/span>Is the agreed value or market value better?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Understand first the risks of choosing either the agreed value or market value before deciding on your car sum insured.  Let&#8217;s help you understand the risks.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"When_is_choosing_the_agreed_value_better_for_you\"><\/span>When is choosing the agreed value better for you?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Say that you have just bought a brand new car, with a bank loan. Choosing the agreed value may be a better option. Why? Say that your car is stolen or wrecked by an accident, you will get the amount as agreed earlier when you buy or renew your <a href=\"https:\/\/bjak.my\/en\">auto insurance<\/a>. You can use the payout to pay the car loan or even buy a replacement car. <\/p>\n\n\n\n<p>Note that not all insurers offer the option of setting the car sum insured following an agreed value. Do check with your preferred insurers whether they offer this option.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-attachment-id=\"5970\" data-permalink=\"https:\/\/bjak.my\/blog\/insurans-kereta\/market-value-vs-agreed-value\/attachment\/image-2_-gambar-kereta-baru\" data-orig-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?fit=1600%2C900&amp;ssl=1\" data-orig-size=\"1600,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Image-2_-Gambar-kereta-baru\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?fit=1024%2C576&amp;ssl=1\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/i2.wp.com\/bjak.com\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru-1024x576.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Agreed value is better for a new car\" class=\"wp-image-5970\" title=\"Agreed value is better for a new car\" srcset=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-2_-Gambar-kereta-baru.jpg?w=1600&amp;ssl=1 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"When_is_choosing_the_market_value_better_for_you\"><\/span><strong>When is choosing the market value better for you? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On the other hand, if your car is rather old (say, more than 15 years old) and debt-free, you may consider choosing the market value. The compensation you can get will be lower, but the premium you will have to pay is lower than choosing the agreed value as the sum insured.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-attachment-id=\"5971\" data-permalink=\"https:\/\/bjak.my\/blog\/insurans-kereta\/market-value-vs-agreed-value\/attachment\/image-3-_-kereta-lama\" data-orig-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?fit=1600%2C900&amp;ssl=1\" data-orig-size=\"1600,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Image-3-_-kereta-lama\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?fit=1024%2C576&amp;ssl=1\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/i1.wp.com\/bjak.com\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama-1024x576.jpg?resize=1024%2C576&#038;ssl=1\" alt=\"Market value is suitable for an old car\" class=\"wp-image-5971\" title=\"Market value is suitable for an old car\" srcset=\"https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i1.wp.com\/bjak.my\/blog\/wp-content\/uploads\/2021\/10\/Image-3-_-kereta-lama.jpg?w=1600&amp;ssl=1 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Can_you_insure_your_car_below_the_market_value\"><\/span>Can you insure your car below the market value?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You are not encouraged to set the sum insured below the market value. In fact, some insurers do not allow their policyholders to under-insure their cars.<\/p>\n\n\n\n<p>For example, the market value of your car is RM20,000. However, in order to get a lower premium, you choose to insure your car for only RM15,000, which is below the market value. Some insurers may not allow this. Even if some do allow this, the compensation you will get at the time of theft or accident will also be lower than the market value.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Get_professional_advice_before_renewing_your_car_insurance\"><\/span>Get professional advice before renewing your car insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having read the above, we strongly encourage you to understand first the risks and benefits of choosing either the agreed value or market value as the sum insured for your car. This is to ensure that the coverage you will get is sufficient.<\/p>\n\n\n\n<p>Would you like to get some advice before renewing your <a href=\"https:\/\/bjak.my\/en\">vehicle insurance<\/a>? We are happy to help. Just reach out to Bjak to get exclusive customer assistance from insurance experts, anytime you need.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em data-l-s=\"67471\"><em>Bjak is one of Malaysia&#8217;s biggest insurance comparison sites, with more than 10 insurance brands to choose from. Get your free insurance quote at Bjak today!<\/em><\/em><\/p>\n\n\n\n<div class=\"wp-container-1 wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-black-color has-luminous-vivid-amber-background-color has-text-color has-background\" href=\"https:\/\/bjak.my\/en?utm_source=blogen&amp;utm_campaign=car-sum-insured-market-value-vs-agreed-value\" target=\"_blank\" rel=\"noreferrer noopener\"><strong data-l-s=\"50547\">Get A Quote<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Read more:<\/em><\/p>\n\n\n\n<ul><li><a href=\"https:\/\/bjak.my\/blog\/car-insurance-windscreen-cracks\/\"><strong><em>Risks Of Driving Your Car With Cracks In Windshield<\/em><\/strong><\/a><\/li><li><strong><em><a href=\"https:\/\/bjak.my\/blog\/motorcycle-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">How To Claim Motorcycle Insurance After An Accident<\/a><\/em><\/strong><\/li><li><strong><em><a href=\"https:\/\/bjak.my\/blog\/comprehensive-insurance-misunderstandings\/\">Common Misunderstandings About Comprehensive Insurance<\/a><\/em><\/strong><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Is the agreed value or market value better? Read this article to find out.<\/p>\n","protected":false},"author":5,"featured_media":7203,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","spay_email":""},"categories":[431],"tags":[429,59],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Car Sum Insured: Market Value vs Agreed Value | BJAK<\/title>\n<meta name=\"description\" content=\"You have to decide on the sum insured for your car. But is the agreed value or market value better? 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