How much is my car worth?

In the world of car insurance, the value of your car is something that can influence how much your premium costs - but it's more than just a number.

In this article, we’ll discuss market value and agreed value to show you different ways to determine the worth of your car.

What is a car valuation?

A car valuation is an estimate of the current price of your car. It gives you a more accurate idea of your car’s worth if you’re selling, trading, or taking out insurance.

Several free online tools can help with car valuation - you usually need to enter the make, model, and year of your vehicle to get an estimate.

What is agreed value in car insurance?

Everyday Insurance defines agreed value as the amount we agree to insure your car. We cover vehicles for agreed value under Comprehensive and Drive Less Pay Less policies (up to a maximum of $100,000). When you get an insurance quote, or your policy is up for renewal, we discuss your car's value and agree on a fixed sum.

Agreed value is shown on your Certificate of Insurance when you buy a car insurance policy.

Depending on the insurer, agreed value often comes with a higher premium as it’s more than market value (how much you can sell your car for on the open market), but it still depends on the individual policy.

What is the market value of my car?

Everyday Insurance defines market value as the reasonable market-related value that the market would pay for your car immediately before its loss or damage, taking into account the age, make, model, conditions and kilometres travelled by your car. It also considers relevant industry publications and data sources to help determine this amount.

At Everyday Insurance, we cover vehicles for market value under Third Party Property Fire and Theft policies.

If we choose to insure your car for market value and it’s written off or stolen, the market value is what we estimate your car is worth immediately before its loss or damage.

Depending on the insurer, your premium may be lower if your car is insured for market value as it’s based on an estimate of how much it’s worth, not an agreed amount.

How can I find my car’s market value?

You can use a free car valuation tool  to estimate its market value. You’ll need to enter the following details:

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The make of your car (E.g Honda, Volkswagen…) 

The model (determined by the make)

Year it was made

The condition of the car 

Other details you may need: 

Car body type 

Fuel type 

Transmission (manual or automatic) 


What factors can affect my car’s value?

Here’s a breakdown of the main factors that can influence your car’s value:


It’s true what they say - as soon as you drive your car out of the dealership, it starts to depreciate. In most cases, the older your car is, the less value it holds. This isn’t always true though - some vintage cars may have higher value based on their make, model, and popularity.

Make and Model

The make of a car is the company that manufactured it, and the model is the specific vehicle model, for example, Volkswagen, Beetle. The make is Volkswagen, and the model is Beetle.

The make and model can influence a car’s value based on factors like reputation.


If you service your car regularly and protect the interior and exterior from damage - it’s likely going to be worth more than the same model that hasn’t.


A car that’s travelled fewer kilometres is usually worth more and plays a big part in its value - simply because it’s been used less over time. In most cases, the higher the mileage and distance travelled, the less value your car holds.

Getting car insurance

Now that you know a bit more about agreed value and market value - are you wondering what insurance you should get? Everyday Car Insurance offers flexible, affordable cover options for you and your car.

Get a quote online today and see how much you could save

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