Vehicle insurance
Market value is the reasonable retail value of your vehicle immediately before it was accidentally damaged, lost or stolen, as set by an independent registered valuer. The amount is based on the condition of the vehicle immediately prior to the loss, its make, model, age, mileage, deferred maintenance and damage. You can find out more information in our blog here.
Most of our insurance policies offer an agreed value to make sure you don't get any surprises at claim time. However, some of our Small Business Commercial Vehicle Insurance policies will be covered for market value, which will be made clear during the process of setting up your cover. It's important you check the value shown on your policy schedule and contact us if you have any concerns.
Contents insurance
When talking about contents, market value is the value of the item in New Zealand which has an equivalent age and capability, with due allowance for age, wear, tear, depreciation, and prior maintenance. It isn't the replacement or retail value of the item. Where we consider that your item isn't repairable and there's no nearest equivalent item available, we'll pay you what we determine as the market value. We'll pay you with cash, a voucher or a store credit.
All clothing, footwear and cosmetics will always be paid at the market value.
Home and landlord insurance
When we talk about market value for homes, this refers to the value of your home excluding land, immediately prior to the loss, as determined by an independent registered valuer appointed by us. If we choose to settle your claim under indemnity cover, then you may receive a market value. You can find out more about this in your policy document, under the section 'How we will settle your claim', under 'Indemnity cover'.