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What is the difference between Agreed Value and Market Value?

April 26, 2017agreed value market value

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What is the difference between Agreed Value and Market Value?

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Agreed Value is the fixed amount we agree to insure your vehicle for as shown on your current schedule. Market Value is the amount of money it would cost to replace your vehicle in your local area with the same make and model at the time of a total loss. We will take into account the condition of your vehicle.