BUISENESS MANAGEMENT
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
With market value, your car is worth less each day from the time you purchased it. With agreed value, the value is only adjusted each time your insurance plan is renewed
|
|
|
where you go to a market and ask if the market value can be reduced and then you come to an agreement with the manager.
|
|
|
he value is only adjusted each time your insurance plan is renewed
|
|
|
you don’t know ____
|
Detailed explanation-1: -Ultimately, there isn’t a right or wrong answer when it comes to deciding between market value or agreed value car insurance, and it really depends on a few factors: how you value your car in relation to the market, how much you want to spend on premiums and the age of your car.
Detailed explanation-2: -The market value is the price the vehicle would have sold for at a reputable dealership just before it was damaged or stolen.
Detailed explanation-3: -The trade or book value of a motor vehicle represents the average price that a dealership would pay for your car. So, in insurance terms, market value is the average of retail value and trade value added together.
Detailed explanation-4: -Some insurers may refer to agreed value, which is when the amount your car is covered for is adjusted and agreed upon by both you and the insurer. For example, with an agreed value car insurance policy you can choose to insure your car for less than what it’s worth or more than what it’s worth.