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Car Insurance

09 May 2022

Car valuations: what’s 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?

Woolworths 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?

Woolworths 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 Woolworths 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:

  • 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) 
  • Odometer

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? Woolworths Car Insurance offers flexible, affordable cover options for you and your car.

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

Why pick Woolworths Car Insurance?

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Price Beat#

If you're 25 or over, we’ll beat any current comparable Comprehensive renewal notice

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Buy online and save

We're offering up to 15% off your policy when you purchase online

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Woolworths Drive Less Pay Less cover

Eligible drivers could save up to $235 with Drive Less Pay Less*

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† Up to 15% discount consists of 3 parts: 5% first year discount, 5% off for online applicants (both of these are first year only), and up to 5% off to exclude drivers under 25. Minimum premiums may reduce savings discount. Any part, or all, of the 15% discount offer can be withdrawn at any time.

# Available for a limited time only. Based on comparable Comprehensive cover. Subject to minimum premiums. Savings apply for first year only. Terms, conditions and eligibility criteria apply. Any other available discounts applied before price beat. Please read the full terms and conditions

* Savings between $0 to $235 derived from premium comparisons between Woolworths Comprehensive cover option and Drive Less Pay Less option. Calculations based on profiles of existing Woolworths Car insurance customers who advised they drive under 15,000 km annually. Current as at 30 June 2020. Actual savings are determined by your individual circumstances, including the kilometres selected, excess chosen and other risk factors. Minimum premiums may reduce savings. Kilometres can be increased during the policy period, an additional premium is payable. In event of accident and end odometer reading exceeded, additional excess applied.

Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. Any advice provided is general only and may not be right for you. Before you purchase this product you should carefully read the Car Insurance Product Disclosure Statement and consider the Target Market Determination to decide if it is right for you.