1. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There is a symbol assigned to every car by make, model and equipment.  As the car becomes older the symbol is influenced by the market price.  The car symbol is used to compute the premium.  A restored or modified car may be more valuable than the stock model.  In that case the owner might want to have the insurance written for a stated value.
    Answered on March 4, 2014
  2. 1866 POINTS
    Paul RothPRO
    Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
    Market values are often looked at if you have a claim. If you have a claim, the market value of a vehicle is what it would cost the insurance company, with great negotiating, and volume buying, to replace the vehicle with similar mileage, model and standard equipment for that vehicle. If you add expensive aftermarket products, don't expect to get all your money back for them, as they too, depreciate. You may pay 5000.00 for a stereo system. but if you sold it used on Ebay, it would likely bring a lot less. That's the current market value of the stereo. The insurance company can buy that used stereo also to replace your now used stereo. Be realistic. Your policy for an auto is normally ACV, or actual cash value, not total replacement cost.
    Answered on September 2, 2016
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