A car’s current value

You could see the current value as the value of the car just before you can no longer use it, e.g. if it is stolen or suffers major damage. It’s basically the value of the car at the current moment.

You can calculate an estimate of your car’s current value online. There are various websites that will let you do so. When assessing damage, the adjuster calculates the current value based on the following: 

• Make and model 
• List price (price for a new car) 
• Age of the vehicle 
• Documented maintenance status 
• Additional accessories 
• Mileage 
• Previous damage that hasn’t been repaired

A well-maintained car has a higher current value than a car that hasn’t had any maintenance, so it’s worth taking good care of your car. The current value may also be higher if a certain model is in demand.

The current value isn’t only used to assess damage, it’s also good to know if you buy or sell a car, as it gives you a good idea what the car is worth. This will help you decide on a realistic asking price if you’re selling or know that you’re paying a reasonable price if you’re buying.

Whether damage to your car is covered depends on the cover you have taken out under your car insurance. 

Third-party liability cover
If you only have third-party liability cover, only damage to the other party’s car is covered. Damage to your own car is therefore not covered. 

Limited or comprehensive cover
If you have third-party liability + limited cover or third-party liability + comprehensive cover, damage to your own car is also covered. In the event of theft or total loss, you will receive 110% of the amount needed to replace your car with an equivalent car, unless your policy states that you will receive an amount based on the replacement or purchase value. If you want to know exactly what is and isn’t covered, read the car insurance terms and conditions.