Market value is generally defined as the reasonable sale price of the same or a comparable vehicle immediately before the loss, excluding GST and any signwriting, wraps or artwork, but including the value of accessories*. 

This value needs to take into account the condition and distance travelled of the vehicle – effectively what you could sell it or buy it for, so you are not out of pocket. Here are some ways to help you work it out:

* In one common policy accessories are defined as: “A fitting or attachment that alters the performance, characteristics of, or is designed for use in, a vehicle to which it is attached but without which the vehicle would still operate, car tools, spare parts, and emergency aids, used exclusively for the insured vehicle (including when temporarily removed from the insured vehicle), for example but not limited to: on board computers, telephone installations, satellite navigation devices, remote controls for attached plant, load securing or protection equipment in, on or in connection with the insured vehicle, and racking installed in tradesmen’s vehicles, but not any mobile telephone or personal audio equipment unless permanently attached to the vehicle.”

Commercial Vehicle Insurance