In the unlikely event that your car is damaged beyond repair in an accident or stolen, you will get an amount equal to what your car is currently worth ‘in the market’ - that is, what it was worth before the loss occurred.
Our insurer will assess the current market value of the car at the time that it had the accident. They have a number of different ways of doing this - including consulting Redbook and CarSales and other databases they have on hand. Their assessment will decide what similar cars in a similar condition are worth.
As your car's market value naturally depreciates over time, the amount that you would get if your car were written off will change as well. For example, your 10 year old Toyota Corolla was worth $8,000 when you first listed it on the platform, but when it is written off a year later, it’s only worth $7,000, then you would get $7,000.
(Of course, if you owe a Damage Cover Liability amount, this will be deducted from your final payment).