Market Value is an assessment of the value of the vehicle at the time of the incident based on its age and condition. Because it is not a fixed amount, you won’t know how much compensation you’ll receive if you need to make a claim. Agreed value is the amount you will be reimbursed in the event of a claim where your car is in which your car is declared a total loss and is agreed on by you (the car owner) and the insurer. The agreed value amount is agreed upon by the car owner and their insurer. Because it is a fixed amount, it provides more certainty on what compensation you can expect if your car is considered a write off after an accident. You can only choose between agreed and market value if you purchase a Comprehensive Car Insurance policy.