Market value meaning in English

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Definition

the market value (of a car): the real worth (of a car), the amount of money that (a car) could be sold for idiom

Examples

"Ouch Insurance will pay to repair your vehicle up to its market value."

Exercise 1

Under this policy, which of the following statements are true?

There may be more than one correct answer!

At-fault Delavigne Corp vehicles are insured for injuries caused to a third party.

A Delavigne Corp vehicle would be insured if it hit an animal.

Coverage includes medical expenses for Delavigne employees injured while driving Delavigne vehicles.

If a vehicle is damaged, Ouch Insurance will pay policy holders compensation up to the vehicle's original value.

Under this policy, which of the following statements are true?

There may be more than one correct answer!

At-fault Delavigne Corp vehicles are insured for injuries caused to a third party.

This is a true statement. Delavigne Corp has "bodily injury" and "property damage" liability insurance. This type of third-party insurance is the most basic kind of automobile coverage: insurance is bought by the insured (the first party) from the insurer (the second party) to protect them from claims of damages from someone else (the third party). In this case, if a Delavigne vehicle is deemed responsible for an accident, it is insured against damage claims brought by the third-party "victims" of the accident, which may include medical bills, property damage or lawsuits.

A Delavigne Corp vehicle would be insured if it hit an animal.

This is a true statement. Delavigne Corp has "comprehensive" insurance coverage which "covers damages to vehicles in incidents other than auto accident." This means that if a Delavigne Corp vehicle hit an animal then it would be insured for any damages that occurred. "Other than" means not including. Example: This contract cannot be signed by anyone other than you.

Coverage includes medical expenses for Delavigne employees injured while driving Delavigne vehicles.

This is a true statement. Delavigne Corp has "medical payments" insurance which "covers medical bills". This means that any medical expenses that employees have after a driving accident will be covered by the insurance company. A "medical bill" is the amount that one has to pay for medical services. "(Insurance) coverage" refers to the extent of protection that is provided by an insurance plan.

If a vehicle is damaged, Ouch Insurance will pay policy holders compensation up to the vehicle's original value.

This is the only incorrect statement. According to the email, "Ouch Insurance will pay to repair your vehicle up to its market value." The terms "market value" and "original price" are not synonymous, since the "market value" refers to an amount that a seller can expect for an item on the market. Example: The original price of my vehicle was $37,000 but after 2 years its market value is $32,000.

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