What is the difference between "Retail Value" and "Specified Value" for my vehicle?

Retail Value is the going rate for your car according to the Auto Dealers’ Guide, based on make, model, mileage, age, and condition. If a dealership puts that number on the windscreen, that’s your retail value. Specified Value is a special agreed price between you and your insurance provider, usually for classic or rare cars (think a 1970s Ford Cortina). You’ll need proof of this value from two reputable South African dealers.