I always take market value as being what someone is willing to pay for something given a wide choice of options. As Lexus owners we enjoy and value our cars highly, we have chosen the marque, the model and the trim level and in many cases lavished many hours of care and attention on it, not to mention money for maintenance. Because of our investment of time and money, our vehicles take on a perceived higher value which is invisible to those looking to buy a vehicle. If I were in the market for a luxury brand today, I might be considering Lexus, MB, Audi, BMW etc but would not for one minute consider what the car is worth to the seller, I would just be comparing apples with apples and trying to get the best deal I could. Even recently, I bought a 300h to replace my IS250 and although Lexus was the only brand I was considering, I still wasn't concerned with the reasons why one owner thought his car was worth more than the other UNTIL I came to sell my IS250 then of course mine was the best example of its kind and worth every penny of the inflated asking price.
It's hard to accept that insurance companies do not really consider the true 'value' of our vehicles, to them it's just the price of a piece of metal with a wheel in each corner and their sole driver (no pun intended) is profit. Profit which of course they make from us, a captive audience who are forced by law to buy their products.