Liverpool Victotria pay out market value
Privelege state market value, limited to £40k on this policy, which covers me. There was no difference for garage or drive, which surprised me, however I rented a garage locally for my own peace of mind. I opted for a higher excess to bring down the premium - £1k excess, £700 premium with full protected ncb. I was 30 when I took this out. Mileage limited to 10k as standard, but can amend at any time and premium shouldn't move by much.
Given that the car has done 18,000 miles in 14 years since being born, it is highly unlikely I will have to find out!!!