The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Daily StarGlamorous posh schoolgirl 'who hid drugs in her bra' gets off without jail termDaily StarNow she's dodged jail thanks to the mercy of the courts in her native Australia. Ms Arbib admitted fraudulently obtaining money by stealing credit cards and other items. The court in Sydney previously heard how Ms Arbib fell into a downward spiral when ...
The GuardianMorning mail: Britain's new rules for EU citizensThe GuardianMany details of the new arrangement are still being decided but EU citizens would retain access to public funds such as pensions, though they would have to meet a minimum income threshold of £18,600 to be eligible to bring a spouse into Britain ...
Express.co.ukHow YOU could be losing over £100 per holiday due to THIS bank card trickExpress.co.ukSome debit cards can be worse than credit cards, despite what some holidaymakers may think. However, the true ... Prepaid card provider FairFX found that a huge £5 billion is lost by consumers every year due to bad rates and currency fees. Many of ...
The IndependentTheresa May accused of bribing DUP with £1bn deal despite claiming 'there is no magic money tree'The IndependentTheresa May stands accused of using at least £1bn of public money to seal a “grubby deal” with Northern Irish unionists that lets her cling on to power. The cash – branded a “bribe” – helps save Ms May's premiership following her botched election ...and more »
POPSUGAR United Kingdom (blog)9 Ways to Save Money When Booking TravelPOPSUGAR United Kingdom (blog)If your current credit/debit card gives you no rewards, try upgrading to an airmiles card (just choose one with no fees). By using an airline credit card in place of my debit card for day-to-day purchases, I've earned enough airmiles to pay for hotel ...
Have you met...
Latest Members:


Riboo7


wangqing


roknal3arby


mike


Belal alqisi


baidai66


z

 

General News

Email this story to a friend:

You can insure against the falling value of your new car

 The average car will have lost around 60% of its value by the end of its third year.07-07-2009

Confused.com has launched a market-first car ‘gap’ insurance product that provides protection to drivers from the falling values of cars. The ‘Car Depreciation’ insurance policy to bridges the difference between a typical comprehensive insurance policy ‘pay-out’ and the value of the car from the day the insurance is purchased. In the event of a write-off or theft, most insurers are only obligated to pay-out on the market-value of the car on the day of the incident - a potential roadblock for replacing the vehicle.


•         Example - 1st July 2009 car valued at £10k. 1st July 2010 car stolen and valued at £8k, insurer will only pay out £8k. Car Depreciation insurance will cover the £2k difference.


•         Not just restricted to new cars, the car can have been owned for up to 7 years.

Will Thomas, head of motor insurance, at Confused.com, said: “Most people know that new cars drop in value as soon as they’re driven off the forecourt. While the value they lose is sometimes exaggerated, depreciation is more than an urban legend, with some cars dropping up to 60% of their value by the end of its first three years. This means that if a driver’s car is a write off or stolen, they may only receive £4,000 despite paying £10,000 for it only a few years previously. This could be very disappointing for the owner and prohibit the purchase of a new car. However, if the owner has a Car Depreciation insurance policy, they will receive the difference between those two sums.”

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks