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
Mirror.co.ukFamily of drug dealer who plotted £180MILLION money laundering scam ordered to hand over FOUR housesMirror.co.ukThe family of drug dealer who was part of a £180 MILLION money laundering plot faces losing FOUR homes because of his criminal deeds. Relatives of Alam Zeb Khan were told in the High Court they must give up a portfolio of properties in Birmingham and ...and more »
Hargreaves LansdownRemember to include this on your tax returnHargreaves LansdownBefore you make a contribution, remember money in a pension can normally only be accessed from age 55 (57 from 2028), up to 25% usually tax free and the rest taxed as income. The value of investments can fall as well as rise so you may get back less ...
Citywire.co.uk'Huge' trade in pension savers' data helps scammers - Citywire MoneyCitywire.co.ukInvestigation by consumer organisation Which? discovers savers' personal data being shared on a 'huge scale'.and more »
Citywire.co.uk'Huge' trade in pension savers' data helps scammersCitywire.co.ukPersonal data including details of people's pensions is being traded on a 'huge scale', helping scammers convince people to hand over their money. An undercover investigation by Which? found that hundreds of thousands of pounds worth of personal and ...and more »
Mirror.co.ukThe single change that can make you £2800 a year richerMirror.co.ukBut it's small fry compared to the average £2,800 borrowers overpay by not shopping around for the best mortgage, says research from online mortgage broker Trussle . The web firm's founder Ishaan Malhi said: “It's shocking that almost three- quarters ...and more »
Have you met...
Latest Members:


marwa


ledonegm


jordanss123


nona


BrynjarEindride


shilladresses


jadegown

 

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