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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.”

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