ChatterBank5 mins ago
New for Old Car Insurance
You can get 'new for old' insurance for most consumer items. Why can't you get 'new for old' insurance for a car?
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Can't see the problem. You'd obviously pay through the nose for the insurance, but you'd get what you'd paid for.
If you buy a new car and it's written off a day later you lose a few hundred or thousand through depreciation irrespective of fault. Seems like a viable financial option to offer you the choice of paying a bit extra for new for old.
If you buy a new car and it's written off a day later you lose a few hundred or thousand through depreciation irrespective of fault. Seems like a viable financial option to offer you the choice of paying a bit extra for new for old.
Can see the problem.
If you are young, most of the cost of car insurance is for the damage you do to others. That's why youngs people still have to pay loads for driving a cheapo car around - often more than the value of the car. For older people a new for old would cost huge sums.
Consumer items, and especially toasters, don't generally bang into one another.
If you are young, most of the cost of car insurance is for the damage you do to others. That's why youngs people still have to pay loads for driving a cheapo car around - often more than the value of the car. For older people a new for old would cost huge sums.
Consumer items, and especially toasters, don't generally bang into one another.
To offer me a new for old insurance policy on my 10 year old Mondeo - an insurance company would have to charge me an annual premium of around �15,000 to stand a chance of not loosing out on the deal.
The reason many insurance companies can offer new for old on household policies, is that often the new price of the item insured is falling significantly over time � especially electrical items. I remember a buying a 32 inch TV for around �600, three years later my mother bought the same model for �300.
The reason many insurance companies can offer new for old on household policies, is that often the new price of the item insured is falling significantly over time � especially electrical items. I remember a buying a 32 inch TV for around �600, three years later my mother bought the same model for �300.
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