Your Insurance Value
For most of the 20th and 21st century it has been normal for the value of any car to depreciate over time until now that is. It seems that the scrappage scheme taking older cars off the road and many only buyinga new car if the deals are superb, has created a shortage of pre woned cars. This shortage has pushed the price of many used cars up for the first time in history.
In theory this could mean your car insurance policy is now invalid or you may only get the value you insured you car for not ther full value shown in the price books. Ironically the argurment would normally work the opposite way, when you thought your vehicle was insured for a full value only to be told, you will only get paid the trade market price, within the price books. However you at the figures, insurance companies should now replace you car like forlike, but you insurance premium would have assumed the car would depreciate in value and certainly wshould not be worth more this than last.
So we nned to make sure we revisit the value of our car when it comes to renewal time, t ensure there is no confusion over teh value you should get paid on if a claim should be made.
