What is Depreciation (Motor) | Insurance glossary by upcover

This term refers to the drop in a vehicle's value over time due to age, use, and obsolescence. It affects motor insurance claims, especially total loss settlements based on market value. New vehicles lose value fast in the first few years, so new-vehicle replacement cover can be worthwhile for recent buyers.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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