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Did you know? – Vol. 13.5

March 5, 2013

You bought that brand new car, and had an accident not long after. Now you are facing getting a settlement from the insurance company that won’t allow you to replace it with the same brand new car. It doesn’t have to be that way. While it’s true that a new car loses value the minute it drives off the lot, that doesn’t mean you can’t get another new car when it is written off in an accident or stolen.

The waiver of depreciation endorsement is an option you can add to your policy to ensure that if your new car is a total loss within one or sometimes two years of purchase, you will get a settlement that allows you to buy another brand new car, instead of only the depreciated value.