To Parents Buying a Child Their First Car - Gap Insurance May Just Be The Answer To Depreciation
Parents buying their teenager their first car should consider the car’s
depreciation during the first 3 years of ownership. Gap insurance is proving to be the
answer many buyers are turning to. What many do not realise is that car buyers are able to buy gap insurance for both new and used cars As soon as the car you purchased for your teenager leaves the driveway deprecation starts to take effect. There is a vehicle stolen every minute and around 33% of those stolen are never recovered. Your teenager’s vehicle can depreciate by up to 77% over a three year period.
During the first year of driving, teenagers are twice as likely to make an insurance claim as those over 25. According to a traffic report by the WHO, young drivers between the ages of 18-25 are involved in more than 21% of accidents in the EU. Gap insurance will protect you if the need arises. If your teenager’s vehicle is deemed a total insurance write-off or stolen you will have coverage to protect you from any financial loss.
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