AmEx protects cars against year 1 depreciation

20 September 2006
According to American Express Insurance Services, the right insurance policy can protect owners of new cars from the potential financial damage that is caused by depreciation.

The company claims that new cars can lose up to 40 per cent of their value in the first 12 months of ownership, the equivalent of a £500 loss in value for every month it is on the road in the first year.

"A new car - whatever the make or model - is a significant investment for any driver," said Joanne Field, marketing manager for American Express Insurance Services.

"With our inclusive cover, new car owners need not worry about the ever increasing depreciation once off the forecourt that a new car creates."

Ms Field went on to note that American Express motor insurance offers owners of cars that are less than 12 months old a new car of the same make and model if it is stolen or damaged beyond repair during this initial period.

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