Stay ahead of the accident stigma
Diminution Insurance coverage bridges the gap between a cars pre-accident value and its reduced post-accident value, ensuring owners are compensated for the difference. Often paired nicely with GAP insurance, our Diminution product provides complete safety net – covering both outstanding finance gaps and diminished value, giving drivers full peace of mind and financial security in their vehicle.
Diminution coverage overview
Facility details
- The vehicle is less than 3 years old
- The vehicle is a private car or light commercial vehicle with gross weight of 3.5 tonnes max
- The vehicle has a purchase price of up to £150,000
- The vehicle has sustained no previous damage prior to the policy inception date
- The vehicle is registered in the UK and is right-hand drive
- The vehicle is mainly used in the UK
- The vehicle is covered by a comprehensive motor insurance policy
- The policy is in the name of the vehicle owner or if the vehicle owner is the subject of a finance agreement, the policyholder is the authorised user of the vehicle and is named in the finance agreement
- The policyholder holds a valid, current, full driving license
Limits and Policy Period
The maximum payout following a claim is 20% of the pre-accident value.
Policy Period:
- New (up to 1 month) – 12, 24, 36 and 48 months
- 1-12 months – 12, 24, and 36 months
- 12-24 months – 12 and 24 months
- 24-36 months – 12 months only
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