Chubb launches cover for repairing damage to older cars
Diminution in Value will also compensate clients for vehicles' loss of value following repairs.
Chubb has introduced a cover which pays a client the difference between the market value before and after a repair for older cars as well as the repair costs.
Diminution in Value (DIV) is designed for vehicles over 15 years old that suffer partial damages and the consequent loss in value according to the insurer. The product is now standard in all of its UK personal motor policies.
The provider said DIV was previously only available for fine art and wine under contents insurance and has been
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