helpucover launches car value protection cover
Published on : Thursday 05th March 2009
Helpucover.co.uk, a leading specialist provider of protection insurance, today increases its portfolio of products with the launch of its Car Value Protection cover.
The product will assist motorists who have had their cars written off, through theft or accident, by helping to ensure that they are able to buy a replacement vehicle of similar value, through covering the difference between the motor insurance settlement and the recorded market value of the vehicle at the time when they took out Car Value Protector cover.
Barbara Russell, Head of Marketing for helpucover.co.uk said:
"Most people don't realise that nearly all motor insurance claims they make in the event of an insurance write off are discounted to reflect depreciation in the value of their car. Essentially, they lose out by getting back only a proportion of what they originally paid for their car.
"This leaves many with the tough decision of having to downgrade their vehicle or take out a loan which in current times simply isn't an option for many."
According to the Society of Motor Manufacturers and Traders (SMMT), new car registrations were 30.9% lower in January, compared to the same month last year, with car production down 58.7%. On top of this, the National Franchised Dealer Association, said its members were reporting a 20% sales increase in second hand cars for January compared to a year ago.
This collapse in the demand for new cars, as cash-strapped motorists shift to second hand models, has resulted in a wave of promotional offers from new car manufacturers and dealers as they attempt to shift their stock. Consequently the value of new and second hand cars has greatly suffered with vehicles depreciating rapidly in value post purchase. This increases the shortfall from insurance payouts for many unlucky enough to have written off their cars.
Helpucover's product allows customers to protect themselves from the effect of falling car values and ensure that they receive the sufficient amount to purchase an equivalent replacement vehicle.
The protection is secured through monthly payments, priced according to the individual vehicle, and offers maximum benefits of £25,000. Cover is available for new and used cars and is available from helpucover.co.uk.
"Protection for the value of your car is particularly pertinent given the severe slump that we are currently witnessing in the motor industry, causing worryingly rapid falls in new and second hand vehicle values."
"Our new product gives customers the reassurance that they will not severely lose out, following an insurance write off of their vehicles. We therefore believe that it is a key addition to our expanding protection insurance range," concluded Barbara.
For further information;
Helpucover.co.uk 020 8207 9000
Sarah Potter 07833 095594
Peregrine Communications
Paul Wynne/Roddi Vaughn-Thomas
020 3178 6871
Notes to Editors
Helpucover.co.uk is a trading style of Pinnacle Insurance plc - one of the UK's leading insurers. Pinnacle Insurance plc is regulated by the Financial Services Authority.
Established in 1971, Pinnacle Insurance plc is a subsidiary of BNP Paribas SA - An international financial services group, with solid roots in Europe, significant and growing presence in the United States and leading positions in Asia. One of the largest international banking networks, with a presence in over 84 countries and 205,000 employees, of which 165,000 are in Europe.
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