American Express Insurance Services protects new cars

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American Express Insurance Services protects new cars

American Express Insurance Services says its comprehensive car insurance packages could protect owners of new cars from a "depreciation black hole".

The insurance provider points out that during the first year of ownership, new cars could lose up to 40 per cent of their value.

And those owners of new cars that get seriously damaged or stolen during the first year, could end up paying dearly if sufficient insurance is not in place, warns American Express Insurance Services.

However, those with a comprehensive policy from American Express Insurance Services have peace of mind, the firm claims.

Unlike many other insurers, American Express Insurance Services will replace new vehicles with one of the same make and model should the car be stolen or damaged beyond repair before its first birthday.

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

She says the inclusive cover offered by American Express Insurance Services means that drivers of new cars needn't worry about "the ever increasing depreciation" once a car leaves the showroom.

"Our policy will protect them within the first 12 months should the worst happen and they need to make a significant claim for their car," Ms Field concludes.

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