Drivers of cars including Mazda, Skoda, Toyota, Mercedes or Ford have been warned that they could lose the most money if their car is written off or stolen, according to new research. The Mirror reports that ALA Insurance estimates some motorists may lose as much as £3,295 if they need to make a total loss claim on their car insurance.
It is all to do with how much used car prices have risen by since lockdown - and if prices start to fall this year. If used car prices fall significantly, it could mean those who bought their vehicle at an inflated price could face being significantly out of pocket in the event of an insurance claim.
This is because you would only receive what your insurer thinks the car is worth today - not what you originally paid for it. The price of used cars rocketed largely due to Covid restrictions and fewer new vehicles in the showrooms, thanks to a semiconductor shortage.
