When you buy a new Toyota, you want to protect the investment that you have made. You could do this buy insuring your car. Fully comprehensive insurance protects your new car in case you have an accident or your car is stolen. You can also protect your car yourself. Keeping your car in a secure location, and maintaining it in a good condition.
No matter how well you look after your car, you can’t stop the unexpected from happening. You could be involved in an accident, or have your car stolen – despite your best efforts. If your insurers write off your car, you might find that you get much less back from them than you would have thought. This is because insurers only pay out what they believe your car to be worth at the time of the write off. This is not what you initially paid for your car when you bought it.
For example, you might buy your new Toyota for £20,000. If you have a write off a few years later, your insurers might only value your car at £15,000, and consequently only pay out this much. That would leave your £5,000 worse off through no fault of your own.