Help Centre / What does ‘new for old’ mean?

What does ‘new for old’ mean?

Understanding the Basis of Replacement

The term ‘new for old’ eloquently describes how an insurer replaces possessions that are damaged or destroyed. Fundamentally, items are replaced with brand-new equivalents, regardless of their age or depreciation.

Example Illustration

Consider this scenario: If your 7-year-old television succumbs to a fire, the insurer will promptly provide you with an equivalent model available in today’s market. Consequently, this replacement is valued at today’s prices, ensuring that you receive coverage to purchase a new item without any deductions for wear and tear.

No Deductions for Wear and Tear

A pivotal aspect of the ‘new for old’ concept is the complete absence of deductions for wear and tear. In simpler terms, your insurance coverage fully covers the cost of replacing the damaged or destroyed item with a new one, eliminating any reduction in value due to the age or usage of the original possession.


By exploring the concept of ‘new for old,’ homeowners gain insight into the replacement process and can confidently navigate insurance claims with the assurance of receiving equivalent, new items.

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