Automobile insurers try to match up what they give you to the value of what you actually lost. For instance, equal value for a half worn-out tire is a tire with similar wear not a brand new one.

But it may not be practical, or even safe, to give you a half worn-out tire. Instead, we'll give you a new one but you pay half the cost. The amount you pay for wear and tear is called depreciation.

Depreciation is just an insurance company's way of measuring how much value something has lost from new, through wear and tear.

Depreciation depends on the age, condition and the type of part. Here are two examples of depreciation guidelines that our estimators use:

Life Expectancy

Depreciation per year

Convertible tops

10 years

10 %

Exhaust parts

5 years

20 %