Impairment of desirability and usefulness brought about by changes in public preference or by forces in addition to those which cause deterioration.
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When something is no longer useful or has any value.
Tag: RAW
Obsolete parts clause
Clause applied by motor insurers when the subject-matter insured is a car no longer in production. The clause limits the liability of the own damage insurer for the cost of replacing any unobtainable part to the maker’s last list price plus the current cost of fitting.