When this endorsement, or addition to the policy, is purchased, the insurer waives the application of depreciation for the repair or total loss of the insured vehicle should it be damaged by an insured peril. The waiver applies for a specified time after purchase when the vehicle is purchased new and the insured is the original owner. In the event of a partial insured loss, no depreciation is applied to the replacement cost of required parts. If the vehicle is a total loss, the insurer pays the original purchase price of the vehicle. This endorsement may not be available on all vehicles.