What is New For Old?

Legal Definition
Instead of repairing old parts, replacing old or damaged parts by this type of purchasing new parts.
Legal Definition
A term used in the law of insurance in cases of adjustment of a loss, when it has been but partial. In making such adjustment the rule is to apply the old materials towards the payment of the new, by deducting the value of them from the gross amount of the expenses for repairs, and to allow the deduction of one-third new for old upon the balance. See 1 Cowen, 265; 4 Cowen, 245; 4 Ohio, 284; 7 Pick. 259; 14 Pick. 141.
-- Bouviers Law Dictionary
Legal Definition
In making an adjustment of a partial loss under a policy of marine insurance, the rule is to apply the old materials towards the payment of the new, by deducting the value of them from the gross amount of the expenses for repairs, and to allow the deduction of one-third new for old upon the balance. 3 Kent, Comm. 339.
-- Black's Law Dictionary
Legal Definition
-- Ballentine's Law Dictionary