The skyrocketing cost of parts for today’s technology-sophisticated vehicles make it more likely that they’ll be declared a total loss after an accident, and making them more tempting for thieves to grab and chop them.
“Not only are new vehicles becoming more expensive than ever – when last we looked, the average transaction price was in excess of $36,000 – the cost of parts and repairs following an accident is becoming so prohibitive that what might look repairable to the layperson might be considered a total loss to an insurance adjuster. According to the U.S. Bureau of Labor Statistics, prices for motor vehicle repairs were 61.07% higher in 2017 than they were in 2000.
“In particular, sophisticated safety features like forward collision mitigation and blind-spot warning systems that employ multiple sensors and/or cameras embedded in bumpers and fenders are driving up repair costs and, in turn, the number of cars being totaled after crashes.”
The post Today’s Sophisticated Cars Are More Likely to be Totaled appeared first on Fleet Management Weekly.
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