Friday, June 21, 2024

Insurance companies declare 1 in 5 cars total damage

It is the ever-increasing costs of car repairs that make insurance companies throw in the towel. Total damage is just easier.

There are examples of cars with dents in the doors that are declared total damage. And while that may sound really small, it is nevertheless the reality.

At least in the US, where insurance companies now declare every fifth car a total loss. This shows figures from CCC Intelligent Solutions, which the media Bloomberg refers to.

It is especially the increasing costs for both the damage work itself and the price of new parts that make the insurance companies go that way.

The same report from the CCC shows that it is more often cars with internal combustion engines that are written off as total losses. But that picture may well change as electric cars plummet in value. Both new and used.

READ ALSO: Huge Danish car importer has lost faith in electric cars

Any motorist who sets out in a brand new car can and must expect that the value of the car will plummet in the first few years. But especially the current price war hurts all those who bought electric cars, because the car brands really started undercutting each other constantly.

A picture that also emerges here at home. In any case, FDM is increasingly experiencing inquiries from people in electric cars who are worried that their electric cars are becoming less and less valuable day by day. Technical insolvency, as it is called, is not necessarily a problem, however. Read more about it here.

However, the fact that many cars, even far more than before, are written off as total losses is not necessarily bad news for everyone.

Companies that specialize in buying up damaged cars have busy days. It simply pours in with cars that others have assessed should no longer be on the roads.

There is also some evidence in Denmark that electric cars may be at risk in that context. In recent years, close to a hundred new electric cars have been scrapped. Read more about it here .

Read more exciting news from and about the world of motorsport right here!

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