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Here is a paradox for you: Automakers have been increasing the number of safety features in their vehicles to help protect or avoid a crash. But this has also brought an unforeseen consquence; crash your vehicle and it is more likely that your insurance company will total it. That's according to a story from Automotive News who spoke with Bob Tschippert, senior vice president of Dallas-based underwriter Risk Theory. Tschippert explained that all of these new features has increased the costs of repairing a vehicle, thus causing the chance of an insurance company totaling vehicle to rise. "In the past, if you had a front-end collision, you had damage to the engine or the front end. But now, with the number of airbags that can run from $1,000 up to $4,000 and all the sensors up front, you're seeing more totals," said Tschippert. Throwing a wrench into this is the gargantuan Takata airbag recall. The backlog of vehicles needing replacement airbags might make it more likely for an insurance company to total a vehicle with Takata airbags in an effort to reduce the backlog. Other factors include an increase in the amount people drive and the issue of distracted driving. If there is a winner with this increased trend in totaling, it has to be salvage auctions. Insurance Auto Auctions Inc., announced back in March that it would be expanding some of their largest auctions in seven states. Source: Automotive News (Subscription Required) View full article -
Here is a paradox for you: Automakers have been increasing the number of safety features in their vehicles to help protect or avoid a crash. But this has also brought an unforeseen consquence; crash your vehicle and it is more likely that your insurance company will total it. That's according to a story from Automotive News who spoke with Bob Tschippert, senior vice president of Dallas-based underwriter Risk Theory. Tschippert explained that all of these new features has increased the costs of repairing a vehicle, thus causing the chance of an insurance company totaling vehicle to rise. "In the past, if you had a front-end collision, you had damage to the engine or the front end. But now, with the number of airbags that can run from $1,000 up to $4,000 and all the sensors up front, you're seeing more totals," said Tschippert. Throwing a wrench into this is the gargantuan Takata airbag recall. The backlog of vehicles needing replacement airbags might make it more likely for an insurance company to total a vehicle with Takata airbags in an effort to reduce the backlog. Other factors include an increase in the amount people drive and the issue of distracted driving. If there is a winner with this increased trend in totaling, it has to be salvage auctions. Insurance Auto Auctions Inc., announced back in March that it would be expanding some of their largest auctions in seven states. Source: Automotive News (Subscription Required)
