Insurers see dramatic rise in cost of vehicle repairs

The cost of vehicle repairs has skyrocketed, with some car parts increasing by 350% in price over last year, according to insurers.

As the expense of repairs sometimes surpasses the vehicle’s current market value, motor insurers are often finding it more cost-effective to write off vehicles rather than fix them, Insurance Association of Malta director general Adrian Galea told Times of Malta. Like many sectors, motor repair businesses are grappling with a sharp rise in operational costs while at the same time seeing the price of replacement parts go up. Topped with delays in the delivery of parts, insurers were seeing a spike in claims costs, he said. Galea said the price of vehicle replacement parts, ranging from side mirrors to rear bumpers, had significantly increased over the past year. This surge could be attributed to a combination of factors such as disrupted…

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As reported on the Times of Malta on 27 November 2023 by Mr Matthew Xuereb