A report on the UK Car Body repair Market has published an update regarding the rising prices of vehicle repair costs.
Analysis of Trend Tracker’s new data shows the average repair cost trend for cars is continuing to rise in the first half of the year to a weighted average of £1,919 from £1,845 per repair recorded in 2018. This represents a four percent overall increase in insurance-related accident repair expenditure, for all makes/models of cars.
Looking at the longer term average repair cost trend for cars, the overall average cost repair has risen quite significantly; from a weighted average of £1,366 in 2013 to £1,919 doe the first half of 2019 (a 40.5%, or £553, increase over the period).
parts make-up approximately 42% of a total average repair cost; a figure that has remained fairly consistent for the past six years, which means that in the first half of 2019, the average parts spend on car repairs was £803, compared to £787 in 2018 and £721 in 2017.
While car accident repair costs increase, motor claims frequency is expected to fall slightly in 2019. The rate at which policyholders are claiming against their motor policy has continued its long term decline, raching the lowest level on record in the second quarter of 2019, at 11.4%.