Hikes in car insurance premiums are leading to fewer claims but what are the real implications of not repairing your vehicle after a crash?

The chances are if you have had a renewal for your car insurance recently, you will have had a bit of shock. Insurance Premiums have seen a dramatic increase even for those of us who have not made a claim, changed vehicle, or had a change of circumstance.

?According to data from the ABI:

“The average cost of comprehensive motor insurance in the UK increased by?around a third (33%), or ￡157, in the first quarter of 2024 compared with the same period last year.”

Why are prices going up?

A number of factors have been attributed to the price increases in car insurance.?

1. The first and perhaps the most noticeable is rising inflation. According to the ABI “inflation has increased the cost of repairing cars by 31% compared to figures in 2022. Some insurers reported material costs rising by 16% and labour increasing by 15%.”

With our cars now more costly to repair or replace, insurance prices have gone up to “cover” these costs.?

2. .? There has also been a dramatic rise in car theft. The number of vehicles stolen in the UK remains?at a “15 year high”, according?to new data from the Office for National Statistics (ONS).

“Year-on-year crime statistics show that there were 129,159 vehicles stolen between April 2023 and March 2024.”

How are motorists trying to combat this inflation?

In a bid to curb the prices and take a proactive approach to lessen this added financial burden, aside from shopping around to find the best price, policyholders are also changing the way they pay for their insurance and the amount of cover they are taking out.

?Research conducted by Go Compare found that in a survey of 1500 policyholders:

“Over 80% of those who took part have seen their premiums increase…15% of people said that they’ve now opted to pay for their premiums monthly, as opposed to annually as they can no longer afford the lump sum up front. Another 15% said that they have increased the excess on their policy to try and save money and 8% have said they’ve been trying to cut back on things such as legal cover. 6% of people said that they’ve cut back on windscreen cover and 3% of those who took part said they’ve had to sell their car and stop driving altogether.”

While increasing excess may mediate the initial outlay it is also means that drivers risk paying a large sum in the event of an accident. Consequently, this is having a knock-on effect of the number of people claiming against accidents.

But what are the real implications of not having your vehicle repaired in the event of an accident?

?As an accident repair specialist approved for premium brands, CASTLE COACHWORKS (NORTHAMPTON) LIMITED understand firsthand how frustrating an accident can be. Even failing to repair minor damage has consequences, not only for you but other road users.

Safety implications

Even a small bump in your vehicle can affect crucial safety features and impact its safe handling. Braking systems, airbags, seatbelts even your bumpers are all there to help minimise the damage and risk to you and your passengers while on the road. Failing to check and repair these following an accident can lead to a higher risk of more severe and potentially life threatening injuries.

Legal implications

It is your legal responsibility to ensure that your vehicle is in a roadworthy condition. If your vehicle has accident damage that has not been repaired to a roadworthy standard this could result in a failure at your next MOT. Without a valid MOT, not only could you risk being fined but driving on the roads is illegal.

?In the event of an accident, your insurance company will typically require that you contact them and make it known. Failure to do so could mean that in the event of a future accident your policy is invalidated. They may question the claim’s validity, leading you to reduced compensation or denying you access to coverage altogether.

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Decrease in your vehicle’s value or resale price

It always pays to stay on top of even superficial damage like dings and scratches. Over time these can lead to further and more extensive damage which will affect your price when it comes to resale and could even be a deterrent to future buyers

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Higher costs when you do come to repair

Delayed repairs can end up costing you more. The longer you wait the higher the chance of more complex issues arising leading to more extensive repairs, which in turn will lead to more expensive bills.

Revert to approved

Entrusting your vehicle to a manufacturer-approved bodyshop is always the best solution in the event of an accident. Your vehicle will be restored to its optimal pre-collision using OEM parts, products, brand specific processes by brand-trained technicians who will guarantee safe repairs so that you can rest assured that your vehicle is fit to meet the demands of the road.

Contact us first!