Write-offs on the rise
New research has found that write-offs have proportionally risen by 55% in the last three years.
This is according to data from Warranty Direct’s GAP insurance division.
It found the average individual claim value for vehicles written-off over the three-year period was £3,765 with some of the highest individual claims being over £15,000.
When analysing manufacturer trends, the brands most likely to be written off or subject to theft were BMWs and Fords, which made up 17% of total overall GAP claims. This was closely followed by Mercedes-Benz and Vauxhall in second place (11%) and Audis in third place (four per cent).
While BMW and Ford took the lead when it came to the highest percentages of overall claims for vehicles written off or stolen, the highest costing average claims were made by Mercedes-Benz drivers at £5,165 per person, closely followed by Audi drivers, whose claims averaged at £4,905.
Advances in immobiliser and keyless technologies resulted in a decline in vehicle crime throughout the 2000s. However, it seems criminals are now finding ways to counter the latest safety innovations and technology as vehicle-related theft has risen 30% since 2014.
Warranty Direct’s data has shown the average individual pay out for theft-related claims since 2014 resulted in £3,360 per customer.
Simon Ackers, Warranty Direct’s chief executive officer, said, ‘It’s clear from the recent steep rise in vehicle-related thefts and write-offs, advances in vehicle manufacturing and technology cannot always prevent irreparable damage. The motoring industry must continue to adapt and encourage consumers to guard against potential loss with GAP insurance and visual deterrents such as steering wheel locks and alarms, which could help protect vehicles from theft.’