Toyota Reduces Cost Of Accident Repair Parts To Reduce Write-offs
Did you know that insurance companies class one fifth of cars involved in an accident as write-offs? That’s more than double the rate of just two years ago. The reason given is the high cost of replacing or repairing modern safety items such as air bags and seat belt pre-tensioners. These features save lives and reduce injury, but they were costly to replace – until now.
Toyota has lowered pricing on accident repair parts, by as much as half, in a bid to persuade insurers to review their strategy for writing off vehicles. Major price reductions averaging 51 per cent on air bags and 22 per cent on seat belts for all previous generation vehicles mean it is now more economically viable for insurers to repair rather than write-off Toyota vehicles.
Toyota has also lowered the recommended retail price of all major body panel parts typically damaged in minor accidents like headlamps, bumpers and mirrors on larger volume superseded models such as Starlet, previous generation Corolla and Carina E. On average these recommended retail prices have been reduced by 16.8 per cent.
In addition, Toyota has realigned recommended retail prices on accident repair parts fitted to all other models aged three years and above. Prices on these models will be reduced on average by 3.8 per cent.
Overall the combined price reduction is 9.4 per cent across all models. Details of the new pricing are listed below.
Accident Repair Parts Price Reduction
Air bags and seat belts on all models aged 3 years and above
Product – Average Price Movement % at RRP
- Air bags – 51.8%
- Seat belts (including pretensioners) – 22%
Accident Repair parts applicable to Starlet, previous generation Corolla, Carina E and Carina II
Product – Average Price Movement % at RRP
- Bonnet – 17.1%
- Grille – 20.5%
- Wing – 30.2%
- Indicator – 24.9%
- Headlamp – 31.9%
- Front bumper – 14.4%
Accident Repair Parts Price Reduction applicable to all models aged three years and above except Starlet, previous generation Corolla and Carina E/II
Product – Average Price Movement % at RRP
- Wing – 17.2%
- Rear panel – 30.9%
- Rear lamp cluster – 11.9%
Toyota is strongly promoting the price reductions on air bags, seat belts and accident repair parts through open communication to the insurance companies and also via a central trade direct mail programme to independent body shops.
Toyota hopes these actions will improve the likelihood of insurers specifying the use of genuine Toyota parts on accident damaged older models. Currently, many insurers specify the fitment of non-genuine parts on models aged five years and above, and some insurers as new as three years and above.
The price reduction on accident repair parts coupled with award winning security systems enables Toyota to achieve low insurance group ratings, making cost of motoring less.
ENDS
