Toronto, Ontario — Crash Course has now released its fourth-quarter report, “A Year of Shifting Gears: how the Auto Claims and Repair Industry Adapted to Economic Strain and Evolving Technology,” that highlights the top trends that impacted the automotive and collision repair industry throughout 2024.
According to the report, which further aims to provide industry members with guidance for the new year, vehicles seven years or older now make up nearly 45 percent of all repairable claims, up from 35 percent in 2019.
Other top trends Crash Course defined in 2024 for the vehicle claims and repair industry include third-party bodily injury claims jumping to eight percent, with the average payout per injured party now reaching $27,373; electric vehicles now also make up 6.8 percent of repairable claims for newer vehicles.
The report further notes that miles driven by consumers have increased 0.8 percent year-over-year through the third financial quarter, and up 0.6 percent compared to 2019.
Finally, auto casualty claims involving uninsured and underinsured motorists rose by 11 percent in 2024.
When looking at vehicle repair trends more closely, following years of 7.3 percent and 5.4 percent increases in average parts costs, the average price per part increased a modest 0.2 percent in 2023. Through Q3 2024, the average price per part is up 1.4 percent year-over-year following increases of two percent and 1.2 percent in the second and third quarters of 2024.
Moreover, the average number of labour hours per appraisal in 2023 increased slightly to 27.6 hours. Through Q3, labour hours are down slightly year-over-year at 27.3 hours.
To read the full report, click here.
