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Why Your Car Insurance Bill Keeps Growing and the Role of Recycled Parts

In Wheel Time Podcast: Your Go-To Automotive Talk Show Jan 15, 2024 31 min

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About this episode

Car insurance rates are set to rise significantly in 2024, with an average increase of 12.6% nationwide. Divya Sangham from Lending Tree discusses the factors driving these hikes, including rising repair costs, increased claims, and a surge in car thefts, particularly catalytic converters and advanced driver-assistance system sensors. The conversation also touches on the use of recycled parts in repairs and the challenges faced by electric vehicle owners regarding insurance costs. Listeners will gain insights into how to navigate these changes and potentially save on their insurance premiums.

Topics: insurance rate increases catalytic converter thefts recycled parts electric vehicle insurance advanced driver-assistance systems cost of repairs shopping for insurance inflation impact insurance discounts used parts market

Cars: Audi Q7 Audi SQ7 Ford F-150 Tesla Model Y

Join us as we peel back the layers on the ballooning costs of car insurance with Divya Sangam from Lending Tree. With an eye-opening average rate increase of 12.6% sweeping the nation, we uncover some of the factors driving this inflation—from escalating claim costs and the impact of climate disasters to the spike in catalytic converter thefts. You'll learn why the expected pandemic savings never materialized in consumers' wallets and how state insurance boards are entangled with inflation in greenlighting these rate hikes. It's a deep dive into the financial squeeze on American drivers, and a look at an industry grappling with change.

We shift into the world of used auto parts, weighing the savings against the risks. We scrutinize whether a second-hand catalytic converter or an ADAS unit is a gamble worth taking, and discuss how companies like LKQ are transforming the market. But what does this mean for your insurance policy? We dissect the relationship between aftermarket parts, potential theft, and the premiums you pay. And as we round the final corner, we'll glance at the latest in automotive news, from a slew of recalls to Tesla's driving range adjustments, Fisker's new sales approach, and the current swell in new car inventories.

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Technical Too Afraid to Ask

Wikimedia Commons / CC BY-SA 2.0

Car

Audi Q7

"...kay? Driver seat airbag improperly mounted on the Audi Q7, Q8, RSQ8, SQ7 and SQ8 23 and 24 model years. Ins..."

Alexandre Prévot from Nancy, France (CC BY-SA 2.0)

Car

Audi SQ7

"...rbag improperly mounted on the Audi Q7, Q8, RSQ8, SQ7 and SQ8 23 and 24 model years. Insufficient illum..."

Gold Pony (CC BY 3.0)

Car

Ford F150

"Excuse me, unless it's driving next to your behind you, yeah. So we've mentioned this before, mentioned it again because now it's on the national recall list Ford F-150 for 21 to 23 model years. Rear axle hub bolt may break."

Kevauto (CC BY-SA 4.0)

Car

Tesla Model Y

"...nts. Tesla's website now estimates the range of a model Y long range, for instance, at 310 miles, while the..."

4 cars

4 cars featured

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