Rising Cost of Motor Insurance
Body Perfect, we are keeping the cost of motoring down.
We are pleased to inform you that Body Perfect, a leading name in the car body repair industry in Wrexham and the North West, is dedicated to keeping the cost of motoring affordable for our clientele. Simon Edwards, our Managing Director, has emphasised the company’s unwavering commitment to offering competitive pricing by consistently investing in cutting-edge technology and closely monitoring internal and supply costs.
Staying ahead in the dynamic automotive market requires a proactive approach to innovation and efficiency. Simon acknowledges the importance of leveraging new technologies to enhance repair processes, streamline operations, and optimise resource utilisation. Through these strategic investments, we aim to maintain and improve upon the high standards that our customers have come to expect from Body Perfect.
Moreover, a vigilant focus on internal costs has been integral to our ability to provide cost-effective solutions. By conducting regular assessments and implementing efficiency measures across various facets of our operations, we can ensure that our customers receive the best value for choosing Body Perfect. This dedication to cost management enables us to navigate market challenges without compromising on the quality and reliability of our products.
Motor insurance costs:
In the UK, motor insurance costs have surged in the third quarter of 2023, with the average price reaching a record £561, marking a 29% increase compared to the same period last year. Insurers attribute the rise to inflationary pressures, supply chain delays, and increasing costs of car technology, parts, and materials. For instance, insurers have noted that between Q3 2022 and Q3 2023, the price of paint has gone up 16% and that of spare parts, 11%. There has been a 46% increase in other prices, primarily due to energy prices. The cost of claims has increased due to all of these factors.
The Association of British Insurers (ABI) is urging the government to reduce the Insurance Premium Tax (IPT) rate, which contributes £60 to the average premium, in an effort to alleviate the financial burden on motorists. IPT applied to various insurance products, generated £7.45 billion for the government last year.
As we progress through 2023 and into 2024, Body Perfect remains committed to delivering exceptional products at competitive prices. Our sustained efforts to balance innovation, efficiency, and affordability are a testament to our dedication to meeting the diverse needs of our customers. We appreciate your continued trust in Body Perfect and look forward to serving you with excellence in the years to come.
Thank you for choosing Body Perfect.
Simon Edwards
Managing Director
Body Perfect Ltd