geoff hughes director—strategy and programming national motor vehicle theft reduction council the...
TRANSCRIPT
Geoff HughesDirector—Strategy and ProgrammingNational Motor Vehicle Theft Reduction Council
The Future for Insurance Write-offs in Australia
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Presentation overview
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Brief snap shot of Stolen PLCs Vs Non-recoveries
5 major contributing factors to prevailing trend
NMVTRC review of the management of repairable write-offs
Theft volumes at record low
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PLC Thefts and Non-recoveries 2000-2007
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RWO example 1: 2005 VZ Commodore
Maximum pre-damage value $25,000
Est cost of repairs >$20,000
Salvage value returned at auction $3,600
No. of equivalent undamaged vehicles for sale in NSW on carsales.com and price range 402 from $14,990
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RWO example 2: 2002 Toyota Corolla
Maximum pre-damage value $14,800
Est cost of repairs >$15,000
Salvage value returned at auction $3,600
No. of equivalent undamaged vehicles for sale in NSW on carsales.com and price range 407 from $10,499
Recovered strips in Bankstown
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MY04 Mazda 3 23SP Red Book $19-21K (W)
InsurerDamaged Cars
Auction HouseTotal Loss Cars
Parts RecycleIndustry
New Parts
Rebuilt RWO
Unlicensed LMCT
Criminal Re-builds
Enthusiast
Stolen PartsDistribution
Repair Industry
Industry Re-builds
Publ
ic
Insured
Public
Parts Distribution Flow Chart
Legitimate Supply
Illegal Supply
Initial WOVR impacts tail off
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PLC Non-recoveries by Age 2000-2007
Review elements
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Estimate size of criminal activity related to the re-use of RWOs
Quantify impact on insurance premiums
Examine the impact of a range of possible interventions
Review the case for exemptions
Assess environmental and road safety impacts
Identify associated costs and benefits by industry sector
Determine the overall cost/benefit
Impact on insurance premiums
Impact on community
Geoff HughesDirector—Strategy and ProgrammingNational Motor Vehicle Theft Reduction Council
The Future for Insurance Write-offs in Australia
www.carsafe.com.au