Paying for car repairs that are not covered by insurance

An insurance adjuster assesses the damage to a car while the driver looks on with concern. — ViewStock/Getty Images

Car insurance comes in handy when you’re in an accident and your vehicle gets damaged or totaled. However, some car insurance policies don’t cover the full cost of car repairs after a crash. If you don’t carry collision or comprehensive coverage, or if your policy limits are too low, you might have to pay for part of the repairs out-of-pocket.

Auto Insurance

Key takeaways

Auto repair data and statistics

The auto repair and maintenance industry is growing fast. Here are some statistics about the industry and the cost of car repairs in the U.S.

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In 2021, the global automotive repair and maintenance market reached a value of almost $750.8 billion. (ResearchAndMarkets.com)
By 2026, the car repair and maintenance market is expected to reach a valuation of $1,237.5 billion. (ResearchAndMarkets.com)
34% of vehicle owners prefer to take their cars to the dealership for servicing, rather than a third-party auto body shop. (Cox Automotive)
Electric vehicles are twice as expensive to repair as gas-powered cars. (WePredict)
75% of premium car brands have repair costs that are more expensive than the industry average. (WePredict)
The average cost of car repairs is between $500 and $600. (AAA)
Drivers spend roughly 9.55¢ per mile on repairs, maintenance, and tires each year. (AAA)
Honda is the cheapest non-premium car brand to service and Acura is the cheapest premium brand to service. (WePredict)

If you get into an accident or have another auto insurance claim, the cost of repairs could be significant. The table below includes some common car repair types and the average cost.

Repair Type	Average Cost
Engine replacement	$1,000 to $7,500
Suspension damage	$1,000 to $5,000
Airbag replacement	$1,000 to $1,500 (per bag)
Frame damage	$600 to $10,000
Windshield replacement	$250

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TEN MILLION REASONS To Celebrate! The MOST EXPENSIVE NEW Car Sold At Auction!

When you hear of ultra-expensive car auction sales you rightly think of vintage, classic or collectible older vehicles. But not this one.

That’s because an RM Sotheby’s auction in Paris on Wednesday marked a new world record winning bid paid for a brand new car.

The motor in question is very special indeed: one-of-a-kind Bugatti Chiron Profilée, which could be the last version of the French firm’s incredible hypercar to feature the massive quad-turbocharged W16 engine.

The Bugatti that recently sold at auction for 8.7 million dollars is a stunning example of automotive engineering and design. This luxury sports car is known for its exceptional speed, performance, and elegance, making it one of the most sought after vehicles in the world.

One of the standout features of the Bugatti is its aerodynamic design, which helps to optimize its speed and handling. The sleek lines of the car and its bold, angular shape give it a distinctive look that is both sporty and sophisticated. The attention to detail in the design of the Bugatti is evident in every aspect of the car, from its curvaceous body to its chrome accents and leather interior.

Another key aspect of the Bugatti is its exceptional performance. With a powerful engine and advanced suspension system, the car is capable of reaching top speeds in excess of 200 miles per hour. This is a testament to the expertise and skill of the engineers who designed and built the car, and to the dedication of the brand to delivering the ultimate in driving experience.

The luxury and attention to detail in the Bugatti extends to the interior of the car as well. From the plush leather seats to the high-quality materials used in the construction of the dashboard and other interior components, the Bugatti is designed

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An Introduction To Scenario-Driven Car Making

Dr. Shaoshan Liu is the founder/CEO of PerceptIn, Autonomous Mobile Clinics project lead at BeyonCa and Asia Chair of IEEE Entrepreneurship.

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Coming from a purely technological background, I have spent the past decade developing autonomous driving technologies. More than one year ago, I embarked on an exciting new journey of making intelligent electric vehicles (IEVs), of which autonomous driving is only one component.

After deep diving into the car-making process for a while, I have been awed by the complexity of car engineering, challenged by the cultural clash of traditional car-making and internet-style, fast-paced innovations, touched by the everlasting beauty of car designs and inspired by the wide spectrum of usage scenarios for intelligent electric vehicles.

At the very beginning of 2023, I had an epiphany, realizing that we have come to the age of scenario-driven car making, such that IEVs should serve a very clear and detailed customer need. With the sole mission of fulfilling this need, we should then gradually unfold the complexity of car making. I call this new process scenario-driven car making. Hence, I have made a 2023 New Year’s resolution to write a series of articles detailing my understanding of scenario-driven car making. In this opening article, I attempt to explain the concept of scenario-driven car making.

As discussed in my previous article, the IEV industry is evolving through three stages of development: electrification, intelligence and ecosystem. After more than one decade of development, various IEV companies, such as Tesla, NIO and XPeng, have laid a very good foundation in electrification and intelligence, and it will be extremely challenging for latecomers to challenge their established positions in those areas. Thus, it will be a smart move for any new IEV company to rely on the existing supply chain for electrification and intelligence but focus

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CAR partners with McPherson College Auto Restoration Program

McPHERSON — McPherson College will partner with the Center for Automotive Research (CAR) — considered the most respected research source in the automotive industry — on a study exploring the future of transportation and mobility to create a new engineering, design, and mobility program building on its existing Automotive Restoration program. Creating a national center for the future of engineering, design, and mobility is one of the key initiatives supported by the college’s $500 million double-match estate commitment.

The CAR study will examine a wide range of approaches to the future of mobility, including electrification, mobility ecosystem, urban planning, roadway design, and more, to create a dynamic curriculum for the new program.

“For decades, the Auto Restoration Program at McPherson College has been offering a one-of-a-kind experience for students interested in the history and hands-on restoration of classic cars,” President Michael Schneider said. “We want to build from this unique program and offer students more opportunities based on what the future looks like for transportation and mobility. CAR will help ensure we move in the right direction.”

CAR, a non-profit organization based in Ann Arbor, Mich., is focused on the future direction of the global automotive industry. Its mission is to inform and advise through independent research, education, and dialogue, enabling a more viable and sustainable automotive ecosystem. CAR maintains close collaboration and relationships with automakers, suppliers, industry associations, government, non-profit, labor organizations, and educational institutions to provide leading, thought-provoking, and impactful research.

CAR specializes in connecting the automotive industry’s needs to what academic curriculums require to match those needs. This includes analyzing degree programs, evaluating student preparedness, and assessing facilities, classrooms, and equipment.

“CAR engages with academic institutions, automotive industry leaders, and municipal organizations to understand the required skills and competencies of the future workforce,” said Alan Amici, president

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The 3 Best Car Stocks to Buy for Potential Profits in 2023

Over the past year, the automotive industry has faced challenges such as shortages of chips, high inflation, and rising interest rates. Total new vehicle sales in the United States declined 8% year-over-year in 2022, registering its worst performance in over a decade.

However, the sale of electric vehicles (EVs) rose 65% year-over-year, increasing almost two-thirds compared to 2021. In 2022, EVs accounted for 5.8% of all new car sales in the United States, up from 3.1% in 2021. With more manufacturers launching EVs, the automotive industry is expected to witness strong demand in the long term.

Additionally, car manufacturers are expected to benefit from the CHIPS and Science Act as it is anticipated to enhance their production capabilities by reducing their dependence on foreign chip suppliers.

According to S&P Global Mobility, U.S. new vehicle sales in 2023 are expected to be 14.80 million, while Cox Automotive forecasts sales of 14.10 million units, coming in higher than the 13.90 million units sold last year.

Toyota Motor North America’s executive VP Jack Hollis said, “We’re cautiously optimistic about the future. In 2023, there will be an uptick not quite as high as we would love it to be but going in the right direction.”

Therefore, it could be wise for investors to buy fundamentally strong car stocks General Motors Company (GM), Honda Motor Co., Ltd. (HMC), and Subaru Corporation (FUJHY).

General Motors Company (GM)

GM designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories worldwide. The company operates through GM North America; GM International; Cruise; and GM Financial segments.

In terms of forward non-GAAP P/E, GM’s 5.10x is 65.1% lower than the 14.59x industry average. Likewise, its 10.46x forward EV/EBIT is 22.4% lower than the 13.49x industry average.

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