Thus, for example, the shortage of spare parts leads to an increase in the cost of contracting vehicle insurance, he said.
Along the same lines, the postgraduate professor of Finance at the University of Piura, Yang Chang, said that with supply difficulties it is difficult to replace vehicle parts in the event of theft or accident.
This causes the premium paid with the insured who wishes to have a guarantee for his car to rise, to compensate for the higher cost of dealing with an accident, he added.
For some, it is even better to hire civil liability coverage, to protect possible damages to third parties and not those of the owner’s car, than to purchase complete coverage, Ward said.
According to Chang, the increase in the premium could vary depending on the type of vehicle insured and the history of claims or the occurrence of unexpected events.
“If they are high-end cars with few accidents or thefts, it is unlikely that your premium is going up, but if it is a high turnover vehicle for sale, more commercial, with a high loss history, it could be going up significantly. “, held.
In addition, he argued that there is a factor from informality that raises this cost in certain cases.
By not easily finding a spare part for the vehicle, there is an incentive to steal auto parts because they can be sold at a higher price on the black market or illegally, he said.
This creates a vicious circle that involves more theft of vehicle parts and people looking for parts in non-formal secondary markets, he added.
For Chang, this upward trend in insurance prices should reverse in the medium term.
You can already see favorable global indices such as lower inflation in the US, some reduction in fuel prices, he mentioned.
Although there would be a lack of regularization in the cost of transportation and freight, and in the production of the factories in China that are the main suppliers of these parts, he added.