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Toyota slashes prices to lessen accident write-offs

Toyota has cut parts prices by up to 51% on vehicles more than three years old in a bid to stem the rising rate of accident write-offs. The move will help its dealers sell more parts to independent repairers.

Insurance write-offs have increased in recent years due to the escalating cost of repairing new technology systems like airbags, aircon and seatbelt tensioners, which are now standard on many vehicles. The write-off rate is around 20%, more than double two years' ago.

The price reductions make it more economically viable for insurers to repair rather than write-off Toyota vehicles, says the company. It will also encourage them to use original Toyota parts on older vehicles in place of non-genuine parts.

Discounted products include airbags (down 51.8%), seatbelts (22%), wings (17.2%) and rear panels (30.9%) on cars more than three years old.

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