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Transfer payments are damaging
In Austria, the reimbursement of comprehensive damage by the motor vehicle insurer is widespread. A procedure that not only harms motor vehicle companies, but also has disadvantages for insurance customers. For the industry insurer Garanta, transfer payments are not an issue.
Transfer payments are damaging
From the loss adjuster's point of view, it definitely has advantages: if the policyholder accepts a replacement payment, the insurance company saves a lot of money. Reason enough why some Austrian motor vehicle insurers not only actively offer their customers compensation for the damage in the event of a claim, but also make it even more palatable through additional benefits or digital processing systems.
What makes some motor vehicle insurers happy is damaging to motor vehicle companies and insurance customers. "Because the transfer amounts are significantly lower than the necessary repair costs, it is not possible to properly repair the damaged vehicle in a licensed vehicle workshop. In these cases, the path to repair often leads to a bungler or to a potentially cheaper foreign country," says Garanta CEO Hans Günther Löckinger.
In both cases, the sales go past the domestic motor vehicle industry - the state loses out on tax revenue. "Motor vehicle companies that want to counteract this should therefore take a close look at which insurance company they work with and how it handles replacement payments. Or they are a Garanta partner, because we recommend qualified repairs in an Austrian specialist workshop, which also has a positive effect on the vehicle's roadworthiness and value retention," explains Löckinger. An attitude that is also repeatedly welcomed by stakeholders in the automotive industry.