Automotive recalls are on the increase, and the number of cars being recalled each time is soaring. Statistics within this document highlight the increasing trends in the number of recalls since 1966, as well as the increasing number of individual vehicles recalled in each decade up to 30 September 2013.
There is no single reason for the automotive recall trend, but growing technological advancements and innovation is a major factor. The greater the complexity of a vehicle, the greater the scope for something to go wrong.
Automotive recall insurance policies can however be placed with long-term agreements, which can see clients benefiting from no-claims discounts year on year. In addition to this, clients can opt to pay for a longer retroactive date, which would provide cover for products manufactured prior to purchasing a recall policy.
Read our brochure about Marsh's Product Recall Solutions for Automotive Component Suppliers.