If you think you’ve been left out of the repair-and-replace industry because you’re not covered by the federal government’s “no-cost” health insurance program, you might be surprised to find out there’s another way to get that coverage.
A few weeks ago, Forbes magazine featured a story on how the U.S. insurance industry is making more money than ever before on the repair of your own car.
The article’s headline read: “No-cost insurance industry makes $5 billion from repairing cars.”
Now that’s a pretty big chunk of change.
In the past, insurance companies have largely focused on repairing vehicles that have suffered some sort of damage to the paintwork, or a cracked windshield, or the trunk.
But in the past couple of years, insurance providers have begun to take on repairs that might be considered minor cosmetic issues.
And that’s led to a boom in the number of companies that are offering car horn repairs.
“The auto industry is in the middle of a renaissance, and it’s the result of some of the things that the Obama administration and Congress have done in recent years,” said Paul Vitz, chief executive of the Insurance Information Institute, a trade group for insurance companies.
“In some ways, the Obama Administration has made it easier for them to do this, and in some ways it’s made it harder.”
Vitz said the federal “No Cost” program has made a lot of progress, and the companies that do it are seeing an uptick in business.
“There’s a lot more work being done in this area,” Vitz said.
“We think that insurance companies are now getting the opportunity to be a little bit more proactive in the repair process, and they’re seeing a huge uptick in repair orders.”
There’s no question that the cost of repairing your own vehicle has gone up dramatically over the past few years.
The average price of a repair was $1,200 in 2016, up from $1.50 in 2008.
And insurance companies can charge significantly more than that for repairs, with the average cost of a car horn replacement going up from just over $100 to $1 for a new model.
Insurance companies have been able to make money off of that because of the federal No Cost insurance program.
The No Cost program was created under the health care law, and covers most Americans who have a pre-existing condition.
It was created to help people like Vitz get the best care possible.
Under the program, insurers pay the repair cost directly to the insurance company, and then the company pays the repair company’s administrative fees to cover the cost.
The No Cost companies then pay the insurance companies for their work on the vehicle, with both the insurance carriers and the No Cost repair companies receiving a cut of the profit.
The idea behind No Cost was that it would help companies like Viz to keep their businesses healthy.
And because they’re not insured by the government, insurers can’t charge them anything like the government.
“They’re not responsible for anything, so they’re very good at not getting hit by the insurance industry,” Viz said.
The government doesn’t even cover a lot that’s not covered.
Most of the No Costs in the country are in the Midwest, in the Northeast and in California, according to Vitz.
“You’ll see a lot in the Southeast, especially in Alabama, which is one of the states that have seen the largest number of people who have no-cost coverage.”
Viz said there’s a wide range of insurance companies that offer car horn care, with a wide variety of products.
And there are also some companies that don’t cover car horn service at all.
The insurance companies don’t make money on any repairs the company does.
Vitz points out that there are many people who don’t need the service, and don’t have the financial resources to pay.
“But if you look at the amount of money the insurance is making, they make money,” Vizer said.
Vitz and other experts believe the No-Cost program is helping to improve the health of the American auto industry.
“It’s not a silver bullet, but it’s certainly a lot better than it was a couple of decades ago,” he said.
“We see an increase in the insurance coverage.”
Forbes magazine says the No Cents car horn company in California has made more than $5.5 million in the last three years on the repairs.
“If you want a good car, you should look to No Cens for the best quality car care,” the article said.