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Mitchell released its latest “Plugged-In: EV Collision Insights” report, which reveals that there is an increase in EV collision claim frequency.
Mitchell released its latest “Plugged-In: EV Collision Insights” report, which reveals that the frequency of repairable electric vehicle insurance claims has increased through the first quarter of 2023, according to a press release.
The report details an increase of repairable claims on EVs rose to 1.13% in the United States and 2.41% in Canada. While an increase in EVs on the road is not unexpected, insurance companies and collision repair facilities will have to grapple with the change.
Mitchell’s Director of Claims Performance Ryan Mandell said that the increase in EVs “puts a strain on auto insurers, who must balance policyholder expectations with higher than average vehicle repair costs and cycle time,” as well as “a strain on collision repairers tasked with properly and safely restoring these automobiles to OEM standards.”
Though the average repairable severity for EVs has decreased, it’s still higher than that of internal combustion engine vehicles. With the refinish time being an hour longer or more on an EV, factors such as this can make claim costs for them higher.
Article Credit to Fenderbender.
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