New report highlights the electric vehicle (EV) trends impacting auto insurers and collision repairers
San Diego, CA (Feb. 15, 2023) – Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty (P&C) claims and Collision Repair industries, is pleased to announce the availability of its latest trends publication: Plugged-In: EV Collision Insights. The new quarterly report provides auto insurance and collision repair executives with up-to-date information on electric vehicle claims and market data.
In 2022, EV sales hit a tipping point, representing 5.6% of all new vehicles sold according to Kelley Blue Book. As consumer adoption increases, vehicle manufacturers including Audi, GM and Volvo are pledging to go all-electric in the future—putting more of these automobiles on the road and, potentially, in a collision repair shop.
“EVs introduce some unique challenges to both insurers and repairers,” said Ryan Mandell, director of claims performance at Mitchell. “Their more complex, interconnected electronic systems and reliance on lightweight materials can complicate the repair process and increase claims costs. With the release of our new report, we hope to provide the industry with the information it needs to prepare for this growing segment of the car parc and the impact it will have on auto insurance claims.”
Based on data from Q4 2022, the inaugural issue of Plugged-In: EV Collision Insights documents an increase in the:
- Number of EV repairable claims of 1.1% in the US and 2.26% in Canada
- Average percentage of EV parts repaired, suggesting that collision facilities may be improving their ability to repair the lighter weight substrates that are common in these automobiles
- Average number of mechanical hours on EV estimates of 1.7 as compared to labor time listed on collision damage appraisals for vehicles with internal combustion engines
The report also features current claims data on EV average repairable severity, repairable claims frequency by market, and frequency by vehicle manufacturer and model.
To access the report, visit www.mitchell.com/plugged-in. You can also subscribe to future issues by completing the web form.
For more information, visit the Mitchell website or follow Mitchell on Twitter @MitchellClaims or @MitchellRepair for property and casualty and collision repair updates and perspectives.
About Mitchell International
Headquartered in San Diego, Calif., Mitchell International, Inc. delivers smart technology solutions and services to the auto insurance, collision repair, disability and workers’ compensation markets. Through deep industry expertise, connections throughout the insurance ecosystem and advanced technology such as artificial intelligence and cloud-based solutions, Mitchell enables its customers and clients to succeed in today’s ever-changing environment. Each month, Mitchell processes tens of millions of transactions for more than 300 insurance providers, 20,000 collision repair facilities and 70,000 pharmacies. Its comprehensive solution and service portfolio empowers clients to restore lives after a challenging event.. For more information, please visit www.mitchell.com.
Mitchell, Genex and Coventry have recently aligned their joint industry expertise and advanced technology solutions to form Enlyte, a parent brand with more than 6,000 associates committed to simplifying and optimizing property, casualty and disability claims processes and services.
SOURCE: Mitchell International Inc.Tags: Mitchell, trends