Severity declines in first quarter but remains higher than ICE vehicles.
Mitchell, an Enlyte company, reported that in the U.S. electric vehicle (EV) total loss rates were 9.93% in the first quarter of 2024 and were 7.48% Canada, an increase of approximately 8% from the fourth quarter of 2023 and 30% the third quarter in both regions. The first quarter’s Plugged-In: EV Collision Insights report finds that despite the dramatic rise, EV total loss frequency remains in line with 2021 and newer internal combustion engine (ICE) alternatives, which ended the quarter with a rate of 9.51% in the U.S. and
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