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You are here: Home / News / Mitchell Reports EV Total Losses Increasing as Prices Decline

Mitchell Reports EV Total Losses Increasing as Prices Decline

June 4, 2024 By CollisionWeek Editor

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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Filed Under: News Tagged With: Claim Frequency, Claim Severity, Electric Vehicles, Mitchell International, Total Loss

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