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You are here: Home / Archives for Total Loss

LexisNexis Report Highlights Generational Risks in Drivers and Vehicles that Contribute to Higher Claim Frequencies

June 21, 2024 By CollisionWeek Editor

LexisNexis Risk Solutions released its 2024 U.S Auto Insurance Trends Report, which aggregates annual market data about consumer driving patterns, auto insurance shopping trends, claim frequency and severity, and consumer responses to rate increases to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. Key takeaways Risky driving behavior rises […]

Filed Under: News Tagged With: Claim Frequency, Claim Severity, LexisNexis Risk Solutions, Total Loss

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 […]

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

Interview: Bill Brower, SVP Global Industry Relations & North America Claims Sales at Solera

April 26, 2024 By CollisionWeek Editor

Brower details how artificial intelligence use in collision repair and claims is evolving along with its growing role supporting sustainability goals. For several years, collision repair facility operators and auto claims staff have been increasing using artificial intelligence (AI) enabled estimating tools to improve productivity and the claim process. In our video interview embedded below, […]

Filed Under: Feature Tagged With: Artificial Intelligence, Estimating Systems, Greenhouse Gas Emissions, Interview, Solera, Sustainability, Total Loss

Kritech and NCS SSI Introduce Virtual Total Loss

April 16, 2024 By CollisionWeek Editor

Tool expedites estimation of non-repairable vehicles for collision repair centers. National Coatings & Supplies / Single Source, Inc. (NCS SSI) and Kri-Tech Solutions, LLC announced the introduction of Virtual Total Loss, a productivity and profit enhancement tool for collision repair centers. Virtual Total Loss enables collision repair professionals to streamline workflows by outsourcing estimates for […]

Filed Under: News Tagged With: Agreements Signed, estimating, Kri-Tech Solutions, National Coatings & Supplies, NCS SSI, Total Loss

Mitchell EV Collision Repair Insights Report Shows Lower Total Loss Rate than ICE Vehicles

November 9, 2023 By CollisionWeek Editor

EVs make up almost 2% of repairable claims in U.S., over 3% in Canada. Mitchell released its latest trends report: Plugged-In: EV Collision Insights. This quarter’s report examines total loss frequency for electric and ICE automobiles. In the U.S. and Canada from Q1 to Q3 2023, the EV total loss rate was 7.25% for models […]

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

LexisNexis Auto Insurance Trends Report Says Collision Severity Was Up 9% in 2022

May 11, 2023 By CollisionWeek Editor

LexisNexis Risk Solutions released its 2023 U.S Auto Insurance Trends Report, which aggregates annual market data about driving behaviors, consumer auto insurance shopping, underwriting and claims to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. This year’s report analyzes 2022 data and tracks macro-market conditions such as volatile shopping […]

Filed Under: News Tagged With: Claim Severity, LexisNexis Risk Solutions, Total Loss

Reuters Reports on Concerns that Scratched EV Batteries Lead to Total Losses

March 21, 2023 By CollisionWeek Editor

A report by Reuters yesterday raised concerns that even slightly damaged electric vehicle (EV) batteries are causing auto insurers to total loss more vehicles. The article says that since there is no way to assess damage to the batteries or repair them, insurers are forced to write off the vehicles, causing higher insurance premiums and […]

Filed Under: News Tagged With: Electric Vehicles, Total Loss

PA Attorney General Charges 19 Individuals and 13 Businesses in Title Washing of Reconstructed Total Loss Vehicles

October 6, 2022 By CollisionWeek Editor

Alleged criminal enterprises submitted fraudulent reconstructed vehicle title applications to PennDOT, leading to potentially dangerous cars on the road. Pennsylvania Attorney General Josh Shapiro announced criminal charges against 19 individuals and 13 separate businesses for “title washing.” The participants in these criminal rings included George Frietto of George’s Garage, Luis Salazar of Salazar Auto Sales […]

Filed Under: News Tagged With: Lawsuits, Pennsylvania, Total Loss

Selective Insurance Will Remove Personally Identifiable Information in Vehicle Following a Total Vehicle Loss

October 3, 2022 By CollisionWeek Editor

Selective Insurance today announced that it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they’re declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that […]

Filed Under: News Tagged With: Data Security, Selective Insurance, Total Loss

Mitchell Partners with LossExpress to Accelerate Total Loss Settlements

August 30, 2022 By CollisionWeek Editor

Mitchell, an Enlyte company serving the Property & Casualty (P&C) claims and Collision Repair industries, today announced that its advanced vehicle valuation solution now delivers full lender coverage and automated tax and fee calculations for total loss claims. These enhancements are designed to streamline the total loss settlement process for carriers by integrating Mitchell’s advanced […]

Filed Under: News Tagged With: Agreements Signed, LossExpress, Mitchell, Total Loss

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