Mitchell Reports a Lower Total Loss Rate for Electric Vehicles

Key Facts

• "Many believe that auto insurers are writing EVs off as a total loss more often than their ICE counterparts of a similar model year and ACV, even with only minor damage," said Ryan Mandell, director of claims performance at Mitchell.
• Along with total loss frequency, the Q3 2023 Mitchell report documents the difference in EV and ICE automobile: * Labor: Labor for EVs represented nearly half the cost of the total collision repair (49.66%) as compared to ICE alternatives (41%), equating to more than six additional labor hours per job.
• • Claims Severity: Repair costs for all EVs continue to trend higher than those for gasoline-powered vehicles, with a differential of $950 in the U.S. and $1,301 in Canada.
• The Plugged-In: EV Collision Insights report also highlights a modest increase from Q2 in claims volume for repairable EVs of 1.86% in the U.S. and 3.14% in Canada.

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