Mitchell has released its latest trends report, “Plugged-In: EV Collision Insights,” according to a press release.
The report examined total loss frequency for electric and ICE, finding that the EV total loss rate was 7.25% for models 2020 and newer in the U.S. and Canada. Luxury ICE vehicles made from the same time frame with comparable actual cash value had a rate of 7.47%, compared with 8.49% for all ICE vehicles.
Differences between EVs and ICE vehicles were also explored in the report. Labor for EVs accounted for almost half the cost of a total collision repair at 49.66%, compared to ICE alternatives coming in at 41%. It equates to more than six extra labor hours per job.
Repair costs for EVs are still trending higher than ICE vehicles, with an average difference of $950 in the U.S. and Canada.
OEM parts sit as the standard for EV repairs, with 88.85% of repairable EVs having parts from the manufacturer. For ICE alternatives, the number was 67.48%.
“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. “Our data simply does not support that conclusion. In fact, even though an EV’s lithium-ion battery significantly increases the likelihood of a total loss outcome, we do not see these automobiles declared total losses more often than ICE alternatives.”
