SAN DIEGO, CA--(Marketwire - August 2, 2010) - Mitchell International, Inc., a leading provider of information, workflow and performance management solutions to the Property & Casualty claims and Collision Repair industries, today released the third quarter 2010 edition of its Industry Trends Report (ITR) -- the company's quarterly publication that highlights industry-related trends, news items and statistics.
This edition's Quarterly Feature, "Are Hybrids as Green When it Comes to Their Claims Costs?" by Mitchell's Vice President of Industry Relations, Greg Horn, reveals startling new information about the claim costs of hybrid vehicles, which in recent years have become a much more common sight on the nation's highways and are appearing in collision repair shops more frequently.
"Mitchell's in-depth, multi-year data shows that hybrids have a 6.5% or $182 higher average claim severity than their gas-powered counterparts," said Horn. "From a claims severity and frequency perspective, hybrid vehicles represent a more costly overall risk to insure than their gas only powered cousins."
Horn added, "Powering these higher hybrid claims costs is a significant change in the hybrid driver profile -- from the eco-conscious consumer to a new base of buyers interested in cutting fuel expenses associated with long commutes. The result is an entirely new risk profile for hybrid vehicle drivers, who will likely see their insurance rates continue to increase."
The Mitchell study also revealed that hybrid vehicle claims utilize 91.9% OEM parts dollars compared to 86.8% for gas only counterparts Data points from a study by integrity solutions provider Quality Planning round out the profile of hybrid owners, showing that Toyota Prius owners receive 65% more traffic tickets than gas-powered vehicles per 100,000 miles.
Other valuable points of interest in the current issue of Mitchell's ITR include:
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Q2-2010 data reflect an average gross initial Collision appraisal value of $2,782 -- $5 less than this same period last year. Applying the indicated development factor suggests a final Q2-2010 average gross collision appraisal value of $2,937. At $13,201, the average Actual Cash Value (ACV) of vehicles appraised for Collision losses during Q2-2010 reflects an increase in value despite the increase in age of those vehicles.
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In Q2-2010, the initial average gross appraisal value for Comprehensive coverage estimates processed through Mitchell servers was $2,569 -- a $193 increase from Q2-2009. Applying the prescribed development factor for this data set produces a final anticipated average severity of $2,628.
Complete content is available in the latest Industry Trends Report, which may be downloaded in PDF format by visiting www.mitchell.com. First published in April 2001, Mitchell's Trends Report has grown in both content and circulation, now reaching more than 23,000 collision and casualty industry professionals.
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of information and workflow solutions to the Property & Casualty claims and Automotive Collision Repair industries. The company's comprehensive solution portfolio streamlines the entire auto physical damage, bodily injury and workers' compensation claims processes. Mitchell enables millions of electronic transactions between more than 30,000 business partners each month to enhance partner productivity, profitability, and customer satisfaction.