Editor's Note: Susanna Gotsch is lead analyst at CCC Information Services Inc. and the author of its Crash Course Report series. The following is a summary of the forthcoming 2013 Crash Course Report, which is provided by CCC Information Services Inc. The full report is available on the CCC website.
Private passenger auto insurance has experienced declining claims frequency over the last decade. A variety of factors have been identified as contributors to the decline: an aging population; fewer miles driven; graduated licensing for teenagers; higher deductibles; and there are now more vehicles than drivers.
Several additional factors came into play with the recession, including higher unemployment and consumers modifying auto insurance policies to raise deductibles or drop non-compulsory coverage. Data from the third quarter 2012 Fast Track Plus™ reports continue to show that outside of normal seasonal patterns across all lines of coverage and the erratic frequency for comprehensive losses, individual quarterly collision and property damage frequency are either flat or seeing small increases.
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