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During the first quarter of 2024, repairable claims frequency for electric vehicles increased 2.26% in the U.S., which represented a 40% increase compared with Q1 2023, according to Mitchell International.
The increase in EV claims coincided with a drop in the price of electric vehicles, according to Mitchell reported. Tesla lowering the costs for its vehicles during 2023 prompted other EV automakers to follow suit. At the end of 2023, the average cost for a new electric vehicle was $50,798, which was $2,040 more than the average cost for a gas-powered vehicle. The price drops for new EVs resulted in used EV prices dropping 30% year-on-year.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
