Mitchell Releases Latest Edition of Industry
August 3, 2010
Mitchell International Inc. has 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 new information about
the claim costs of hybrid vehicles,.
"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," says 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 adds, "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 percent OEM parts dollars compared to 86.8 percent 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 percent more traffic tickets
than gas-powered vehicles per 100,000 miles.
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