Report Shows Increase in Total EV Loss Claims

A new report shows a jump in total loss frequency for both electric and newer internal combustion engine automobiles.

Mitchell this week released its Q1 2024 trends report: Plugged-In: EV Collision Insights.

The report shows EV total loss frequency has risen since late last year as the prices of used EVs have fallen. In the U.S. and Canada, EV total loss rates were 9.93% and 7.48%—an increase of 8% from Q4 2023 and 30% from Q3 2023 in both regions.

Despite the rise, EV total loss frequency remains in line with 2021 and newer ICE alternatives, which ended the quarter with a rate of 9.51% in the U.S. and 7.44% in Canada, the report shows.

The report notes that slowing new sales, price reductions and changing consumer sentiment are impacting the value of used EVs.

Other auto claim differences between EVs and ICE autos detailed in the report included: