Electric vehicles rank at both ends of the insurance claims spectrum | finder.com

Electric vehicles rank at both ends of the insurance claims spectrum

Peter Terlato 3 January 2018

The Smart Fortwo had the lowest claims losses, while the BMW i8 plug-in hybrid had one of the highest.

Insurance is something every car owner must consider. It’s one of, if not the most, substantial recurring vehicle expenses. That’s why it’s important to consider the cost of premiums when buying a new car.

The Insurance Institute for Highway Safety’s Highway Loss Data Institute (HLDI) monitors U.S. vehicle insurance claims data. As part of its latest status report the HLDI found two different electric-powered vehicles ranked at both extremes of the scale with regards to collision losses for 2014-2016 model passenger vehicles.

The data measured the frequency of claims per 100 insured vehicle years. Claim severity is calculated as the average loss payment per claim. Overall losses are determined by average payments per insured vehicle year.

The Smart Fortwo Electric Drive was the vehicle ranked as having the lowest overall claims losses. At the other end of the spectrum, the BMW i8 plug-in hybrid sport coupe had one of the highest overall claims loss ratios.

The Smart Fortwo had a claim frequency of 3.3 vehicles per 100 insured vehicle years, an average claim severity of $4,921 and an overall loss of $162. The BMW i8 had a claim frequency was 7.7 cars per 100 insured vehicle years, an average claim severity of $21,588 and an overall loss of $1,657.

The two-door Bentley Continental GT four-wheel drive had the highest overall collision loss among 2014-16 passenger vehicles. Collision losses were more than six times the average ($390) for all passenger vehicles.

Collision claims for 2014-16 vehicles

Lowest overall lossesVehicle size and typeClaim frequencyClaim severityOverall losses
Smart ForTwo electric2-door microcar3.3$4,921$162
Ram 1500 LWB 4WDlarge pickup4.5$4,065$185
Ford F-250 4WDvery large pickup3.8$4,940$187
Kia Soul electricsmall station wagon5$3,786$189
Chevrolet Corvette Z06 convertiblemidsize sports car2.8$7,145$204
Jeep Wrangler 2dr SWB 4WDsmall SUV3.1$6,555$205
Ram 2500 crew cab SWB 2WDvery large pickup6.2$3,451$215
F-350 SuperCab 4WDvery large pickup4.6$4,789$221
Subaru Outback 4WD with EyeSightmidsize station wagon5.9$3,750$222
Subaru Outback 4WDmidsize station wagon6$3,692$222
Highest overall lossesVehicle size and typeClaim frequencyClaim severityOverall losses
Bentley Continental GT 2dr 4WDvery large luxury car7.1$35,744$2,536
Bentley Continental Flying Spur 4dr 4WDvery large luxury car8.1$28,816$2,338
Bentley Continental GTC convertible 4WDvery large luxury car6.5$29,478$1,923
BMW i8 plug-in hybrid 2dr 4WDmidsize luxury car7.7$21,588$1,657
Maserati Granturismo 2drlarge sports car8.5$18,785$1,597
BMW M6 2drlarge luxury car8.6$17,436$1,498
Audi RS7 4dr 4WDlarge luxury car8.7$16,013$1,401
BMW M3 4drmidsize luxury car8$16,866$1,359
BMW M4 2drmidsize luxury car10$13,499$1,349
Maserati Ghibli 4dr 4WDlarge luxury car10.1$13,272$1,339

The average passenger car claims frequency was 7.4 vehicles per 100 insured vehicle years. The average passenger car claims severity was $5,256 and the average overall losses for all passenger vehicles was $390.

Predictably, luxury cars were found to have higher than average collision claim costs, while pickups and SUVs incurred lower than average costs. For injury claims, small cars recorded the most frequent claims, while very large pickups had the lowest. And the more expensive the car – you guessed it – the more costly to repair.

However, more than half of all collision claims for passenger vehicles in the United States totalled less than $3,000, with the greatest proportion of claims falling within the $1,000-$1,999 range.

Learn about car insurance, how to meet state requirements, and optional coverage you may want to consider.

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