In a statistical analysis of fleet vehicle data for 2008, some interesting numbers come to light. Here are some key figures.
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1. Average damage severity has risen $43.00 per file which translates to 1.75% when compared to last year.
2. OEM Usage has remained steady at 85.35% in 2008 compared to 85.82% last year.
3. Total Losses remained in the 12% range, with 12.5% in 2008 vs. 12.38 in 2007.
4. Repair vs. Replace times saw the biggest change. 37.67% of time was spent repairing damaged parts vs. 31.60% a year ago. Conversely 62.33% of the time was spent replacing parts in 2008 vs. 68.40% a year ago.
5. The average age of fleet vehicles in a loss is 2 years old.
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What we can take away from this data is that more fleet vehicles are undergoing repair time vs. parts replacement. Severity has not spiked nor has the rate of total losses. Fleet vehicles see much fewer total loss figures compared to the general public likely due to safety training by employers and extra care drivers may take as they are driving a “company” vehicle. The current total loss rate for regular auto claims is 22.51%.
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Data source: © 2008, AutoClaims Direct, DirectLink