Rise In Auto Claims Driving Rates Higher
While many consumers may think auto insurance rates are rising due to the economic times some insurers state that it’s simply due to more losses being incurred.
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Archive for October, 2008
LKQ Corporation Revenue Up 72%
LKQ Corporation saw excellent results in the 3rd Quarter of 2008 with net income up 72%.
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J.D. Power releases Auto Insurance Claims Satisfaction Study
J.D Power today released a study regarding auto claims satisfaction.
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Mendota Jumps For DRP Solution….
In a effort to “improve” customer service, Mendota signs up for a DRP solution.
New Jersey State Assembly Passes Bill A803
| A803 “Motor Vehicle Owners’ Right to Repair Act.” Commerce |
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Used Car Dealers Say Times Are Tough….
Used car dealers are feeling the crunch in these economic times. This article states that many customers who can’t afford “used” are now having to settle for salvaged options….
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Supplement and Total Loss Trends Update…
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Current auto claims data statistics from January 1st 2008 to present day…..
39.88% of all damage appraisals will have at least one supplement.
The average supplement amount is $ 837.67
22.74% of all vehicles end up as a total loss.
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Data source: © 2008, AutoClaims Direct, DirectLink
2008 Auto Claims Data Factoid
In random sampling of 25,000 estimates in 2008, this charts breaks down repair vs. replacement of parts labor when a part is either repaired or replaced. 66.35% of labor time is spent replacing parts.
Data source: © 2008, AutoClaims Direct, DirectLink
Ear To The Ground……
The word on the street these days is that Direct Repair shops are having a rough go of it. Due to a tough economy, well publicized financial troubles of major insurers and the difficulty of DRP shops to retain a profit, many have shuttered their doors. With many of these DRP’s being smaller shops which insurers relied upon for DRP networks, will insurers may be forced to abandon much of the DRP model? Time will tell if this truly happens.
Diminished Value Ruling By Oregon Court Reinstates Lawsuit.
A new ruling by the Oregon court of appeals reinstates a Diminished Value lawsuit that could force carriers to cover DV on files as far back as 1993.