Mitchell International’s Post

The regulatory hill for IC power only gets steeper from here. By 2032 gas-burning vehicles will need robust hybrid and plug-in hybrid systems in order for automakers to avoid noncompliance penalties. The number of potential failure points will grow dramatically. This is one of the many reasons I encourage consumers to jump to EVs and avoid the bitter end of combustion technology.

“The regulatory hill for IC power only gets steeper from here. By 2032 gas-burning vehicles will need robust hybrid and plug-in hybrid systems in order for automakers to avoid noncompliance penalties. The number of potential failure points will grow dramatically. This is one of the many reasons I encourage consumers to jump to EVs and avoid the bitter end of combustion technology.” Not in love with the author’s conclusion about going to EV.

“EVs are 20 times less likely to catch fire than gas or diesel cars. The study supported Tusker’s findings and was supported by data from a US insurer. The Swedish study found that 25 fires occur for every 100,000 EVs sold. That number increased to 1,530 fires for every 100,000 gas and diesel sold. It jumps up even more to 3,475 fires for every hybrid vehicle sold.” Don’t believe the FUD.

Experts say that while gas-powered cars may have more parts that require maintenance, the cost of maintaining an EV, on a per-part basis, can be more expensive.

As electric vehicles become more popular, it is important for motor insurers to understand the unique risks, challenges and opportunities associated with these vehicles. Book your place for this CPD on March 13, 2024 👉 Insuring the Future: Challenges and Opportunities in the Electric Vehicle Era https://lnkd.in/dybz8ery #MITC #traininganddevelopment #carinsurance #electricvehicle

Many drivers have switched to electric cars as a means of cutting down on their emissions. Similarly, some fleet managers are planning to electrify their fleets in the coming years. Reduced running costs are a major benefit of electric vehicles, particularly when many have serious concerns about rising fuel prices. But some have found that, while it may cost less to run an electric vehicle, they can cost a lot more to insure than petrol or diesel vehicles. So why do electric cars cost so much to cover? Let's take a look at some of the underlying reasons: https://ow.ly/sMA350QKF2X #FleetManagement #ElectricCars #CarInsurance

"A review in May by Insurify, based on quotes on its online insurance-comparison platform, compared quotes for 13 popular EV models to gas-powered cars of similar cost and size. Insurify found the monthly EV premium cost to be on average 12% higher. It focused on drivers with clean driving histories and on newer-model vehicles." Why? "In the U.S., the average severity of a claim for a repairable EV was $6,066 in the first quarter, nearly 30% higher than for internal-combustion-engine (ICE) vehicles according to Mitchell, which provides software and data to auto insurers and the collision-repair industry." https://lnkd.in/gyj-XsH2

In March 2022, approximately 4,000 vehicles were lost as a result of a fire on board the roll-on roll-off car carrier the Felicity Ace. The number of fires involving E-scooters, E-bikes and other Li-ion powered devices has increased. This article from the CII explains insurers' concerns with the risks of Lithium-Ion (Li-ion) batteries. https://lnkd.in/en2Z_8bM

The expense of insuring an EV may surprise some consumers, with vehicle complexity and claim costs affecting rates. Citing Mitchell data, The Wall Street Journal found that EVs typically cost more to repair, which leads to larger claims. In the U.S., the average severity of a claim for a repairable EV was $6,066 in the first quarter, nearly 30% higher than for internal combustion engine (ICE) vehicles. According to Mitchell, part of that cost can be the greater work involved: over three mechanical labor hours on average for a repairable EV claim estimate, versus less than two for ICE vehicles. Mechanics sometimes have to de-energize electric vehicles before removing their high-voltage batteries to avoid damaging them during repairs.

Used cars are not just a better bargain, they retain designs and features more coveted than their high-tech replacements. A belief among consumers is that automakers’ latest new vehicles — whether powered by gasoline, batteries or a hybrid system — are inferior to the products they are replacing. Used-car intenders reserve special loathing for the touchscreen displays and capacitive switches that are now ubiquitous in new cars, regardless of price. The virtualization of once simple, reachable controls into phone-like menus has left many exasperated. https://lnkd.in/eNriE3t4