Setting The Record Straight On Auto Claims Severity
Friday, February 25th, 2022 AutoWhile insurance industry sentiment is that higher repair costs for advanced driver assistance systems (ADAS) features offset ADAS loss-cost benefits, a new study from LexisNexis Risk Solutions finds that’s not entirely true.
The report, ‘True Impact of ADAS Features on Insurance Claim Severity Revealed,’ provides a look at a sampling of 11 million vehicles from model years 2014-2019 to examine the multivariate effect of ADAS features on claim severity.
While changes in claim severity in vehicles equipped with ADAS features were minimal, the decrease in claim frequency was significant.
U.S. insurers have been trying to get ADAS feature information at a VIN level for years.
Still, many believe technology has advanced too quickly, and the expense of repairing these features neutralizes the loss-cost impact of ADAS.
