Growth Opportunities in EV Insurance Write-Offs in North America & Europe: Strategic Partnering among OEMs, Insurers, and Repairers will be Crucial to Reducing Premature Electric Vehicle Write-offs
Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Growth Opportunities in EV Insurance Write-Offs in NA & Europe" report has been added to * ResearchAndMarkets.com's* offering.
The study provides an overview of insurance and repair processes when an electric vehicle (EV) is damaged in an accident.
Covered regions include North America and Europe (including the United Kingdom). The key challenges that repairers and auto insurers face when repairing an electric vehicle and the factors that increase EV insurance premium costs are discussed.
Regulatory measures and OEM initiatives in North America and Europe that will reduce EV repair costs in the future are also included. Rising consumer awareness, government regulations, and subsidy programs boost the adoption of EVs worldwide. This, in turn, will lead to an increase in EV road accidents and EV-specific insurance claims year over year. Batteries, inverters, and charging units are critical EV components.
A minor collision or damage to these components will raise concerns around ignition and safety, leading to repairs/replacement. OEMs do not follow a standard procedure that will ensure the quality and safety of a repaired EV battery. Any negligence during the repair process could lead to short circuits, fire, or explosion, and make repair shops liable for damages. Authorized parts availability, costly battery and electrical parts, quarantine requirements for damaged battery storage, additional labor hours required for EV repairs, and the lack of standard repair procedures contribute to the higher claim severity cost of EV batteries and increase the possibility of write-offs. OEMS must train dealers, vehicle damage assessors, and technicians on vehicle architecture, wiring structure, and battery pack design to improve repair efficiency and safety.
OEMs such as Nissan, GM, Ford, and Tesla have initiatives in place to simplify battery design and introduce EV battery repair kits. They are also making EV replacement parts available through their authorized repair shops. Governments in Europe and North America are creating regulatory frameworks to give third-party vehicle service providers access to vehicle data. Such initiatives will expedite replacement or repair services and reduce the possibility of premature EV write-offs in the future.
*Featured Companies:*
· Ford
· GM
· Nissan
· Tesla
*Key Topics Covered:*
*Ecosystem*
· Scope of Analysis
· EV Insurance Claim Categories - Repairable vs. Write-off
*Growth Generator*
· Growth Drivers
· Growth Restraints
*Growth Environment*
· EV Insurance Write-offs - Key Findings
· Scenarios Leading to Insurance Write-offs in EVs
· EV Damage Type Leading to Repairs or Write-offs
· EV Battery Repair Issues
· OEM Initiatives that Address Repair Costs and Write-offs
· Regulations Impacting EV Repair and Insurance
· Percentage of EV Write-offs in 2023
*EV Repair & Insurance - Industry Overview and Challenges*
· ICE vs. Electric Vehicle Sales
· Post-incident EV Repair and Write-off Process
· EV Repair Process Challenges
· Insurer Metrics - Claim Severity & Claim Frequencies
· Top Reasons for Increased Insurance Premiums
· Tesla's In-House Insurance Strategy
· Process for Handing Written-off EVs in NA & Europe
· Written-off EV Hotspots
*Regional Analysis - North America and Europe*
· Regulations Impacting EV Insurance & Repair, NA
· Average Claim Severity & Claim Frequency, NA
· Average EV Premium, NA
· EV Insurance Trend Analysis, North America
· Regulations Impacting EV Insurance and Repair, Europe
· Average EV Premium, UK
· Sustainable Best Practices for Damaged EVs in Europe
· EV Insurance Trend Analysis, Europe
*EV Insurance Write-offs in North America & Europe*
· Methodology for Calculating EV Write-off Percentages
· Factors that Result in Vehicle Write-offs
· Repairable Vehicle Claims vs. Write-offs Percentage, 2023
· Reasons for Write-offs in 2023
· Key Takeaways and Future Recommendations
*Growth Opportunity Universe*
· Growth Opportunity 1 - Low-cost Battery Repairs
· Growth Opportunity 2 - Repair Streamlining and Simplification
· Growth Opportunity 3 - Auto Salvaging Maximization
For more information about this report visit https://www.researchandmarkets.com/r/9vmo3w
*About ResearchAndMarkets.com*
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