Electric vehicles (EVs) are rapidly increasing in popularity and many manufacturers have stated goals of migrating to all-electric vehicle offerings. By 2030, seven percent of the U.S. fleet is predicted to be electric powered vehicles. The price, power, weight, form factor and garaging location of EVs vary considerably from internal combustion engine vehicles. These differences drive differences in insurance losses, which will be explored. This session will include examinations of electric vehicles compared to their internal combustion engine counterparts as well as Tesla vehicles compared to other vehicles in their size and class group. This presentation will explore those differences and will also discuss the considerable differences between early EVs and the newest offerings. Total losses, theft, and noncrash fire losses of EVs will also be explored.
Learning Objectives:
Explore collision, PDL, BI, MedPay, PIP, and comp differences in frequency, severity, and overall losses for EVs and their counterparts.
Describe differences in points of impact and total losses between EVs and their conventional counterparts or other vehicles in their size and class.
Identify trends in power, weight, and size of new EVs and how that can impact insurance and safety.
