fbpx
Monday, 12 March 2018 19:55

Factors Affecting Vehicle Sales, Insurance, Repairs

Written by Patricia L. Harman, Property Casualty 360

Index

Artificial intelligence, emerging technologies and changing consumer expectations are just some of the issues impacting auto sales, insurance and repairs, according to the 2018 Crash Course study from CCC Information Services, Inc.

With 17.25 million vehicles sold in 2017, slightly down from 2016, the 2 percent increase in average vehicle prices to $36,113 meant it was still a strong year for manufacturers. Higher vehicle costs also mean increased insurance premiums, leading insureds to opt for higher deductibles should they be involved in an accident. According to the CCC report, 19 percent of all collision claims had a deductible of $500 or more, although the average repair generally costs significantly more than the deductible.

 

Auto technology improves

 

Manufacturers are working toward greater “vehicle connectivity, vehicle autonomy and vehicle electrification, powered by advancements in computer power, machine learning and artificial intelligence,” said Susanna Gotsch, Crash Course author and lead analyst for CCC. “Our industry has never moved faster or been so exciting. Advances in digitization, artificial intelligence, the internet of things, and sensor and camera technology are driving dramatic changes and improvements in automotive technology.”


Previous Page Continue reading »

Read 1681 times