The information in this post is based on collision coverage results for 2005-07 model passenger cars (including minivans), pickup trucks, and SUVs insured under private passenger automobile policies.
Two main factors determine collision losses. One is how often claims are filed (claim frequency). The other is how big the claim payments are, depending on the amount and severity of damage (average loss payment per claim). These two factors combine to indicate overall insurance losses, or average loss payments per insured vehicle year.
As you can see in the chart above, very large SUVs had the lowest property claims (72), while small 2-door cars had the highest (130). For 4-door cars, we see that smaller cars had higher frequencies than larger ones. Pickups and luxury automobiles follow the same pattern.
Among 2005-2007 car models, station wagons and minivans had the lowest relative average loss payments per claim. Large sports cars had the highest.
The overall loss is the average cost of insuring a vehicle for one year, excluding administrative costs. Information is presented by vehicle type and, within types, by vehicle size/weight. Car groups are based on overall vehicle length times width and weight. Pickup groups are based on vehicle weight and carrying capacity. SUVs are separated into two groups by price, and then each group is presented by vehicle weight. Results are presented in relative terms, with 100 representing the average for all passenger vehicles.
Relative average loss payments per insured vehicle year ranged from 68 for very large station wagons and minivans to 213 for large sports cars. Sports cars and luxury cars had higher overall losses due to their higher average payments per claim.
Information obtained from The Highway Loss Data Institute.
April 2008. The Highway Loss Data Institute is a nonprofit organization closely affiliated with the Insurance Institute for Highway Safety,
which is wholly supported by auto insurers. HLDI gathers, processes, and publishes data on insurance loss variations among vehicles.
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