SAN DIEGO, Calif. – Mitchell International has released the fourth quarter 2008 edition of its Industry Trends Report (ITR), the company’s quarterly publication that highlights industry-related trends, news items and statistics.
This edition’s Quarterly Feature, "Are Estimates Finalized at the Vehicle More Accurate?" by Mitchell’s Vice President of Industry Relations, Greg Horn, discusses the accuracy of vehicle repair estimates written at the vehicle versus at the office. The feature includes the results of a recent study conducted by Mitchell that examined the effectiveness of the different claim appraising strategies.
"Exactly how to get the most accurate estimates has actually been a point of discussion for most carriers who have long assumed that writing estimates at the vehicle results in a more accurate estimate," said Horn. "It is logical to assume that estimates written at the car would be more accurate because any concerns or questions the estimator has can be addressed immediately while at the vehicle. However, our data points to a surprising conclusion that estimates written at the office using photos and notes are actually more accurate."
Horn commented further, saying, "The most likely explanation for this conclusion is that estimators are accurately capturing the estimate in a preliminary estimate and waiting on additional information like policy verification before they commit the estimate."
Other valuable points of interest in the current issue of Mitchell’s ITR include the average Actual Cash Value (ACV) of vehicles appraised for Collision losses during Q3-2008 and Q3-2008 average gross appraisal value for comprehensive coverage estimates.
Complete content is available in the latest Industry Trends Report, which may be downloaded in PDF format by visiting www.mitchell.com.
