Insurance
The continued growth of EV adoption has created new challenges for auto insurers.
Higher accident frequency & claim $
“When a family switches from an ICE vehicle to an EV, accident frequency increases 17% and claims $ increase 30%.” — Lexus Nexus
Difficult to assess EV battery damage
While your shops are experts in assessing ICE vehicles, many don’t have the expertise or equipment to assess battery health across all OEMs.
Today, quick assessment by field inspectors is impossible
Without technology to assess EV battery health in the field, most EV accidents need to be sent to a body shop to confirm battery health. This process is slow, underutilizes field inspectors, and creates delays in claim processing.
Total loss: maximize returns with battery health
Many salvage locations do not have an easy way to assess EV battery health. Without this technology, many EVs are sold without maximizing residuals.
The vsNEW Solution
The vsNEW solution can reduce EV claim risk by providing an easy way for body shops, field inspectors, and salvage yards to assess battery health across all OEMs. Battery health transparency can help reduce the negative impact of a growing EV population and potentially lower premiums for EV customers.