INSURANCE LOSSES, THEFT COVERAGES. PASSENGER CARS, VANS, PICKUPS, AND UTILITY VEHICLES 1984 MODELS DURING THEIR FIRST YEAR, 1983 MODELS DURING THEIR FIRST TWO YEARS, AND 1982 MODELS DURING THEIR FIRST THREE YEARS
This Highway Loss Data Institute report describes variations in both the frequency and size of insurance theft losses involving 1982, 1983, and 1984 model year passenger cars, vans, pickups, and utility vehicles. Principal findings include the following: The theft loss experience of different cars varies enormously. Average theft loss payments per insured vehicle year ranged from less than $0.50 to nearly $350. Luxury cars and sports cars have the highest overall theft losses. Among the individual makes and models summarized, the 1982 Chevrolet Corvette has the highest average loss payment per insured vehicle year. European imports, led by the Volkswagen Rabbit convertible, have the highest frequency of theft claims. An easily accessible radio is considered a major cause of the high frequency of theft claims for these models. Other Volkswagen models, certain Audi, BMW, and Saab models, and the 1982 Chevrolet Corvette also have particularly high theft claim frequencies. Small domestic models have the lowest claim frequencies. The 1982 Porsche 911 Coupe has the highest average loss payment per theft claim, nearly $8,000. Other models with average claim payments exceeding $5,000 are the 1984 Chevrolet Corvette and 1982 Mercedes Benz 380SL Coupe. In each model year, sports and specialty cars account for less than 20 percent of the total insurance exposure but are responsible for over 50 percent of the dollar paid in theft claims. The generally consistent pattern of theft results for 1982-1984 models of the same make and series indicates that 1985 models of these cars are likely to have similar theft losses, although relatively minor design changes, such as the introduction of an easily removable radio on recent model Volkswagens, can have a major impact on the insurance theft loss experience. Small utility vehicles, principally the Jeep CJ-5 and CJ-7, have extremely high theft claim frequencies and average loss payments per insured vehicle year. Small pickup trucks have the lowest claim frequencies and average loss payments per insured vehicle year. The 1983 full-size Chevrolet Blazer has the highest average loss payment per theft claim ($5,746), which is over three times the all-passenger-car average.
Arlington, VA United States 22201
- Publication Date: 1985-3
- Features: Appendices; Tables;
- Pagination: 50 p.
- TRT Terms: Automobiles; Foreign automobiles; Insurance claims; Insurance industry; Loss and damage claims; Losses; Pickup trucks; Sports cars; Theft; Utility vehicles; Vans
- Identifier Terms: Jeep automobile
- Old TRIS Terms: Foreign vehicles; Jeeps; Pickups
- Subject Areas: Freight Transportation; Safety and Human Factors;
- Accession Number: 00452358
- Record Type: Publication
- Source Agency: National Highway Traffic Safety Administration
- Report/Paper Numbers: HLDI T84-1 Res Rpt., HS-038 747
- Files: HSL, USDOT
- Created Date: Jan 31 1986 12:00AM