Claim Numbers Down, Value of Claims Up
A number of safety features, many federally required and some not, are included on modern vehicles. Stability control, passenger airbags, collision detection systems, back-up cameras - all of these features help minimize the risk of accidents and injuries. According to data collected over the past decade, these vehicle safety features are doing their respective jobs. The frequency of accident claims has gone down. For instance, body injury liability claims fell nearly 15% over the course of nearly a decade.
However, the average claim value rose more than $3,700. While accidents appear to be happening less often, the damages attached to these accidents are drawing higher figures.
Why are accident claim costs rising? The Insurance Research Council (IRC), an organization that analyzes public policy and data, is not entirely certain and has suggested more research in this area. Perhaps modern technology safety features are not enough? Or medical costs are rising on average? Or the claims that end of processing are for such severe cases they will cost more?
Curious what your personal injury case is worth? Raleigh personal injury lawyer Brent Adams created a series of videos regarding this topic, learn more about injury case valuation. We also offer complimentary case evaluation through our compensation calculator.
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