Comprehensive deductibles in U.S. rising much faster than collision deductibles: Mitchell

Comprehensive deductibles are rising almost twice as fast (160% faster) than collision deductibles in the U.S. auto insurance industry, according to Mitchell International.
Mitchell used data that included deductibles from 2003 to 2009 for collision and comprehensive losses. It found collision deductibles grew during that period by 10%, while comprehensive grew 26%.
“Mitchell data shows that a growing number of [U.S.] consumers are opting for higher comprehensive deductibles as their vehicles age, more so than collision deductibles,” Greg Horn, Mitchell’s vice president of industry relations, writes in the Mitchell Industry Trends Report Q2 2010. “Vehicle owners are more willing to absorb more of the financial impact of a potential comprehensive claim versus the risk of a possible collision claim.”
When the U.S. recession hit, many vehicle owners dropped optional coverages and raised deductibles to lower premiums, according to the report.
Mitchell’s data shows a tight correlation between rising comprehensive deductibles and the age of the vehicles (more so than in the case with collision deductibles).