ON TRACK WITH CARFAX®

CarfaxBIG.com
ON TRACK
WITH CARFAX
®
Volume 14 | May 2013 | CARFAX Banking and Insurance Group Newsletter
DID YOU KNOW?
In This Issue:
49% of adults admit to texting
while driving, making them
more likely to text and drive
than teenagers.
• Insurers Poised To Reverse Trend
• The myCARFAX Service Hits
New Milestone
• New Recall Information
Source: AT&T
ON TRACK WITH CARFAX
Volume 14 | May 2013 | CARFAX Banking and Insurance Group Newsletter
IN THE NEWS
After five straight years of losses, auto insurers in 2013 are projected to see a small
profit from vehicle insurance policies.1 This increase can largely be attributed
to rising premiums, coupled with a more normalized claims environment. Despite a slowdown in the rate of claims, claims severity has been on the rise
from increased litigation, inflation of repair and medical costs, and atypical
natural phenomena. to continue doing so in 2013. February saw
a 3% premium increase from the previous
year. Assuming a more normalized claims
environment, the additional revenue
generated by higher premiums should
add to auto insurers’ profitability in 2013.
For example, in 2012, Super Storm Sandy affected a densely populated area
bringing about an uncharacteristically high volume of total loss claims. To
cope, auto insurers have raised policyholders’ premiums and are expected
1. Fitch Ratings
CARFAX UPDATE
DIGGING INTO DATA
The new myCARFAX® service
reached a milestone in March,
surpassing 100,000 active users.
Consumers who signed up
for myCARFAX, now have an
unparalleled way to keep track
of their car’s service history for
free. With the ability to input
do-it-yourself care, pull past
service records, receive reminders about maintenance, and look up qualified
mechanics, myCARFAX makes it easier than ever for vehicle owners to keep their
cars running and maximize trade-in value. To learn more about myCARFAX
visit www.myCARFAX.com or download the free app on your mobile device.
In an effort to better protect consumers,
Volkswagen and Audi now supply
their VIN-specific recall information to
CARFAX. As a result, consumers can
use CARFAX to see when an open recall
exists on any Audi or Volkswagen, in addition to 34 other vehicle manufacturers.
Recall information is available to the public for free via the CARFAX Recall
Check™ at carfax.com/recall.
DID YOU KNOW?
• The cost of ownership for an average mid-sized sedan is a record 60.8 cents
per mile driven, up 2% from a year ago.
Source: American Automobile Association
• Regular gas is estimated to cost about $3.63 this summer, a three-year low.
Source: U.S. Energy Information Administration
ASK CARFAX
Q: How can CARFAX help us keep track of all the cars in our portfolio?
A: CARFAX has developed the VIN Alert® system to help clients better track
and manage vehicles in their portfolio. VIN Alert is a free enhancement to
existing CARFAX accounts that allows users to monitor up to 500 VINs at once.
When there is a new event on a monitored vehicle, such as, damage, service,
import/exports, or title/registration, CARFAX will notify you by email. If you
want to be kept in the loop on vehicles in your portfolio, begin by clicking the
VIN Alert tab on CarfaxBIG.com and adding VINs to your VIN Watchlist. For
any additional questions, contact your account manager at 800.789.6232.
Please send your questions to [email protected]
• In April, Ford produced its one millionth Mustang.
Source: AOL Autos
Anyone in your organization can receive this newsletter.
To have them added to our distribution list, please call us at
800-789-6232 or e-mail us at [email protected].
“CARFAX is a vital mechanism in our business
operation! The vehicle history data in CARFAX assists
us in researching accidents, repairs and salvage titles
essential to the settlement of our property damage,
total losses, and also aids in fraud investigation!”
David Newcombe | Claims Manager | Santa Fe Insurance Company
CarfaxBIG.com