CMF reports on average motor vehicle repair times as of the second half of 2020

  • ​On the CMF website, individuals can find out the average number of days it takes to repair a vehicle by insurance company; brand and model of the vehicle; magnitude of damage; and deductible established in the corresponding policy.
  • The average time from admission into the workshop until the vehicle is available for pick-up by the policyholder reached 28 days in the second half of 2020. This figure varies depending on the magnitude of the damage.
  • There were 64,607 vehicle casualties reported due to the Covid-19 pandemic, 39 percent less than the second half of 2019.

The Financial Market Commission (CMF) reports on average motor vehicle repair times as of the second half of 2020. This information is reported to the CMF on a semi-annual basis by insurance companies, in compliance with Circular Letter No. 2,236 from March 6, 2018. Said regulation sets forth rules for the submission of information related to repair processes of motor vehicles.

The platform available on the CMF website includes semi-annual information since 2018 on cars, vans and motorcycles for non-commercial use and partial losses that required the repair or replacement of parts and pieces. This applies to claims by both policyholders and affected third parties whose repair process was completed during the consulted period.

The objective of the platform developed by the Commission is to provide information to be used by both policyholders and insurance brokers who provide advice to individuals seeking to take out insurance.

Main Results

In the second half of 2020, there were 64,607 insured vehicles damaged. Most cases involved payment of a deductible.

Table 1: Number of damaged vehicles by deductible

Deductible (CLP)

No. of Claims

Percentage

None

15,705

24.3

1 to 80,000

11,075

17.1

80,001 to 130,000

19,726

30.5

131,000 to 250,000

13,430

20.8

Over 250,001

4,671

7.2

Total

64,607

100.0

By magnitude of damage, 53 percent of the claims reported were in the minor category, as seen in Table 2.

Table 2: Number of damaged vehicles by magnitude and deductible

Deductible (CLP)

Minor Damage

Moderate Damage

Severe Damage

Total

None

9,901

28.9

3,400

20.2

2,404

17.8

15,705

24.3

1 to 80,000

5,972

17.4

2,997

17.8

2,106

15.6

11,075

17.1

80,001 to 130,000

10,037

29.3

5,415

32.1

4,274

31.7

19,726

30.5

130,001 to 250,000

6,057

17.7

3,850

22.8

3,523

26.1

13,430

20.8

Over 250,001

2,289

6.7

1,198

7.1

1,184

8.8

4,671

7.2

Total

34,256

100.0%

16,860

100.0%

13,491

100.0%

64,607

100.0%

The magnitude of damage is defined by the range of the vehicle and the total repair cost. They are classified into the following categories.

Magnitude of Damage

Low/Medium Range

High Range

Minor

UF 0 to 20

UF 0 to 40

Moderate

UF 20.01 to 40

UF 40.01 to 80

Severe

Over UF 40.01

Over UF 80.01

The average time measured from the time the vehicle enters the workshop until it is available for pick-up by the policyholder reached 28 days on average. However, the number of vehicles affected by accidents decreased. It's a slight improvement compared to the 30.7 days recorded in the first half of 2020, though still worse than previous halves.

Graph 1. Number of damaged vehicles and average time elapsed from date of entry into workshop to date on which the vehicle is available to the policyholder

As seen in Table 3, repair times by insurance company vary significantly depending on the vehicle's magnitude of damage.

Table 3: Average time by insurance company from date of entry into workshop to date until the vehicle is available to the policyholder

Insurance Company

Minor Damage

Moderate Damage

Severe Damage

No. of Claims

Avg. Days

No. of Claims

Avg. Days

No. of Claims

Avg. Days

BCI

7,843

25.2

5,359

32.1

4,207

46.3

BNP

91

15.1

40

22.2

38

26.4

Chilena Consolidada

4,692

13.5

1,480

18.6

1,052

22.3

Consorcio

2,388

14.3

1,278

18.1

1,242

30.4

FID

152

13.7

76

25.3

51

30.5

HDI

6,782

26

3,274

35.6

2,739

51.3

Liberty

6,188

28.6

2,030

34.8

1,688

35.3

Mapfre

1,842

19.1

668

23.8

408

29

Porvenir

58

11.6

27

21.8

12

29.3

Reale

948

14.3

550

17.3

516

26.3

Renta Nacional

472

17.6

252

27.6

311

36.9

Suramericana

1,999

16.7

1,253

26.2

798

51.1

Zenit

801

29.5

573

36.4

429

48

Total

34,256

22.4

16,860

29.6

13,491

41.3

Since 2018, insurance companies have increased the number of workshops under agreement apart from the second half of 2020, which experienced a slight decrease of 0.5 percent.

The total number of insured vehicles as of the second half of 2020 increased by 100,000 compared to the first half, reaching the levels seen back in 2019. This figure includes all types of vehicles (light, heavy, commercial, and private).

On the other hand, the number of claims received by insurance companies during the reported period associated to non-commercial motor vehicles with partial loss recorded a decrease starting in the second half of 2019, with drops of 5 and 6 percent, respectively, during the two halves of 2020.

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