Why Is Everything Getting "Totaled"? The Hidden Crisis Driving Up Your Insurance Bill

February 8, 2026 5:36 PM

If you’ve opened your car or home insurance renewal notice lately and gasped at the new premium, you aren't alone. Rates are skyrocketing across the US. While inflation plays a role, there is a deeper, structural problem fueling the crisis: things are getting "totaled" at unprecedented rates, and the cost of those losses is exploding.

A "total loss" occurs when an asset (like a car or roof) costs more to repair than its actual cash value. This used to be a relatively rare event reserved for major crashes or devastating fires. Today, it’s the new normal, and it’s reshaping the insurance landscape.

Here is a look at how big the total loss problem has become and why it’s hitting your wallet.

The Auto Sector: Computers on Wheels

The most visible aspect of this crisis is on the road. The frequency with which insurers declare cars economic total losses has shifted permanently upward.

Historically, about 15–20% of collision claims resulted in a total loss. Today, that number has jumped to between 22% and 29%.

Why the surge?

A minor fender bender isn't minor anymore. Modern vehicles are essentially computers on wheels. A bumper that used to cost $500 to replace is now packed with sensors, cameras, and ADAS (driver assistance) calibration equipment, pushing the repair bill past $2,500.

Furthermore, as used car prices fall back to normal levels while repair costs (parts and skilled labor) continue to rise, the gap narrows. Older cars (7+ years) hit that "total loss threshold" much faster now.

The Home Sector: The Severity Spike

In homeowners insurance, the problem isn't always the entire house burning down. It's about "severity"—the skyrocketing cost of individual claims due to weather and construction inflation.

In 2024, catastrophic claims (major events) represented nearly 64% of all losses industry-wide, a seven-year high. It’s not just massive hurricanes driving this; it's the aggregate damage of "secondary perils" like severe hail, tornadoes, and wind storms across the Midwest and South.

Combined with the inflated cost of lumber, roofing materials, and labor, the average cost per claim rose another 9% last year. Insurers are increasingly treating older roofs damaged by wind or hail as destructive total losses, refusing to repair them and instead paying out only depreciated value.

The Bottom Line: You Are Paying For It

The total loss problem is the primary engine behind the current insurance affordability crisis. Insurers cannot sustain these record-breaking payouts without adjusting their pricing.

Because insurers are paying out billions more in severe and total losses, homeowners insurance premiums rose nationally by nearly 24% between 2021 and 2024. Auto rates have seen similar double-digit spikes.

Until the cost of repairs stabilizes or weather patterns calm down, the trend of more "totals" and higher premiums is likely here to stay.

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Why Is Everything Getting "Totaled"? The Hidden Crisis Driving Up Your Insurance Bill

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Thanks to AI, we are finally ready to implement the 'Don't Browse, Search' approach of capturing as much data as possible and turning it into insights, even in the high-trust area of quality inspection for physical goods.

Used Car Seller? Maximize Your Position with Quality Condition Reports

Used car dealers looking to sell their vehicle, should maximize their selling position with proper car documentation, checks, and inspections. Learn how to easily generate these reports.

Vehicle shortages beef up demand for shared mobility - but how to control accountability when cars swap hands multiple times a day?

There’s nothing more disappointing than finding your car in bad shape after someone else has used it.

Enterprise vendors: when your client’s business keeps changing, make sure to build flexibility into your solution (here’s how)

When your customer’s business keeps changing - what should you do?

The Time for Insurtech is… Now

AI has the potential to reshape the claims process and allow companies to begin focusing on prevention, mitigation, as well as, risk monitoring. Learn more.

How Auto Insurers are Becoming Digitally Savvy through AI & Computer Vision

Auto insurers looking to move into the digital age and embrace digital transformation must adopt AI and computer vision strategies. Here's why.

How our AI is assisting Toyota dealers to digitize their services in the age of COVID-19 & beyond

In partnership with Toyota, Ravin has introduced a set of AI tools to assist with visual inspections and communications. Learn more.

Artificial Intelligence Inside & Outside the Auction Gate

Learn how Ravin's artificial intelligence solutions are helping boost auto auction sales.

How we’re using AI to improve trust and efficiency in the mobility sector (slightly nerdy overview)

Back in February I gave a talk at Move 2020 in London which, given it was one of the last of the day, was surprisingly well attended.