QUANTATIVE MODEL FOR ESTIMATING VEHICLE REPAIR COSTS IN INSURANCE CLAIMS

This paper introduces a quantitative model designed to enhance the accuracy of vehicle repair cost estimations in the context of insurance claims. Motivated by the ubiquity of vehicle ownership and the frequent occurrence of vehicular damage, our research focuses on the development of a robust framework that integrates multiple variables affecting repair costs. These include parts pricing, labor charges, and the specifics of insurance policies. The proposed model leverages mathematical and computer modeling techniques to synthesize these elements into a predictive tool that aims to provide fair and precise repair cost forecasts. This tool is intended to facilitate equitable interactions between insurers and policyholders, ensuring that compensation aligns closely with actual repair expenses. The utility of this model is particularly significant in improving transparency and efficiency in handling insurance claims, thereby supporting better financial risk management and contributing to the stability of the insurance sector.