New energy vehicles that have been using the traditional fuel vehicle insurance clause have ushered in exclusive insurance.
On December 14, the China Insurance Industry Association officially released the Exclusive Clauses for Commercial Insurance of New Energy Vehicles (Trial) (hereinafter referred to as the Exclusive Clauses) on its official website for the reference and use of the insurance industry. In order to give full play to the insurance protection function, serve the national "carbon peak, carbon neutrality" strategic goal, and support the development of the national new energy automobile industry, under the guidance of the Banking and Insurance Regulatory Commission, the Insurance Industry Association organized major companies in the industry to set up a working group, which lasted more than a year and was drafted on the basis of extensive research and repeated argumentation.
According to the Insurance Association, according to the rate switching time of the new energy vehicle commercial insurance model clause, all new and renewed new energy vehicles, excluding motorcycles, tractors and special vehicles, are uniformly insured by the "Exclusive Clauses" and no longer apply to the "Model Clauses for Commercial Insurance of Motor Vehicles (2020 Edition)". Non-new energy vehicles cannot be covered by the Exclusive Clause.
New energy vehicles to the power battery as an energy storage device, vehicle auxiliary equipment extended to charging facilities, in the process of vehicle use, in addition to the traditional traffic accident risk, power battery fire, deflagration caused by major accidents constitute a new risk factor, for these risks, the need for product innovation, in the insurance protection and insurance services to achieve upgrading, so there is a need for exclusive insurance.
Compared with traditional motor vehicle commercial insurance, the "Exclusive Clause" shows how exclusive and different is new energy vehicle insurance? It is reported that in terms of insurance liability, it not only provides protection for the "three electricity" system, but also comprehensively covers the use scenarios of new energy vehicles driving, parking, charging and operation. In the development of terms, it not only considers the current mainstream technology route, but also leaves room for innovation in the new format of the new energy automobile industry.
The guarantee reflects the exclusivity: to keep the fire burning, to protect the battery, motor, control system
The "Exclusive Clause" gives the definition of insured new energy vehicles, that is, wheeled vehicles, tracked vehicles and other means of transport that drive within the territory of the People's Republic of China (excluding Hong Kong, Macao and Taiwan), adopt a new power system, rely entirely or mainly on new energy, and travel on the road for the use of personnel or for transporting goods and carrying out special operations, but do not include motorcycles, tractors and special vehicles.
The "Exclusive Terms" issued by the Insurance Association include main insurance and additional insurance. Among them, the main insurance includes three independent types of insurance, including new energy vehicle loss insurance, third-party liability insurance, and vehicle personnel liability insurance, and the insured of new energy vehicles can choose to insure all types of insurance, or can choose to insure some of them. Additional insurance cannot be insured independently.
Among them, the protection liability of "new energy vehicle loss insurance" is: during the insurance period, the insured or the insured new energy vehicle driver in the process of using the insured new energy vehicle, due to natural disasters, accidents (including fire and combustion) caused by the direct loss of the following equipment of the insured new energy vehicle, and does not fall within the scope of exemption from the insurer's liability, the insurer is responsible for compensation in accordance with the provisions of this insurance contract.
(1) body;
(2) Batteries and energy storage systems, motors and drive systems, and other control systems;
(3) All other equipment at the factory.
Use includes driving, parking, charging and operation.
Compared with the vehicle loss insurance of traditional motor vehicles, the above items (2) (3) - batteries and energy storage systems, motors and drive systems, other control systems, and all other factory equipment add a unique protection content for new energy vehicle insurance.
The insurance liability of the second main insurance "new energy vehicle third-party liability insurance" is: during the insurance period, the insured or its permitted driver has an accident (including fire and burning) in the process of using the insured new energy vehicle, causing the third party to suffer personal injury or direct damage to the property, and the damage liability that should be borne by the third party according to law is not within the scope of exemption from the insurer's liability, and the insurer is in accordance with the provisions of this insurance contract. Compensation is due to the portion that exceeds the limits of each sub-compensation of the compulsory insurance for motor vehicle traffic accident liability. Use includes driving, parking, charging and operation.
The insurance liability of the third main insurance "New Energy Vehicle Vehicle Personnel Liability Insurance" is: during the insurance period, the insured or its permitted driver has an accident (including fire and combustion) in the process of using the insured new energy vehicle, resulting in personal injury or death of the occupants on the vehicle, and does not fall within the scope of exemption from the insurer's liability, and the insurer shall be responsible for compensation in accordance with the provisions of this insurance contract. Use includes driving, parking, charging and operation.
Compared with the traditional motor vehicle insurance clauses, it can be found that the three main insurance clauses of new energy vehicles - loss insurance, third-party liability insurance, and vehicle personnel liability insurance- are marked in the insurance protection situation, which indicates that "accident" includes "fire and combustion", that is, the "fire burning" of new energy vehicles is regarded as an accident that can be protected.
At the same time, the definition of "use" of new energy vehicles has also been expanded, with special indication that "use includes driving, parking, charging and operation", that is, the guarantee liability covers the use scenarios of new energy vehicles driving, parking, charging and operation. However, the use process does not include the rescue period during the maintenance of the business premises, the period of being towed or hoisted by the business unit, etc.
4 exclusive add-ons are available
In addition to the three independent main insurances, the model insurance clause in the Exclusive Clause also includes 13 additional insurances. The legal effect of the additional insurance clause is superior to the main insurance clause. If the additional insurance terms are not covered, the main insurance terms shall prevail.
The 13 add-ons include:
1. Additional external grid fault loss insurance
2. Additional self-use charging pile loss insurance
3. Attach liability insurance for self-use charging piles
4. Additional Absolute Deductible Special Clause
5. Additional wheel loss insurance
6. Additional equipment loss insurance
7. Additional body scratch loss insurance
8. Additional cost compensation insurance during repair period
9. Attach cargo liability insurance on board
10. Additional liability insurance for consolation money for mental damage
11. Additional statutory holiday limit doubling insurance
12. Additional medical expense liability insurance outside medical insurance
13. Special clauses for value-added services for new energy vehicles shall be attached
Among them, 4 are additional insurance exclusive to new energy vehicles, including: additional external grid fault loss insurance in item 1; additional self-use charging pile loss insurance in item 2; additional self-use charging pile liability insurance in item 3; and special clauses for value-added services for additional new energy vehicles in item 13, which are value-added services specially revised according to new energy vehicles.
It is reported that among them, the "Self-use Charging Pile Loss Insurance" and "Self-use Charging Pile Liability Insurance" were developed to combine the characteristics of charging and use of new energy vehicles, showing that new energy vehicle insurance not only covers the loss of the car, but also includes the loss of auxiliary equipment such as charging piles and the property losses and personal injuries that may be caused by the equipment itself; focus on solving the risks caused by auxiliary facilities in the application of new technologies. This is the first time that auto insurance has underwritten external fixed auxiliary equipment, which is an innovation and exploration in the field of auto insurance.
In addition, the "Additional External Grid Fault Loss Insurance" covers vehicle losses caused by external grid transmission and transformation failures, current and voltage abnormalities, etc., which is combined with the risks in the charging process of new energy vehicles, and through the insurance mechanism, the risks are dispersed and the humanized protection is reflected.
The depreciation factor is higher than that of motor vehicles
Another element of new energy vehicle insurance is the amount of insurance, that is, how much body protection can be obtained when applying for insurance. This is related to the actual value of each vehicle at the time of insurance.
According to the regulations, the actual value of the insured new energy vehicle at the time of insurance shall be determined by the insured and the insurer through negotiation based on the price after deducting the depreciation amount of the new car at the time of insurance, or by negotiation with other market fair values.
The depreciation amount, which is related to the depreciation factor. The Exclusivity Clause also gives a table of reference depreciation factors.
Reference depreciation coefficient table for new energy vehicles
Refer to the depreciation factor table for motor vehicles
It can be seen from the reference depreciation coefficient table for new energy vehicles and motor vehicles that the monthly depreciation coefficient of new energy vehicles for household use and non-business in passenger cars with less than 9 seats is higher than that of motor vehicles (monthly depreciation coefficient of 0.6%).
The higher the depreciation factor, the greater the amount of depreciation, and the smaller the actual value of the vehicle at the same price point. That is to say, the depreciation of new energy vehicles and motor vehicles at the same price is higher, and the amount of vehicle insurance can be lower.
The next key: price
The reason why new energy vehicles need exclusive insurance is mainly because new energy vehicles are different from traditional fuel vehicles, and when it comes to vehicle insurance, it means that new energy vehicle insurance faces different risks. If the new energy vehicle does not have captive insurance, the risk faced by the insured may not be effectively transferred through the car insurance, while the insurance company may cover the risk that is not within the foreseeable range, which is not beneficial to both the insured and the insurance company.
From an insurance perspective, what are the differences between new energy vehicles? At the press conference of the first quarter of 2021 of the Banking and Insurance Regulatory Commission, the head of the property insurance department of the Banking and Insurance Regulatory Commission said that the new energy vehicles are quite different from traditional cars in terms of body structure, power system, use scenarios, maintenance and other aspects, and their risk characteristics and accident causes also show certain particularities.
According to property industry insiders, the different risk characteristics of new energy vehicles are mainly reflected in two aspects, one is that maintenance is expensive, and the other is that the insurance rate is relatively high. At present, for new energy vehicles, insurance companies are underwritten by traditional fuel vehicle clauses, but they are generally in a loss-making situation.
Therefore, the exclusive insurance of new energy vehicles has also attracted attention to the problem of price. Will it be more expensive than traditional fuel vehicle insurance? It is not yet known, and ultimately it depends on the overall rate calculation. However, property and casualty industry insiders have recently said that prices will try to maintain a balanced principle.
According to the Guojun non-banking team, according to its research, it is expected that the benchmark premium of new energy vehicles under the "Exclusive Terms" will decrease slightly compared with the benchmark premium of the current comprehensive reform of automobile insurance. That is, new energy vehicle insurance premiums are expected to decline slightly.
The person in charge of the property insurance department of the Banking and Insurance Regulatory Commission once said that at present, new energy vehicles are affected by factors such as small overall ownership, rapid iteration of models, short industrialization time, and potential risks that have not been fully revealed, and the limited underwriting claim data of new energy vehicles in the industry has affected the calculation of new energy vehicle risk premiums. Product development, not only to consider the new development of new energy vehicles, but also to combine the current insurance industry to grasp the new energy vehicle-related risk data and compensation situation to comprehensively calculate, and finally to solicit industry opinions.
At the same time, on December 4, the China Association of Actuaries also released the "New Energy Vehicle Commercial Insurance Benchmark Pure Risk Premium Table (Trial)" on its official website, which provides a basis for the development and pricing of new energy vehicle insurance products.
Source: Brokerage China