New energy vehicles also have captive insurance

[News Page-Taiwan Straits Network]

December 24 (Straits Herald reporter Zhong Ronghua) New energy vehicles finally bid farewell to the embarrassment of no exclusive insurance. Recently, the China Insurance Industry Association officially released the "Exclusive Clauses for Commercial Insurance of New Energy Vehicles (Trial)". In terms of insurance liability, the exclusive clause not only provides protection for the "three electrics" (electric drive, battery and electronic control system) system, but also comprehensively covers the use scenarios of new energy vehicles driving, parking, charging and operation.

In terms of price, it is estimated that in the existing stock of new energy vehicle insurance policies, nearly 80% of the new energy vehicle premiums are flat or declining, and only 20% of new energy vehicles face increases. New energy vehicles with a price of less than 250,000 yuan are insured with car damage insurance, and the premium is expected to only fall and not rise.

1 Probe

New energy vehicles are very different from fuel vehicles

In recent years, the sales of new energy vehicles have been rising, and green cars on the road have become more and more common. Previously, new energy vehicles and fuel vehicles used the same car insurance terms, but the depreciation rate and depreciation rate of new energy vehicles were very different from those of fuel vehicles, so it was more difficult to determine the loss of batteries, which also brought big problems to insurance claims.

In addition, new technologies bring new challenges, new energy vehicles with power batteries as energy storage devices, 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 new risk factors, for these risks, the need for product innovation, in the insurance protection and insurance services to achieve upgrading.

The exclusive clauses issued by the China Insurance Industry Association this time are divided into two parts: main insurance and additional insurance. The main insurance includes new energy vehicle loss insurance, new energy vehicle third-party liability insurance, new energy vehicle vehicle personnel liability insurance, the three types of insurance are independent of each other, the insured can choose to apply for all of them, you can also choose some of the insurance types for insurance. "Electricity safety" and "fire accidents" are hot issues that new energy vehicle owners pay attention to. In this regard, the exclusive clause makes it clear that the insurance liability for new energy vehicle losses covers the direct loss of the insured or the insured new energy vehicle driver in the process of using the new energy vehicle due to natural disasters and accidents including fire and combustion during the insurance period, resulting in the direct loss of the insured new energy vehicle body, battery and energy storage system, motor and drive system, other control systems, and all other equipment at the factory.

2 Innovation

The "three electricity" system is included in the scope of guarantee

Electric drive, battery and electronic control system are the core technologies and components of new energy vehicles, commonly known as "three electricity". Previously, although the vehicle spontaneous combustion protection has been included in the scope of vehicle damage insurance liability, accessories such as batteries are not included in the scope of protection. The exclusive clause fills the insurance gap of the risk of the "three electricity" system of new energy vehicles and includes it in the scope of vehicle damage insurance protection.

Overall, the exclusive clause includes 3 main and 13 additional benefits. Among the additional insurance, the additional insurance of traditional cars and new energy vehicles can be insured as long as the conditions are met, including the special clause of the additional absolute deductible rate, the additional wheel loss insurance, the additional body scratch loss insurance, the additional medical expense liability insurance outside the medical insurance, and so on.

The exclusive clause also combines the characteristics of the charging use of new energy vehicles, and develops the loss insurance of self-use charging piles, the liability insurance of self-use charging piles, the additional external grid fault loss insurance, and the special clauses of additional value-added services for new energy vehicles. It covers both the loss of the vehicle, the loss of auxiliary equipment such as charging piles, and the property loss and personal injury that may be caused by the equipment itself; and it focuses 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.

3 Accounting

80% of premiums are flat or falling

The newly introduced exclusive clauses expand the scope of new energy vehicle protection, and car owners may ask: Will the premium of new energy vehicle insurance be raised? At the same time that the China Insurance Association issued exclusive clauses, the China Association of Actuaries also released the pure risk premium table of the new energy vehicle commercial insurance benchmark.

A report by Shenwan Securities Research Institute believes that the benchmark premium is basically flat, focusing on the change of the independent pricing coefficient. From the perspective of the premium calculation formula, the benchmark premium = the benchmark pure risk premium / (1 - additional expense rate), the additional cost rate of new energy vehicle insurance has decreased from 25% of traditional fuel vehicles to 15%, and the benchmark premium has decreased slightly compared with the current comprehensive reform of the three insurance and car damage insurance as a whole, and the overall decline is close to 80% of the policy benchmark premium.

Another market analyst believes that the pure risk rate has been adjusted, and the models below 250,000 yuan have only dropped and not risen, and the models above 250,000 yuan have risen partially, but the overall situation does not exceed 3%. Considering the difference between insured car damage insurance and the three insurances, the overall proportion is about 50% price reduction, 30% flat, and 20% increase.

It is also believed that practice in recent years has shown that the compensation expenditure of new energy vehicles is significantly higher than that of traditional fuel vehicles, and the rate of new energy vehicles is usually higher than that of fuel vehicles when the terms of fuel vehicles are used. Although the benchmark premium has declined, it remains to be seen whether the rate will decrease after the use of exclusive clauses, taking into account the current high insurance rate and maintenance costs of new energy vehicles.