The first batch of new energy exclusive car insurance was launched, behind the sharp rise in premiums, how cost-effective is it?

Recently, some netizens exposed their own Tesla Model Y premiums, december 23, the cost of insurance was 8278 yuan, to the 27th, the insurance cost soared to more than 14,000 yuan, an increase of up to 80%.

"Buying a 1.46 million Mercedes-Benz S480 Maybach, the premium is only 23,000 yuan." Yesterday came out with an insurance policy for new energy vehicles, 480,000 yuan of new energy vehicles, to 17,000 premiums. Xiao Kun, a Ping An auto insurance salesman who has been in the industry for many years, told reporters that he almost thought he was blind.

After seeing Tesla owners post a rise of more than 80% in their car premiums, even the sales staff who have sold car insurance for many years were "stunned".

What is the reason for this wave of new energy vehicle premium increases? Have the premiums for all new energy vehicles risen after December 27? This series of topics has aroused a lot of heated discussion.

New energy vehicle insurance has risen

According to the financial reporter of Yin persimmon, this wave of car insurance rise mainly involves new energy vehicle models.

On the afternoon of December 28, the reporter asked a BMW 4S store staff about the rise in new energy vehicle premiums on the market, and the other party gave a positive answer, saying that the price of new energy vehicle insurance did rise: "In the past, the premium of a BMW 535LE new car was about 14,000, and now it has risen to about 18,000. ”

Under the introduction of the above-mentioned 4S shop staff, the reporter consulted the sales staff related to PICC car insurance, and the other party told the reporter: "At present, the new car premium of new energy vehicles is rising. As for the specific increase, the other party said that since new energy vehicles have new terms on the line, the current premium needs to be calculated through a new coefficient, and the specific quotation needs to be determined according to the model.

The salesman's statement is basically consistent with Xiao Kun's statement, Xiao Kun said that because new energy vehicles now use new terms, the current price of new energy vehicles and new car insurance is rising, and the basic rise is in car damage insurance. "This reform is an industry move, not a price increase by an insurance company."

As for the renewal price of new energy vehicles, Xiao Kun said: "Now the premium of new energy vehicles is expensive, and the price of renewal will decline. "It is worth mentioning that if the new car is not insured, the renewal price will have dropped, and if the current renewal price is reduced on the basis of the current new car insurance price increase, it may also be higher than the renewal price before the price increase."

"Three electricity" and "fire" are included in the scope of insurance

Why are the prices of new energy vehicle insurance soaring? The reporter noted that several staff members mentioned the new provisions of new energy vehicles.

On December 14, the China Insurance Industry Association issued the Exclusive Clauses for Commercial Insurance of New Energy Vehicles (Trial Implementation) (hereinafter referred to as the "Clauses"). In terms of insurance liability, the "Provisions" provide protection for the "three electricity" system and comprehensively cover the use scenarios of new energy vehicles, in addition to driving, but also include the status of parking, charging and operation. At the same time, the Clause clarifies that the scope of liability for new energy vehicle loss insurance includes direct losses caused by accidents (including fire and combustion) caused by the insured new energy vehicle batteries and energy storage systems, motors and drive systems, and other control systems.

From the perspective of additional insurance, 13 additional insurances are set up in the exclusive terms, in addition to the scratch insurance and absolute deductible rate that are consistent with the fuel vehicle insurance, the unique "supporting facilities" guarantee of new energy vehicles has also been added, including exclusive additional insurance such as external power grids and self-use charging piles.

On December 27, the Shanghai Insurance Exchange officially launched the new energy vehicle insurance trading platform, and the first batch of new energy vehicle exclusive insurance products of 12 property insurance companies such as PICC Property & Casualty, Ping An Property & Casualty, and CPIC Property & Casualty insurance were listed to provide support for the landing of new energy vehicle captive insurance products.

At the same time, Ping An Property & Casualty, Chinese Insurance, etc. have also pushed the introduction of new energy vehicle captive insurance products, mentioning that compared with the current benchmark premium of traditional car insurance, the benchmark premium of the three insurance and car damage insurance of new energy vehicles has dropped by about 0.8% as a whole. The reporter noted that insurance companies have said in tweets that the benchmark premium will not rise, and said that according to the forecast, nearly 80% of new energy vehicle owners can enjoy the benefits of fee reduction.

However, some voices said that the insurance liability of exclusive clauses has been expanded, and the current overall operation of car insurance is under great pressure, and it is unlikely that the premium will fall again. Whether the premium will fall or not, and how much it will fall, still needs to see the implementation plan of each insurance company.

Adapt to the development of the industry

As the country promotes the strategy of emission reduction and environmental protection and "double carbon", the sales of new energy vehicles will continue to show a substantial growth trend. According to the sales of new energy passenger vehicles released by the Association of Passenger Vehicles in October, the retail sales of new energy passenger cars reached 321,000 units in October, an increase of 141.1% year-on-year; the domestic retail penetration rate of new energy vehicles in October was 18.8%, and the penetration rate from January to October was 13%, which was significantly higher than the penetration rate of 5.8% in 2020.

The expansion of the penetration rate of new energy vehicles has also brought about a significant increase in the premium of new energy vehicles. Taking PICC Property & Casualty Insurance as an example, in the first half of 2021, the insurance company's new energy vehicle premium income reached 4.03 billion yuan, an increase of 60% year-on-year, and the premium contribution reached 3.3%. Some forecasts point out that by 2035, the annual premium of new energy vehicle insurance in the whole industry will reach about 200 billion yuan.

However, for underwriting insurance companies, under the premise that new energy vehicles have not accumulated more insurance data, the company's own pricing ability and moral hazard prevention ability are tests.

The analysis report released by China Insurance Credit shows that the insurance rate and loss rate of new energy vehicles are different from those of non-new energy vehicles. The insurance rate of new energy vehicles in household cars is much higher than that of non-new energy vehicles, which is 11.7 percentage points higher; the insurance rate of new energy vehicles in government vehicles and road passenger cars is significantly lower than that of non-new energy vehicles, which is 8 and 7.1 percentage points lower, respectively. From the perspective of the loss ratio, new energy vehicles are 0.4 percentage points higher than non-new energy vehicles. Among them, in the field of family cars, the loss rate of new energy vehicles is 5.4 percentage points higher than that of non-new energy vehicles.

Executives of a number of listed insurance companies said at this year's interim results conference that the loss rate of new energy vehicles is higher than that of traditional fuel vehicles. Yu Ze, vice president of Chinese Insurance and president of PICC Property & Casualty Insurance, once said that from the current situation, "the loss rate of new energy vehicles is slightly higher than that of traditional fuel vehicles, mainly because the frequency of insurance is higher than that of traditional fuel vehicles, because new energy vehicles are in the primary stage, and the product performance and product driving operation of each main engine factory are very different."

Nowadays, the implementation of the "Exclusive Clauses for Commercial Insurance of New Energy Vehicles (Trial)" clarifies that all the compensation of "three electricity" and "fire" has been made, and under the premise of meeting the needs of new energy vehicle owners, the rights and responsibilities of insurance companies have been more clearly divided, which is undoubtedly the embodiment of the development of the automobile insurance industry.