Tesla has raised prices again. No, a few days ago, some netizens exposed his new Tesla Model Y price increase on the 28th. It is understood that the Tesla Model Y mentioned by the netizen has increased by almost 7,000 yuan compared with the same model bought by his friend on the 23rd.
For Tesla's price increase, many people have complained that Tesla is poor and crazy. You know, in the previous November, Tesla continued to increase prices, when Tesla also appeared on the hot search for price increases many times. This time, does Tesla really want to ignore the Chinese market and blindly increase prices?
Not. According to media reports, this time the price increase is not only Tesla, "Wei Xiaoli" models have ushered in different degrees of price increases. As for the reason, it turned out that the new energy vehicle captive insurance was officially launched on December 27. Due to the reform of new energy exclusive car insurance, with the increase of insurance rights, the premiums to be paid by car owners have also increased a lot, so consumers will have the illusion that the price of new energy vehicles is rising.
For the official introduction of the new energy vehicle exclusive insurance, what kind of changes will it bring to the entire industry? Will the current price increase wave of Tesla and "Wei Xiaoli" spread to the entire new energy market? Let's take a closer look.
New energy vehicle premiums ushered in a general increase?
So with the official launch of new energy vehicle captive insurance, will the landing price of new energy vehicles usher in a comprehensive increase? Nor will it. According to the "Explanation on the Adjustment of the Benchmark Pure Risk Premium Table for New Energy Vehicle Commercial Insurance Exclusive Products" issued by the China Insurance Industry Association in early December, it is detailed that the benchmark premiums of new energy captive insurance have decreased by 0.8% compared with the current benchmark premiums of traditional car insurance, of which the benchmark premiums of the three insurances have decreased slightly by 0.1%, while the benchmark premiums of automobile damage insurance have decreased by 1.2%.
The reason why everyone feels that the price of new energy vehicles has generally risen is mainly due to the survivor bias. Because the attention of Tesla and new power brands such as "Wei Xiaoli" is too high, once their prices rise, it is easy to think that the entire new energy market will rise in price.
The introduction of this new energy exclusive insurance, in addition to Tesla, has also affected a number of models under "Wei Xiaoli". It is understood that the insurance premium of the same Tesla Model Y all-wheel drive version of the model was about 8,000 yuan, and after the introduction of exclusive insurance, its premium rose to about 18,000 yuan, a full increase of 1.25 times.
In addition, some netizens summarized a part of the new and old comparison of new energy vehicle premiums, of which the price increase part is mainly in the car damage insurance, you can see that Tesla's car insurance basically rose by more than 100%, while Xiaopeng Automobile's car insurance rose by up to 54.98%, at least 24.77%, the total premium rose by 16%-37%, and the premium increase of Weilai and ideal models was almost the same as that of Xiaopeng. However, there are also models such as BYD Qin and Roewe E50 that have ushered in different levels of decline in premiums after the introduction of captive insurance.
Image from the Old Car Research Institute
For this phenomenon, the relevant person in charge of CPIC Property & Casualty also gave an explanation, "The rate of new energy captive insurance is a special calculation in the context of a sharp reduction in fees and price returns to value in 2020, and the overall principle of moderate prudence is followed to make a small and reasonable increase in premium adequacy." Compared with the traditional insurance of fuel vehicles, the adjustment of the overall rate of new energy captive insurance for automobile insurance is not significant. The vehicle damage insurance is close to the framework of the three liability insurance, and the calculation takes special consideration of the affordability of the owner of the price-sensitive stock new energy vehicle, and restricts the price of the car below 250,000 yuan without increasing the fee. ”
In fact, after the introduction of new energy exclusive insurance, a number of insurance companies have said, "After the introduction of exclusive insurance, about 80% of new energy vehicle owners can enjoy the decline in benchmark premiums, but the actual premiums also depend on the probability of traffic violations, the number of insurances and other impacts, and the owners should be subject to the actual premiums." ”
The reason why Tesla and "Wei Xiaoli" have the greatest impact after the introduction of this exclusive insurance policy is mainly related to their high insurance rate and the general high maintenance cost. Take Tesla as an example, because it uses an all-aluminum integrated body design, once the collision of its sheet metal is not easy to repair, generally can only be replaced as a whole, the amount of compensation after the insurance is more expensive than other models. And in recent years, the frequent accidents of Tesla cars have also led to its extremely high risk rate. Some insiders revealed that the current Tesla claim rate and claim amount reached 1:1.4, which is equivalent to charging a dollar premium to lose 1.4 yuan, so Tesla's premium for all models has risen after the introduction of this exclusive insurance is also reasonable.
However, this does not mean that the current premiums of new energy vehicles with high prices such as Tesla will continue to rise. Because the insurance rate of new energy vehicles is currently higher than that of traditional fuel vehicles, the compensation data is still accumulating, and the pricing of insurance companies is more passive, so it has caused the phenomenon of rising premiums of models with higher insurance rates. In the future, as the compensation data continues to accumulate, the premium of new energy vehicles will be dynamically adjusted. Taking PICC as an example, the current insurance needs to see a comprehensive score of this model in the PICC system, if the owner has a low comprehensive score in PICC, its system will control, the preferential coefficient will be adjusted accordingly, and the premium will increase together, and vice versa. There is no doubt that as the ownership of new energy vehicles continues to increase, new energy vehicles that adopt dynamic premium adjustment will usher in a more standardized market mechanism.
Good for the development of new energy vehicles
For users, with the introduction of new energy vehicle captive insurance, the car purchase budget will inevitably fluctuate to a certain extent, and even lead to a corresponding increase in the annual cost of the car. However, whether it is from the perspective of safety and practicality or the entire new energy industry, the introduction of new energy exclusive insurance is ultimately a matter of advantages over disadvantages, otherwise it would not have been called for the introduction of new energy exclusive insurance before.
In fact, in the past, because of the significant difference between new energy vehicles and fuel vehicles, traditional insurance has no way to solve the pain points of new energy vehicles, for example, the "three electricities" (electric drive, battery, and electronic control) that are most concerned about new energy vehicles are not covered by traditional insurance, and there is no additional insurance for risk factors such as explosion caused by spontaneous combustion of batteries. This also means that once such an accident occurs, it is difficult for traditional insurance to settle claims.
It is understood that there are currently 5 main scenarios for new energy vehicle safety accidents, namely "charging spontaneous combustion, driving spontaneous combustion, collision spontaneous combustion, soaking spontaneous combustion, parking spontaneous combustion", of which charging spontaneous combustion and parking spontaneous combustion account for the highest proportion. In addition, according to the 427 cases of defect clues of new energy vehicles previously received by the State Administration for Market Regulation, the battery attenuation problems and charging faults that consumers are more concerned about account for 55% and 15% respectively, ranking the top two in the number of complaints. Although the sales of new energy vehicles have continued to grow in the past two years, consumers' demands for safety have not changed, and they are still in the first place.
With the official introduction of this new energy insurance, most of the pain points that have been criticized have been solved. Judging from the new energy exclusive car insurance released this time, due to the more adapted to the characteristics of new energy vehicles, it not only takes into account the spontaneous combustion risk of new energy vehicles, but also takes into account the damage risk of "three electricity". Most importantly, compared with traditional car insurance, in addition to the main insurance liability of the exclusive clause, the new energy vehicle also covers the use scenarios of the new energy vehicle driving, parking, charging and operation, including a total of 3 main insurance and 13 additional insurance. There is no doubt that the introduction of new energy captive insurance this time not only clarifies the responsibility for the compensation of new energy vehicles, but also further improves consumers' recognition of new energy vehicles. In addition, because the responsibility for compensation is further clarified, it will also increase the enthusiasm of new car-making forces. Although the role of the captive insurance has not yet appeared, with the deepening of time, the new energy market will take off due to this captive insurance.
Will the new energy market fluctuate?
In the long run, the introduction of new energy captive insurance is obviously beneficial to all parties, but it is undeniable that the prices of the popular new energy vehicles in the market have increased to varying degrees after the introduction of the insurance, which is not a good thing for consumers who intend to buy new energy vehicles in the near future.
Not only that, in addition to the price increase caused by this captive insurance, the further decline of new energy policy subsidies in 2022 will also lead to a new round of price increases in the entire new energy vehicle market. The "Notice of the Four Ministries and Commissions on Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles" issued by the Ministry of Industry and Information Technology in April 2020 clearly requires that the subsidy standards for 2020-2022 be reduced by 10%, 20% and 30% respectively on the basis of the previous year.
According to the subsidy policy in 2021, pure electric vehicles with a price of no more than 300,000 yuan before the subsidy can enjoy subsidies: models with a cruising range of more than or equal to 300km and less than 400km are subsidized by 13,000 yuan, while models with a cruising range greater than or equal to 400km are subsidized by 18,000 yuan. According to the standard, the subsidy amount in 2022 will be 70% in 2021, that is to say, the subsidy for a car in 2022 will be reduced by up to 5400 yuan, which is also the main reason for Tesla's price increase in November. With less than a week to go until 2022, there is no latest policy to delay implementation, which means that the decline in subsidies in 2022 will become a fact. Although many new car-making forces have rushed to promote before the arrival of 2022, the 30% subsidy is not a small amount for most car companies and is difficult to digest. It is believed that with the arrival of subsidies in 2022, more and more car companies will follow tesla's footsteps to increase prices.
Consumers are more sensitive to the price, the captive insurance led to price increases superimposed subsidies to rise in price, if there is no accident in the next period of time, there will be a lot of consumers on the full rise of the new energy market to maintain a wait-and-see, once the price can not be reduced in a short period of time, and even a part of the consumers will switch to the camp of fuel vehicles, which will be a big blow to the new energy market that is currently in a good situation.
This is not alarmist, the new energy subsidy policy has been greatly reformed in 2019. Due to the cancellation of the ground subsidy and the national subsidy at that time, the corresponding decline of more than 50%, which led to the continuous growth of the new energy vehicle market for many years ushered in negative growth in 2019, until 2020 to recover. As for whether this time will repeat the same mistakes, everything will not be revealed until the middle of next year.
The image comes from Caihuashe
There is no doubt that whether it is the new energy subsidy policy or the newly launched captive insurance, its original intention is to promote the healthy and rapid growth of new energy vehicles, which is beyond doubt. At present, the price increase caused by these two policies will inevitably have a certain impact on the new energy market, but this is a short-term impact, I believe that with the deepening of time, these two policies will accelerate the survival of the fittest in the entire new energy market, and give consumers a healthier new energy market. I thought that at that time, with the advancement of technology, the price of new energy vehicles will definitely fall back to the right range.
Summary: In the past, traditional insurance was difficult to solve many pain points of new energy vehicles, resulting in disputes of one kind or another for new energy vehicles because it was difficult to clarify the rights and responsibilities, and the market has also been calling for the introduction of exclusive insurance for new energy vehicles as soon as possible. Now that exclusive new energy insurance has finally been waited for, this means that the new energy vehicles that have been controversial before will usher in a healthier development.
Although the introduction of new energy captive insurance has led to the phenomenon of general price increases in popular new energy vehicles, I think this is only a short-term impact, I believe that with the practice of exclusive products in the expanding scale of the market, claim technology will also be rapidly iterated and upgraded, and the premium of new energy vehicles will return to a reasonable, or even close to the level of fuel vehicles of the same price.