New energy vehicles have finally ushered in the first batch of captive insurance.
On December 31, Red Star Capital Bureau noted that the China Insurance Industry Association has officially released the "Exclusive Clauses for Commercial Insurance for New Energy Vehicles (Trial)" (hereinafter referred to as the "Exclusive Clauses") on its official website, which has aroused heated discussion among netizens that the scope of the "Exclusive Clauses" extends to the outside equipment, such as the loss of vehicles due to external power grid failures when charging new energy vehicles, and the additional external grid fault loss insurance can provide protection.
But on the other hand, some netizens before and after the launch of the new car insurance, it was revealed that the Tesla Model Y premium quotation was hugely different, up about 80%, and the Red Star Capital Bureau found that the premium increased by nearly 1700 yuan compared with the previous traditional fuel vehicle insurance premium. In addition, some owners of WEIO also reported that their WEIO ES6 premiums increased by about 27%.
Compared with traditional commercial car insurance, what is the exclusive car insurance of new energy vehicles? What's the difference? What is the reason for the recent and frequently discussed increase in captive insurance premiums?
The first captive insurance of new energy was launched
Expansion of the scope of protection: their own charging piles are also considered "car insurance"
For a long time, new energy vehicles have adopted traditional car insurance. On December 14, the official website of the China Insurance Industry Association announced the "Exclusive Clauses of The China Insurance Industry Association for Commercial Insurance of New Energy Vehicles (Trial)" (hereinafter referred to as the "Exclusive Clauses"), which means that the new energy exclusive car insurance that has been studied and explored for 3 years has really come. By 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 were listed.
Red Star Capital Bureau noted that the exclusive clauses include the Model Clauses for Commercial Insurance of New Energy Vehicles of the China Insurance Industry Association (trial) and the Model Clauses of Accident Injury Insurance for Drivers and Occupants of New Energy Vehicles of the China Insurance Industry Association (trial). For new energy vehicles subject to captive insurance, the clause clearly stipulates that vehicles that use new power systems and rely solely or mainly on new energy drives include plug-in hybrid (including range extender) vehicles, pure electric vehicles and fuel cell vehicles.
Judging from the "Exclusive Terms" that have been announced, new energy vehicle insurance includes three main insurances and 13 additional insurances of new energy vehicle loss insurance, new energy vehicle third-party liability insurance, and new energy vehicle vehicle personnel liability insurance, which basically puts the common risks of new energy vehicles into the scope of protection.
In particular, it is worth noting that the unique "three electricity" system (battery and energy storage system, motor and drive system, other control systems) and all other equipment leaving the factory are included in the coverage; the accidents including vehicle fire and combustion, etc., their related insurance liabilities are also covered; at the same time, the use of the three main insurances fully covers the driving, parking, charging and operation scenarios.
Compared with the traditional commercial insurance clauses for fuel vehicles, the exclusive clause retains 9 clauses in the original clauses, with 3 new clauses and 1 revised clause.
Among them, the industry and car owners are quite surprised that the scope of the exclusive clause extends to the outside equipment, such as the loss of the new energy vehicle due to the external grid failure when charging, the additional external grid fault loss insurance can provide protection; the new energy vehicle charging pile installed by the family can also be paid for the loss caused by natural disasters and accidents.
Some insurance industry insiders told Red Star Capital Bureau that this is the first time that China's commercial automobile insurance has underwritten external fixed auxiliary equipment, and it is an innovation and exploration in the field of automobile insurance.
Double your premiums?
Measured: Tesla premiums rose by about 1700 yuan
Red Star Capital Bureau noted that in addition to insurance liability, the premium issues that new energy car owners are concerned about have also attracted considerable attention recently. In particular, a recent Tesla owner posted that the premium of captive insurance has risen by 80% compared with before, which has aroused heated discussion.
Some netizens said that on December 23, Tesla Model Y insurance costs were 8278 yuan, and after 27 days, the insurance costs soared to 14,900 yuan, an increase of up to 80%.
Screenshot from Weibo
In this regard, Red Star Capital Bureau logged on to the WeChat public account of the Shanghai Insurance Exchange, and after filling in the registration information, the page showed that there were a total of 8 insurance companies in the region that could provide exclusive insurance for new energy vehicles, namely PICC Property & Casualty, Sunshine Property & Casualty, China Property & Casualty, China Life & Casualty, Dadi Insurance, Pacific Property & Casualty, Taiping Property & Casualty and Tianan Property & Casualty.
The reporter randomly selected an insurance company, with car damage insurance, 2 million three insurance and 10,000 people on each seat personnel liability insurance as the purchase of insurance, enter the Tesla Model 3 model of a model of the license plate number, the quotation is quickly generated. The vehicle price is 269,700 yuan, the previous purchase of the traditional fuel vehicle insurance premium is 5405.74 yuan, and after the new energy vehicle exclusive insurance, the car's insurance premium for the new year is 7132.56 yuan, the price increased by 1726.82 yuan, the main reason for the increase in premium is the increase in the premium of car damage insurance.
In addition, the Red Star Capital Bureau noticed in the Nio (NIO.US) car friend group that many Niolai car owners also reported that after the launch of new energy captive insurance, the price of car insurance premiums in the new year has increased. Take a Weilai ES8 premium released by a group of friends as an example, the car last year's premium of 6141.68, after purchasing new energy captive insurance this year, in the case of the same type of insurance, the premium increased by about 1200 yuan. Another NIO ES6, last year's premium of 5174 yuan, this year's premium of 6596.87 yuan, an increase of about 27%.
Screenshot of chat history
According to the China Fund News, a comparison table of premiums for new and old terms on the Internet shows that the rise in new energy captive insurance premiums is mainly due to the rise in car damage insurance. Among them, Tesla's car insurance for many models rose by more than 100%; Xiaopeng Automobile's car insurance rose by 54.98% at the highest, at least 24.77%, and the total premium rose by 16%-37%; the ideal and Weilai premium increases were also in this range. There are also some models of total premium decline, such as BYD Qin, Roewe E50 and so on.
Car companies responded: Weilai worry-free package added three additional insurance
Xiaopeng premiums rose 2.9%-18.2%
For the "Exclusive Clause", new energy vehicle companies also disclosed the latest adjustment measures.
Red Star Capital Bureau noted that on December 29, WEILAI issued an announcement on its official APP that all new energy vehicles must be insured with new energy vehicle insurance due to the official launch of the "Exclusive Clauses for Commercial Insurance of New Energy Vehicles of the China Insurance Industry Association (Trial)". For the impact of the launch of the new terms on the 2021 version of Service Worry-free and Insurance Worry-free, WEILai made an explanation:
1. The pricing of the newly purchased service worry-free package remains unchanged, and at the same time includes the corresponding protection content of the three additional insurances (external grid fault loss insurance, self-use charging pile loss insurance and self-use charging pile liability insurance) added to the new clauses;
2. Users who are still in the service period of the 2021 version of The Service Worry-free do not need to purchase three additional insurances under the new terms, and the current Service Worry-free will include the corresponding protection content;
3. The pricing of Insurance Worry-free is still the insurance fee + 1680 yuan WEILAI exclusive service, of which 1680 yuan Weilai exclusive service remains unchanged, and the overall premium changes are related to the user's region, illegal records, past insurance situations and other factors. At present, the situation is different in different places, and the premium adjustment of NIO models is not large overall, and we will continue to pay attention to the subsequent price changes;
4. For users who are still in the service period of The Insurance Worry-free 2021 edition, the accident claim rights and experience are no different from the main insurance of the new terms;
5. You can choose a worry-free service or insurance worry-free product according to your own car situation.
Screenshot from the Weilai APP
On December 29, Xiaopeng Automobile (XPEV.US; 9868.HK) also issued the "Explanation on the Premium Changes of Commercial Vehicle Insurance for Xiaopeng Brand Models" on the Launch of New Energy Vehicle Insurance Products. The statement said: "According to the national premium feedback from the insurance departments on the 28th, the average increase of Xiaopeng Automobile's full range of models ranges from 2.9% to 18.2% (the increase in different insurance divisions, different regions, and different models is slightly different), and the specific amount is subject to the quotation of the local insurance division."
Insurance companies: The premium of more than 250,000 models has risen significantly
Red Star Capital Bureau also contacted an insider of an insurance company, who said that after the launch of new energy vehicle insurance products, the premiums of popular models did have different degrees of price changes, and generally speaking, the premiums of new energy vehicles above the price of 250,000 yuan rose more obviously. According to the company's internal part of the underwriting data, Tesla and "Wei Xiaoli" have increased premiums, ranging from 15% to 37%.
But not all new energy vehicle premiums have increased, the person revealed that like BYD Qin, Roewe E50 and other models, after the introduction of exclusive insurance, its premiums ushered in different degrees of decline.
The head of the auto insurance department of a property insurance company told Red Star Capital Bureau that there are many factors in the premium increase of new energy vehicle exclusive insurance. For example, the loss rate of new energy vehicles far exceeds that of fuel vehicles, and the battery, body design, and various intelligent equipment investments on the vehicle have higher compensation costs. Moreover, the exclusive insurance will drive, parking, three electricity are included in the protection, the insurance scope is much larger than the fuel vehicle.
Red Star Capital Bureau learned from the industry that after the landing of the exclusive car insurance for new energy vehicles, the rise and fall of vehicle premiums is also related to the traffic violation records of each car owner in the past year, the number of insurance accidents and other factors, and is also affected by many factors such as the insurance claims of the same model in the past years, and the discounts and concessions given by insurance companies. In the future, with the continuous increase of new energy vehicles, the number of samples of various indicators that can be referred to will also increase, and the premium of new energy vehicles will tend to reflect the real insurance value of vehicles more accurately.
Red Star News reporter Yang Cheng Tianyuan
Edited by Tao Yueyang
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