"Tesla premiums soared 80% overnight" has recently become a hot topic. After the launch of the new energy vehicle exclusive car insurance on December 27, 2021, some Tesla owners said that the premium soared from 8278 yuan to more than 14,000 yuan overnight, an increase of up to 80%. The car insurance premiums of many new power models have also increased to varying degrees.
The reporter learned from the insurance industry that the overnight surge of 80% is just a case, in general, the premium is related to the number of violations and insurance trips of the owner, the premium is rising or falling depending on the car, from person to person, some of the past higher loss rate, higher price of the model Premium will rise.
There has been a correction after the price of new car insurance has risen
On December 14, 2021, the China Insurance Industry Association issued the Exclusive Clauses for Commercial Insurance for New Energy Vehicles (Trial Implementation). On December 27, the adjusted new energy vehicle exclusive insurance product was officially launched, and many insurance companies launched related products.
In a Tesla owner WeChat group where Li Meng (pseudonym) works, car owners generally reported that the premium of their car has risen. After a few days, another owner posted the news of the premium reduction: "The premium of the 3/Y performance model has been greatly adjusted, and the new premium is only slightly higher than before the adjustment." "There are also car owners who have made a table that compares the prices of new car insurance products of various insurance companies, which have risen and fallen compared with the premium new products before the launch.
"These days the premium price has been adjusted back, the increase is not as high as before, most of the car owners around me can accept a small increase of about 10% of the premium, and it is acceptable to pay more than 1,800 yuan, after all, the exclusive car insurance protection is more, and even the charging pile is insured." Li Meng told reporters that she is ready to insure new car insurance this year.
The reporter noted that various car companies have issued the latest notices on the adjustment of car insurance.
Tesla said: "Recently, with the launch of 'New Energy Vehicle Captive Insurance', we have also received some inquiries about premium fluctuations. Vehicle insurance is one of the important components to protect the user's car experience, and we pay close attention to changes in the price of car insurance and regularly follow up on the changes. The increase in different insurance divisions, different regions and different models varies slightly. Tesla said that from the latest statistics on December 30, 2021, Tesla vehicle premium increase to the national average of about 10%, the more concerned high-performance version of the car premium, the increase in the national average within 20%, the specific amount please refer to the local insurance company quotation prevails.
Weilai Automobile said on the APP that the change in the overall premium is related to factors such as the user's region, illegal records, and past insurance situations. At present, the situation is different in different places, and the premium adjustment of NIO models as a whole is not large.
On the evening of December 29, Xiaopeng Automobile issued the "Explanation on the Change of Premiums of Commercial Automobile Insurance of Xiaopeng Brand Models on the Launch of New Energy Vehicle Insurance Products", and Xiaopeng Automobile said: "According to the national premium situation feedback from various insurance companies on the 28th, the average increase of Xiaopeng's full line of models ranges from 2.9% to 18.2% (the increase of 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. ”
The "three electricity" system and the charging pile are included in the guarantee
The long-awaited "Exclusive Clauses for Commercial Insurance for New Energy Vehicles (Trial)" for new energy vehicle owners was launched, which filled many gaps in the field of new energy vehicle insurance. In terms of insurance liability, the Clauses not only provide protection for the "three electricities" (battery, motor and electronic control) system, but also comprehensively cover the use scenarios of new energy vehicles driving, parking, charging and operation.
In terms of diversified insurance scenarios, the "Clauses" combine the characteristics of charging and use of new energy vehicles, and develop the "Self-use Charging Pile Loss Insurance" and "Self-use Charging Pile Liability Insurance", which not only covers the loss of the vehicle, 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, and focuses on solving the risks arising from auxiliary facilities in the application of new technologies.
Specifically, new energy vehicle insurance includes three main insurances and 13 additional insurances of automobile loss insurance, third-party liability insurance, and vehicle personnel liability insurance, and the insured can choose all or part of the insurance.
That is to say, on the basis of traditional comprehensive insurance, the unique "three electrics" system of new energy vehicles and all other equipment at the factory are included in the insurance coverage. For example, accidents such as self-use charging pile loss, external grid fault loss insurance and self-use charging pile liability insurance fully cover the driving, parking, charging and operation scenarios at the use level.
The autonomous pricing factor pushes up Tesla premiums
Ping An Property & Casualty recently replied, "Exclusive terms of protection have increased, so will my premium become more expensive?" "At this time, it is said that 80% of the owner's benchmark premium will fall. However, since the premium will be affected by factors such as traffic violation records and the number of insurance trips, the actual premium must also be subject. Therefore, the industry is generally expected to say that "nearly 80% of new energy car owners can enjoy the benefits of fee reduction".
So why has the actual premium paid by some new energy vehicle owners increased?
It is understood that commercial auto insurance premium = benchmark premium× rate adjustment coefficient. According to the "Explanation on the Adjustment of the Pure Risk Premium Table of the Benchmark Pure Risk Premium Table of the Exclusive Products of New Energy Vehicle Commercial Insurance" issued by the China Association of Actuaries, the benchmark premium of the new energy vehicle three insurance and the vehicle damage insurance will drop by about 0.8% as a whole; and the rate adjustment coefficient = no indemnity preferential coefficient× traffic violation coefficient × the independent pricing coefficient, of which the independent pricing coefficient is the most complex, and the insurance company will set different coefficients according to its own profit and loss and different vehicle risk conditions.
"Tesla's 80% overnight premium surge is just an isolated case, but to see that Tesla itself has its own particularities and cannot represent all brands and models on the market." An insurance industry insider of a mainstream insurance company revealed that the premiums of some models such as Tesla are generally higher, because the independent pricing coefficient is high, the high insurance rate, the high maintenance cost, and the high price have increased the independent pricing coefficient.
It is worth referring to that the price of 250,000 yuan is a "reference line": the "Explanation on the Adjustment of the Benchmark Pure Risk Premium Table for Commercial Insurance Exclusive Products of New Energy Vehicles" recently issued by the China Insurance Industry Association to property insurance companies shows that in terms of smoothing the rate of car damage insurance, the benchmark premium of new energy vehicles with a price of less than 250,000 yuan is not floating; the benchmark premium of new energy vehicles with a price of more than 250,000 yuan can fluctuate up and down.
That is to say, for new energy vehicles below 250,000 yuan, insuring car damage insurance does not increase the fee, and narrows the threshold for the increase and decrease of the rate; for models with more than 250,000 yuan, there is indeed a partial increase in premiums. Therefore, the higher the claim rate (related to the failure rate) and the higher the claim amount (related to the selling price, maintenance costs), the more expensive the premium. Although the overnight surge of 80% in premiums is an isolated case, Tesla, which has a higher cost of repairing cars, has naturally become a representative of the "leading" increase in premiums.
"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." In response to the issue of premiums, the relevant person in charge of CPIC Property & Casualty insurance said that 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 caution is followed to make a small and reasonable increase in premium adequacy. The car damage insurance of captive insurance is close to the framework of three liability insurance, and the calculation takes special consideration into the affordability of price-sensitive stock new energy vehicle owners, and limits the price of cars below 250,000 yuan without increasing fees.
Put the test on insurance companies' claims
New energy vehicles have officially entered the era of captive insurance, and for underwriting insurance companies, under the premise that new energy vehicles have not yet accumulated more insurance data, the company's own pricing ability and moral hazard prevention ability are tests.
Some models of new energy vehicles face rising premiums mainly because the loss rate of insurance companies is too high. Shenwan Hongyuan report data shows that the current loss rate of new energy vehicle insurance is close to 85% on average, and the industry is facing greater underwriting loss pressure.
Executives of a number of listed insurance companies said at the 2021 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: "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 belong to the primary stage, and the product performance and product driving operation of each main engine factory are very different." ”
The person in charge of CPIC Property & Casualty insurance said that before the launch of new energy exclusive car insurance, the rules and practices of refined management of new energy vehicles and fuel vehicle underwriting claims were lacking, and the insurance experience data precipitation was not sufficient, and the insurance rate and loss rate of new energy vehicles were still significantly higher than that of traditional fuel vehicles in the short term. However, with the accumulation of exclusive products in the expanding market, claims technology will be rapidly iterated and upgraded, and the refined management of underwriting pricing will promote the return of the loss rate of new energy vehicles to a reasonable level in the long run.
The word "trial" in parentheses in the exclusive clause of new energy vehicle insurance also leaves room for future changes in the industry. Huaan Insurance said that with the rapid iteration of new energy vehicle technology, the new energy vehicle insurance clauses will continue to improve, and the revision of future clauses may be normalized.
Image source: Visual China
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