On December 27, 2021, 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, including PICC Property & Casualty, Ping An Property & Casualty, and CPIC Property & Casualty, were listed. However, the majority of new energy vehicle owners are welcoming captive insurance at the same time, but also worried about the ensuing rise in premiums for some models. Some car owners said bluntly: "The fuel money saved by driving new energy vehicles is used to pay premiums." ”
(Wen 丨 Intern reporter Yang Zi)
Tesla, Xiaopeng and other premiums rose
On the day of the launch of the new energy vehicle insurance trading platform, the price comparison of the exclusive insurance posted by a Tesla Model Y owner before and after the launch showed that the premium rose directly from 8278 yuan to 14,900 yuan, an increase of up to 80%. At the same time, models such as the Model 3 have also risen to varying degrees. Subsequently, Tesla's official response said: "From the latest statistics, the average national vehicle premium has increased by about 10%, and the premium of the high-performance version of the car that has attracted attention has risen within 20%, and the specific amount should be subject to the local insurance quotation." Industry insiders said that because Tesla adopts an all-aluminum integrated body design, the amount of compensation after the insurance will be higher.
On December 29, 2021, Xiaopeng Motors released the "Explanation on the Premium Changes of Commercial Auto Insurance for Xiaopeng Brand Models on the Launch of New Energy Vehicle Insurance Products", which shows: "The national premium situation feedback from various insurance companies shows that the average increase of Xiaopeng models across the board is 2.9-18.2% (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." Among the three models sold by Xiaopeng, the largest increase in premiums was P7, which rose from 5600 yuan before the launch of captive insurance to 6622 yuan.
On the same day, NIO issued an announcement explaining the impact of the launch of new energy exclusive car insurance on the 2021 version of service worry-free and insurance worry-free: the pricing of the new purchase service worry-free package remains unchanged, and at the same time, it contains the corresponding protection content of the 3 additional insurances added by the new clause (external grid fault loss insurance, self-use charging pile loss insurance and self-use charging pile liability insurance); the pricing of insurance worry-free is still the insurance cost + 1680 yuan WEILAI exclusive service, of which 1680 yuan weilai exclusive service remains unchanged, and the overall premium changes with the user's region, Factors such as illegal records and past insurance situations are related. Lu Jianxiao, head of WEIO's auto service operations, said that the premium increase or decrease is about 10%.
The risk characteristics and causes of accidents are different from those of fuel vehicles
It is understood that the Exclusive Clauses of The China Insurance Industry Association for Commercial Insurance of New Energy Vehicles (Trial) (hereinafter referred to as the "Clauses") are divided into 3 main insurances and 13 additional insurances, of which the main insurance is new energy vehicle loss insurance, new energy vehicle third-party liability insurance, and new energy vehicle vehicle personnel liability insurance.
According to the "Explanation on the Adjustment of the Benchmark Pure Risk Premium Table for Exclusive Products of New Energy Vehicle Commercial Insurance" (hereinafter referred to as the "Instructions") previously issued by the China Association of Actuaries, compared with the current comprehensive reform benchmark premiums, the overall decline of the three insurance and the car damage insurance is 0.8%, of which the three insurance benchmark premiums are 0.1% lower than the current ones, and the vehicle damage insurance benchmark premiums are 1.2% lower than the current ones. The proportion of overall premium increase policies increased from 18.3% of the original plan to 20.7%, an increase of 2.4 percentage points. This means that 20.7% of the existing new energy vehicle insurance policies face price increases, and nearly 80% of new energy vehicles use exclusive terms to insure car damage insurance and three insurances, and under the same conditions, the premiums are flat or decreased. In particular, the "Explanation" pointed out that new energy vehicles with a price of less than 250,000 yuan will not increase in price, and the threshold for reducing the rate increase and decrease will be narrowed.
The person in charge of the property insurance department of the Banking and Insurance Regulatory Commission once said that new energy vehicles are quite different from traditional cars in terms of body structure, power system, use scenarios, maintenance and other aspects, and their risk characteristics and accident causes show certain particularities. It is understood that at present, the premiums of most new energy models are slightly increased. After the introduction of new energy captive insurance, a number of insurance companies have said that about 80% of new energy vehicle owners can enjoy the reduction in benchmark premiums, but the actual premium depends on the probability of traffic violations, the number of insurances and other factors.
Claims data is still in the accumulation stage
According to data, it is expected that by 2025, the premium of new energy vehicles will reach 154.3 billion yuan, accounting for 15.7% of the total premium of car insurance; in 2030, it will reach 1279 billion yuan, accounting for 31.3% of the total premium of car insurance.
Previously, some car companies were involved in insurance business. For example, in October 2020, Tesla launched UBI insurance in the United States, unlike other car insurance, UBI evaluates and formulates the corresponding insurance price based on the actual driving behavior of the driver, achieving "thousands of people and thousands of prices", reaching 20-40% or even 30-60% price concessions. On August 6, 2021, Tesla established Insurance Brokerage Co., Ltd. in China.
It is understood that before the release of the "Provisions", the owners of new energy vehicles could only choose traditional fuel vehicle insurance. In contrast, the "Provisions" not only include the three-electric system (battery, motor, electronic control) into the insurance coverage, but also cover the use scenarios of new energy vehicles driving, parking, charging and operation. At the same time, in view of the indispensable supporting facilities for new energy vehicles such as charging piles, the exclusive clauses have designed additional external grid fault loss insurance, additional self-use charging pile loss insurance, additional self-use charging pile liability insurance, and additional new energy vehicle value-added service special clauses.
People in the insurance industry frankly said that compared with fuel vehicles, the insurance rate of new energy vehicles is generally higher, the price of parts is high, resulting in higher maintenance costs, and the "Clauses" have a more comprehensive coverage of new energy vehicles, so the premium will be higher than before.
Shenwan Hongyuan analyst Ge Yuxiang said that the insurance rate of new energy vehicles is higher than that of fuel vehicles, but the current compensation data is still in the accumulation stage, so the insurance company as a whole is still in a passive state of pricing, and the enthusiasm for underwriting is not high. At the same time, the current loss ratio of new energy vehicle insurance exceeds 85%, and the insurance industry is facing greater underwriting loss pressure. Among them, small and medium-sized enterprises due to poor pricing ability, weak customer screening ability, resulting in a comprehensive cost ratio of new energy vehicle insurance of more than 110%; head enterprises with natural advantages in pricing, customer service reserves, etc., can basically maintain underwriting breakeven.
In addition, Ge Yuxiang also believes that the pricing of additional premiums of new energy vehicle insurance has room for compression, on the one hand, under the trend of direct sales and disintermediation, the channel bargaining power of insurance companies will be improved; on the other hand, compared with the "buyer's market" of fuel vehicle insurance, the current new energy vehicle insurance has the characteristics of the initial "buyer's market".
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Produced by | China Energy News (ID:cnenergy)
Trainee Editor | Li Zemin
Responsible editor 丨 Yan Zhiqiang