The premium of new energy exclusive car insurance needs to be calculated through a new coefficient, and the premium has changed from the original unified pricing to one price per car and one person and one price, and the final quotation is related to multiple factors such as the model, the insurance situation, and the owner's traffic violation record.
New energy vehicles are finally waiting for their own insurance.
On December 27, 2021, the Shanghai Insurance Exchange officially launched the new energy vehicle insurance trading platform. At present, 12 insurance companies, including PICC Property & Casualty, Ping An Property & Casualty, and China Life Property & Casualty, provide this insurance business.
The launch of new energy vehicle insurance provides more secure services for car owners. But complaints of rising premiums have also come.
A Tesla Model Y owner posted a premium bill: his insurance fee on December 23, 2021 was 8278 yuan, and after the launch of the new car insurance on the 27th, the premium rose to more than 14,000 yuan, an increase of 80%. Among them, car damage insurance rose the most, from the previous 5759 yuan to 12736 yuan.
"Premiums have risen and fallen, and the 80% price increase on the Internet is just a case." A senior person in the insurance industry told China News Weekly: "At present, all premiums need to be calculated through a new coefficient, and the premium has changed from the original unified pricing to one price per car and one person and one price, and the final quotation is related to many factors such as the model, the insurance situation, and the owner's traffic violation record." ”
In other words, the basic premium, the insurance factor (there is a violation coefficient in some areas) and the autonomy coefficient are the three factors that determine the car insurance premium. The first two industries are basically the same, and the autonomy coefficient is adjusted by each company within the allowable range of the industry according to its own data analysis, risk judgment, market competition and strategy.
So, what is the difference between new energy vehicle insurance and the previous fuel vehicle insurance? Have premiums gone up or down?
Quotes fluctuate greatly
The new energy exclusive auto insurance product released this time further enlarges the insurance liability and is more suitable for the characteristics of new energy vehicles.
The new car insurance includes 3 main insurance and 13 additional insurance. The main insurance includes three independent types of insurance, including new energy vehicle loss insurance (i.e. "vehicle damage insurance"), new energy vehicle third-party liability insurance (i.e. "three insurance"), and new energy vehicle vehicle personnel liability insurance, and the insured can choose to insure all the insurance types or some of them. In particular, it is worth mentioning that the additional insurance has added the corresponding protection content of external grid fault loss insurance, self-use charging pile loss insurance and self-use charging pile liability insurance.
Judging from the market feedback of new energy vehicle insurance for half a month, the current renewal of new energy models generally has fewer preferential treatment, large fluctuations in quotations, and a slight increase in premiums. "At present, new energy car insurance has just been launched, and there are not too many discounts. If you are not in a hurry, you can wait. MS. Zhang, a car insurance consultant at PICC, said.
First year policy
Renewal quote
"In the half a month after the launch of new energy car insurance, my car insurance quotation fluctuated by more than 2,000 yuan." Mr. Wu, owner of the Tesla Model Y, told China News Weekly that the first-year premium of his model was 5400 yuan, and in the case of a year of no insurance, PICC gave him a renewal offer of 7702.56 yuan on January 6.
The offer given by Ping An on January 10
However, Ping An also quoted three different prices of 7161.61 yuan, 6016 yuan and 5548.49 yuan through different channels on December 28, December 30 and January 10 respectively. "Different insurance companies, different salesmen, and different ways have big differences in quotations." Mr. Wu said.
Mr. Wu's statement was confirmed by Mr. Zheng, another Tesla Model Y owner. Mr. Zheng took out insurance once in 2021 and paid 9,300 yuan when he renewed his insurance in December. Later, I heard that the premium quotation was very different, and after several inquiries, I finally refunded the previous policy and successfully renewed the policy at a price of 5488 yuan.
"I didn't expect such a big difference, and now when a friend talks about the renewal of new energy models, I will suggest multi-channel inquiries." Mr. Zheng said.
Premiums go up and down
After the launch of new energy exclusive car insurance, the premium price has risen and fallen.
Tesla said that from the statistics as of December 30, 2021, tesla vehicle premiums rose by an average of about 10% in the country, and the premiums of the high-performance version of the more concerned model increased by less than 20% national average.
The reporter made a simple statistics on the renewal transaction amount of a Tesla Model Y car owner group of about 300 people, and the renewal price increase of new energy vehicle insurance after the launch of new energy vehicle insurance was mostly within 20%. This also confirms Tesla's statement.
In addition, in terms of new car-making forces, some car owners have reported that Xiaopeng P7 commercial auto insurance has risen from 5600 yuan before the launch of new energy car insurance to 6622 yuan, an increase of 18.2%; the price changes of G3i and P5 are small, 3.5% and 2.9% respectively.
Xiaopeng Automobile said in the "Explanation on the Premium Changes of Commercial Automobile Insurance for Xiaopeng Brand Models on the Launch of New Energy Vehicle Insurance Products": "According to the national premium situation feedback from various insurance companies on the 28th, the average increase of Xiaopeng Automobile's models across the entire line ranged from 2.9% to 18.2%. ”
In addition, NIO's ES8 premium has also risen from 6098 yuan to 7838 yuan. In response to the changes in premiums brought about by new energy vehicle insurance, NIO has launched three new additional insurances in the service worry-free package.
However, there are also many models that have experienced a decline in premiums. For example, bydir Qin new energy premiums dropped from 4538 yuan to 4304 yuan, and Roewe E50 dropped from 4902 yuan to 4548 yuan.
According to the "New Energy Vehicle Commercial Insurance Benchmark Pure Risk Premium Table (Trial)", the new energy vehicle benchmark premium = benchmark pure risk premium / (1 - additional expense rate), the additional cost rate of new energy vehicle insurance has dropped from 25% of traditional fuel vehicles to 15%, the benchmark premium has declined slightly compared with the current comprehensive reform, the overall decline of the three insurance and vehicle damage insurance has decreased by 0.8%, and the proportion of overall premium increase policies has increased from 18.3% in the previous round of testing to 20.7%.
According to the "New Energy Vehicle Commercial Insurance Benchmark Pure Risk Premium Table (Trial)" issued by the China Association of Actuaries, compared with the benchmark premium of the current comprehensive reform of automobile insurance, the benchmark premium of new energy vehicles in the "Exclusive Clauses" will be slightly reduced, roughly 0.8%. Based on this, according to public data, the premium of new energy vehicles below 250,000 yuan has declined, and models above 250,000 yuan have risen partially, but the overall situation does not exceed 3%.
The payout ratio of new energy vehicle insurance is higher
Xie Baolin, vice president of China Insurance Research Institute, previously said in an interview with China News Weekly, "With reference to insurance company data, the average compensation for new energy vehicle damage insurance cases is significantly higher than that of traditional models." ”
According to the analysis of property insurance industry insiders, the policy cost of new energy vehicles is mainly reflected in two aspects, one is that maintenance is expensive, and the other is that the insurance rate is relatively high. At present, the loss ratio of new energy vehicle insurance generally exceeds 85%, and the industry is facing greater underwriting loss pressure.
In addition, Cui Dongshu, secretary general of the Association, believes that the accumulation of insurance historical data for new energy vehicles is small, and the probability of failure of some old models in the early stage is relatively high, and the introduction of historical data affects the reasonable cost after the improvement of the model.
With the iterative upgrading of new energy vehicles, including the improvement of technology, the driving control and safety of new energy vehicles will be greatly improved. Xie Baolin said that in the future, China Insurance Research Institute will increase its research on the zero-to-whole ratio of new energy vehicles, and it is expected to be linked to insurance rates.
For insurance companies, new energy exclusive car insurance helps to price more accurately, thereby alleviating the pressure of compensation and improving operating profits; for consumers, new energy exclusive car insurance fills the pain points of insufficient protection of traditional car insurance, helps to eliminate consumers' doubts about car purchase and improve consumers' car experience.
According to data from the Ministry of Public Security, as of the end of September, the number of new energy vehicles in the country reached 6.78 million, accounting for 2.28% of the total number of vehicles. According to the "Carbon Peak Action Plan before 2030" issued by the State Council, by 2030, the proportion of new energy and clean energy-powered vehicles will reach about 40%.
It can be said that new energy vehicles will be the definitive track for the development of China's automobile industry, and the continuous improvement of new energy exclusive car insurance will provide a guarantee for the healthy development of the new energy automobile industry.
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