Since the sale of new energy vehicle insurance, have your premiums risen or fallen?

At the end of December 2021, the captive insurance for new energy vehicles was officially launched for sale. In the past 10 days, some new energy car owners have reported an increase in premiums, and some car owners have said that premiums have declined. So, what are the reasons behind the rise and fall in premiums? The reporter conducted an interview.

"The fuel you save isn't enough to pay your premiums." A new energy vehicle owner said that the new energy vehicle insurance he just bought has risen a lot compared with the traditional car insurance he bought in the past.

The reporter learned that the rise in premiums of some models is closely related to their own risks and maintenance costs, as well as the expansion of the coverage of new energy vehicle insurance.

The relevant person in charge of the property insurance department of the Banking and Insurance Regulatory Commission 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 also show certain particularities.

For new energy vehicles, the "three electricities" of motors, batteries and electronic controls are their core technologies and components, and they are also components that are prone to concentration of risks. In the past, new energy vehicles were generally insured according to the terms of traditional car insurance, and core components such as batteries were difficult to insure separately. Now, new energy vehicle insurance not only provides protection for the "three electricity" system, but also comprehensively covers the use scenarios of new energy vehicles driving, parking, charging and operation.

Experts said that in accordance with the principle of matching risk and premium, the coverage of new energy vehicle insurance has been significantly expanded, the protection responsibility has also increased, and it is normal for the premium to rise to a certain extent.

The person in charge of an insurance company told reporters that the maintenance cost of some new energy models is higher, and the loss rate is significantly higher than that of fuel vehicles, which has also caused an increase in premiums to a certain extent.

For example, he said, some high-end models use integral die-casting technology, and if a collision causes damage to the body, it can usually only be replaced in one piece, and the amount of compensation is significantly higher than that of other models.

The insurance commissioner of a 4S store in Beijing said that overall, the premium of new energy vehicle insurance has risen and fallen, the premium of individual high-end models has risen, and the premium of low-end models has not changed significantly, or even declined. Premiums have fallen and risen, ultimately determined by risk, which is also in line with the nature of the insurance industry.

The reporter consulted regulators, and the factors affecting the premium include the driving habits of the car owner, the historical compensation record, the type of insurance, and the amount of insurance in addition to the car model. For car owners with multiple insurance claims and abnormally high maintenance costs, the premium will increase to a certain extent; for car owners with good driving habits and safety records, and reasonable vehicle maintenance costs, the premium will be discounted.

Professor Wang Guojun of the School of Insurance of the University of International Business and Economics said that new energy vehicle insurance is a new thing, industry departments and insurance companies should pay attention to changes in market demand in a timely manner, provide consumers with better quality and rich products and services, and consumers should fully understand the many factors affecting premiums, standardize driving behavior, and develop good habits of compliance with rules and discipline.

The relevant person in charge of the China Insurance Industry Association said that it will actively organize the main body of the insurance industry to strengthen innovation, take scientific and technological empowerment as the way, continuously accelerate the integration of technology and data with the new energy automobile industry chain and value chain, continuously innovate and optimize products and services, and give play to the function of insurance to assist social governance and serve the economy and society. (Reporter Tan Moxiao)

Source: Xinhua News Agency