"Have your new energy car insurance premiums gone up?"
Exclusive product for commercial insurance of new energy vehicles
It has been on sale for two weeks
The controversy over the rise and fall of its premiums has not stopped
▲ A Tesla car posted a screenshot of the quotation of Chinese Minmin Property Insurance Co., Ltd., on December 23, 2021, his Tesla Model Y estimated the total cost of insurance at 8278 yuan, and after the official sale of new energy car insurance on December 27, the total cost of insurance rose to 14902 yuan, an increase of up to 80%.
Did the fuel savings really turn into premiums?
"China Consumer Daily" reporter investigation found
Overall
New energy vehicle insurance premiums have actually risen and fallen
The overall price increase is not large
01.
New energy vehicle captive insurance fills the gap
On December 14, 2021, the official website of the China Insurance Industry Association released the "Exclusive Clauses for Commercial Insurance for New Energy Vehicles (Trial)". On the same day, the China Association of Actuaries released the "New Energy Vehicle Commercial Insurance Benchmark Pure Risk Premium Table (Trial)". With the official switching of exclusive products for new energy vehicles, new energy vehicles have officially entered the era of exclusive insurance.
The biggest highlight of the new energy vehicle insurance clause is to fill the gap in the "three electricities" (battery, motor, and electronic control system) guarantee of new energy vehicles in the original model clause, and natural disasters, charging operations, and fires and combustion are covered. At the same time, the additional insurance adds additional external grid fault loss insurance, additional self-use charging pile loss insurance and additional self-use charging pile liability insurance. The new energy vehicle insurance benchmark premium table is the basis for the development and pricing of new energy vehicle insurance products. It is reported that the project team of the China Association of Actuaries has previously carried out several rounds of cleaning, program calculation and rate smoothing of about 51.62 million commercial insurance underwriting data and 9.23 million claims data of new energy vehicles from 2018 to the first quarter of 2021.
For more than 6 million new energy vehicle owners across the country, this is undoubtedly good news. However, in the face of the increase in the price of new energy vehicle insurance, Mr. Peng, a Beijing citizen, is quite hesitant, and if the insurance cost of a certain model rises too much, he will definitely consider this factor when purchasing.
According to the reporter's investigation, the 80% price increase is obviously a bit exaggerated, but the increase in premiums of some models is an indisputable fact.
So, how do insurance companies view new energy vehicle insurance premiums?
When the new product was launched, we said that the insurance rate of the new energy exclusive insurance product was slightly lower than that of traditional fuel vehicles, and on the basis of improving quality and increasing insurance, it fully benefited consumers.
Ping An Property & Casualty said in response to the question "Will premiums become more expensive as exclusive terms of protection increase?" that 80% of car owners will have a lower base premium. However, since the premium is affected by factors such as traffic violation records and the number of insurance trips, the actual premium must also be subject.
CPIC Property & Casualty insurance said that the three insurances of new energy captive insurance are consistent with the current rate framework, and the vehicle damage insurance calculation especially considers the affordability of price-sensitive stock new energy vehicle owners, and restricts models below 250,000 yuan from increasing fees.
02.
The premium of new energy vehicles has risen and fallen
The reporter's investigation found that not only Tesla, Xiaopeng, Ideal, Weilai and other brand car premiums have also risen by a certain extent. The sales manager of Xiaopeng Automobile told reporters that the insurance premium was more than 5,000 yuan before, and now it is more than 6,000 yuan, and the specific cost should be linked to the owner's traffic violations and previous insurance situations.
On December 29, 2021, Xiaopeng Automobile issued a description of the change in premiums, saying, "According to the national premium feedback from various insurance companies on the 28th, the average increase of Xiaopeng models across the board ranged from 2.9% to 18.2% (the increase of different insurance divisions, different regions, and different models was slightly different), and the specific amount should be subject to the quotation of the local insurance division." ”
The reporter's investigation found that BYD, which sold more than 600,000 vehicles in 2021, had a slight decline in the premium of most of its models. Mr. Zhang, sales manager of BYD Beijing, told the China Consumer Daily reporter that after the new energy vehicle insurance was launched, BYD car insurance was cheaper than before. The insurance commissioner of a 4S store in BYD Beijing told reporters that the premium of BYD's Song Plus EV top-end model is now about 5100 yuan, which is three or four hundred yuan less than before.
The reporter learned that the "Explanation on the Calculation and Adjustment of the Benchmark Pure Risk Premium Table for New Energy Vehicle Commercial Insurance Exclusive Products" previously 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.
03.
Lower premiums ≠ lower premiums
"The 80% price increase is very eye-catching, especially involving some brands of private cars with more interests from car owners." However, the industry relies on big data analysis and considers the insurance operation status of the entire new energy vehicle. ”
Ishikawa, a veteran in the insurance industry, told the "China Consumer Daily" reporter that according to the principle of risk consideration, the basic premium of commercial automobile insurance with high compensation has risen, and the premium with low loss rate has been lowered, and the deeper reduction is the traditional models with lower loss rates such as new energy buses, the basic rate of private cars has been generally reduced, and the premium increase of some models is normal.
"The rise and fall of premiums cannot be limited to a certain model, and the reduction of basic premiums does not mean that premiums have declined."
Ishikawa said that the three factors that determine the car insurance premium are the basic premium, the insurance coefficient (there are violation coefficients in some areas) and the autonomy coefficient, the first two are basically the same in the industry, and the autonomy coefficient is adjusted by each company according to its own data analysis, risk judgment, market competition and strategy within the range allowed by the industry.
The reporter noted that in April last year, the market had reported that a number of insurance companies refused to cover Tesla, although the insurance companies debunked this, but it can reflect the insurance company's underwriting attitude towards the model, so it is reasonable to increase the autonomy coefficient.
Ishikawa said that there are dozens of property and casualty insurance companies in the market, and for vehicles of the same brand, some companies have a autonomy coefficient of 1.35, and some are 0.9 (theoretically the minimum is 0.65). For tesla-like cars, it is normal for the premium difference of several thousand yuan, even if the same company, the premium of different channels is not the same.
Ishikawa also said that this reform is not only an adjustment of basic premiums, but also includes the expansion of new energy vehicle insurance protection liabilities. In the early stage of going live, the two factors exist at the same time, and what kind of impact will be on the quality of the business, it takes time to accumulate data and experience. With the optimization of the overall expected compensation of this type of business, there is definitely room for reduction in new energy vehicle insurance premiums.
Source/ China Consumer Daily, China Consumer Network