In 2021, the production and sales of new energy vehicles in mainland China will exceed 3.5 million units, ranking first in the world for seven consecutive years, and the cumulative promotion volume has exceeded 9 million units.
The huge market coupled with the continuous improvement of the penetration rate, so that the new energy vehicle market has become the top of the manufacturing industry, the new forces of car manufacturing is stubble and stubble, the major technology companies if not and car manufacturing edge, as if they have been abandoned by this era, so now the new energy vehicles have been rolled to the extreme, the products of major car companies in terms of price, product strength, service are changing the pattern of publicity, look at the consumer is dazzling.
Of course, the huge new energy market has also spawned new tracks, such as more and more new energy vehicle companies have begun to get involved in the insurance industry.
New energy vehicle companies have been engaged in insurance, in the end for what?
In January this year, NIO established Insurance Brokerage Co., Ltd., tianyancha showed that its registered capital of 50 million yuan, 100% controlled by NIO Holdings Co., Ltd., in 2018, Xiaopeng Automobile was allowed to carry out auto insurance agency business, and established Guangzhou Xiaopeng Automobile Insurance Agency Company.
In March this year, the State Administration for Market Regulation officially approved the declaration and registration of "BYD Insurance Brokerage Co., Ltd." ... Previous car companies have also been involved in the insurance industry, but compared with today's new energy car companies, the starting point is obviously different.
The reason why more and more new energy vehicle companies have joined the ranks of insurance, in addition to wanting to ensure "peace" for their own products, more is that the premium of new energy vehicles is getting higher and higher, and the enthusiasm for new energy vehicles has also been affected.
So why are the premiums for new energy vehicles getting more and more expensive? As a new thing, traditional insurance does not have exclusive insurance to serve these electric products such as electric motors, batteries, and electronic controls, so the corresponding premiums are higher than those of fuel vehicles.
It was not until the release of the "Exclusive Clauses for Commercial Insurance for New Energy Vehicles of the China Insurance Industry Association (Trial)" in December 2021 that new energy vehicles had relatively standardized insurance documents, and problems such as spontaneous combustion of vehicles and three-electric systems were clearly included, and included the loss of auxiliary equipment such as charging piles and the property losses and personal injuries that the equipment itself may cause.
But I never expected that after having this document, the low premium that new energy car owners are looking forward to has become a luxury, the new energy vehicle premium has experienced a round of price increases, the original high-priced car insurance has gone up to the next level, and many car owners have bluntly said that the fuel costs are paid for insurance.
A Tesla Model Y owner said that before the new regulations, the premium was only more than 5,000 a year, and he did not expect that after the new regulations, it was directly more than 7,000 yuan a year. According to a number of car owners, the premium increase of Xiaopeng, Ideal and Weilai is also 20%-50%, and the owners really have no pain about this price increase.
Another factor is that new energy vehicles have a much higher insurance rate than fuel vehicles.
According to China Bancassurance data, from 2016 to the first half of 2020, the overall insurance frequency of new energy vehicles was 3.6% higher than that of non-new energy vehicles, and the insurance rate of household new energy vehicles was even higher than that of non-new energy vehicles by 9.3%. According to the data of Shenwan Hongyuan Report, the current loss ratio of new energy vehicle insurance is close to 85% on average.
Coupled with the "rise" of new energy vehicles today: Tesla has raised prices twice in 5 days; BYD, Xiaopeng, Weima, etc. have adjusted prices for the second time this year, with the highest increase of more than 30,000 yuan; zero running, Nezha, geometry and other brands have also joined the price increase army...
Affected by the rise in the price of lithium, nickel and other commodities and the decline of subsidies, since the beginning of this year, more than 20 new energy vehicle companies have announced price increases, involving nearly 50 models, not to mention that the insurance of new energy vehicles is still so expensive, so even if consumers' enthusiasm for new energy vehicles is high, they cannot withstand the shyness of the pocket. Products can not be sold, these new energy vehicle companies are more anxious than consumers.
Therefore, in order to dispel the concerns of car owners about the premium of new energy vehicles, there is also this high loss rate, new energy vehicle companies can launch more suitable insurance according to their own products, so these new energy vehicle companies enter the insurance industry is also the general trend.
What are the advantages of insurance for new energy vehicle companies?
As a manufacturer of electric vehicles, new energy vehicle companies know their products better than any insurance company, and of course, they can tailor exclusive insurance according to their own products, which is a natural advantage of their involvement in the insurance industry.
At present, Tesla has also taken the lead for car companies. At the end of September 2021, Tesla FSD Beta 10.1 was launched, and the insurance calculator has been bound to launch. Tesla uses in-car sensors to collect driver behavior data and then converts the collected data into a safety score between 0 and 100, and the higher score means safer driving habits and less likely to have accidents, so it gets a lower car insurance price.
Such a tailor-made way is indeed an insurance experience that we have not had on fuel vehicles, of course, the lower premium is also the result that consumers are willing to see, providing a lot of reference value for follow-up new energy vehicle companies. After all, the new era is coming, products are changing, and insurance services should keep up with the changes of the times.
Of course, there is a greater advantage of new energy vehicle companies to do insurance is that these new car-making forces know their users better than those traditional insurance companies, and they can launch more matched insurance products according to the driving habits of these users, thus bringing more reasonable price insurance products, and truly personalized customization, which is also the ideal insurance product that consumers are looking forward to.
But the ideal is always full, the reality in front of the new energy car companies is that whether it is the establishment of insurance companies or insurance brokerage companies need to obtain relevant licenses, the threshold is high, which also blocks a large number of car companies.
And insurance as a highly mature and very high elimination rate of the industry, the new entrants to the car company does not have the experience of the insurance industry, in the products, channels, talents and other aspects are relatively lacking, I believe that in the future there will be many car companies will choose to cooperate with insurance companies, launch new insurance products.
Of course, this is just the beginning, and it still takes a long process to really make consumers willing to buy their own insurance products.
Write at the end
With the continuous expansion of the new energy vehicle market, the scale of new energy vehicle insurance has also expanded. From 2013 to 2020, the number of new energy vehicle insurance coverage continued from 140,000 to 4.92 million, with a compound annual growth rate of 56%, and the scale of new energy vehicle insurance premiums also increased from 1.16 billion yuan to 24.6 billion yuan, with a compound annual growth rate of 46.5%.
And the penetration rate of new energy is still increasing, the future of new energy vehicle insurance as a just need market, its future development prospects are huge imagination space. Therefore, whether it is for the sake of profit or to better seize the new energy market, it is also reasonable for new energy vehicle companies to launch their own insurance products.
Although there are still many uncertainties in this, for us consumers, with the launch of a large number of car insurance products, it will also bring a specification for new energy car insurance, which in turn will make the price of car insurance more reasonable.