China's new energy vehicles are about to change, and BYD is even going to engage in car insurance. Yesterday, the entire A-share new energy vehicle industry chain was collectively rising. What signal does this send?
Yesterday, Shenzhen BYD Property Insurance Co., Ltd. officially obtained the approval of the State Administration of Financial Regulation. According to the content of the approval, BYD P&C Insurance can use the national unified compulsory traffic insurance terms, basic insurance rates and corresponding rate floating coefficients in Anhui, Jiangxi, Shandong (excluding Qingdao), Henan, Hunan, Guangdong, Shaanxi and Shenzhen.
I was really excited to see this news. BYD's official test of car insurance is bound to be a huge positive for the entire Chinese new energy vehicles.
Because a practical factor that currently hinders many people from buying new energy vehicles is that many insurance companies are not very happy to see new energy vehicles, not only the premium is higher than that of traditional fuel vehicles, but the most annoying thing is that if your new energy vehicle has been driven for a few years, it is really troublesome to renew the insurance. Many insurance companies are even reluctant to underwrite it.
So if your car is not insured, do you dare to drive? After all, no one dares to drive a ticket, and it is safe every day, after all, in addition to worrying about your own driving skills, you also have to worry about other people's driving skills, and whether you talk about the rules. It's really troublesome to run into people who go on a rampage and drive the road as if it were their home. So basically, you have to buy insurance for your car on the road.
Because the accident rate and loss ratio of new energy vehicles are higher than those of fuel vehicles, many domestic insurance companies are now very unwelcome to the underwriting and renewal of new energy vehicles. So now BYD directly opens its own insurance company to underwrite the car, which can obviously dispel the concerns of many car owners. This is very good for promoting the sales of new energy vehicles.
And BYD has done this, will other new energy vehicle companies, such as Ideal and Weilai, keep up? And because of the catfish effect of BYD's car insurance, will these domestic insurance companies change their attitude and start to actively embrace the underwriting and renewal of new energy vehicles? This is really very possible.
Therefore, BYD began to directly set up a property insurance company to test the underwriting of new energy vehicles, which is a real catfish. Therefore, it makes sense that the stocks of the entire A-share new energy vehicle industry chain rose sharply yesterday.
New energy vehicle owners should be suffering for a long time. A while ago, I also saw a car owner complaining on the Internet that his car had only been bought for a year and had run 20,000 kilometers, and the insurance company was unwilling to underwrite it. Even if the policy can be renewed, the cost will increase. This one is very distressing. I think the renewal of the new energy vehicle encountered by this car owner should not be an isolated case, but a common phenomenon.
Because at the beginning of this year, the State Administration of Financial Supervision issued a special document for the underwriting and renewal of new energy vehicles, called the "Notice on Effectively Doing a Good Job in the Underwriting of New Energy Vehicle Insurance". The article puts forward requirements for the new energy vehicle insurance business, including the prohibition of refusal of compulsory traffic insurance, the prohibition of "one-size-fits-all" restrictions on underwriting, etc., and even clearly emphasizes that large property and casualty insurance companies should play the role of the industry's leading goose to ensure that the wish is fully guaranteed. It is because the current underwriting and renewal of new energy vehicles is taken into account.
So now BYD simply set up an insurance company to engage in car insurance, which will inevitably force the current insurance company to actively underwrite new energy vehicles. And this is a great boost to the development of the entire new energy vehicle.