The exclusive product of commercial insurance for new energy vehicles was officially launched, which caused an uproar among car owners and public opinion.
A car owner disclosed on social media that on December 23, the total cost of his model y insurance was 8278 yuan, while on December 27, the total cost of insurance for the same car rose to 14902 yuan, an increase of 80%. Among them, the increase of vehicle damage insurance was the largest, from 5759 yuan to 12736 yuan. The products of Weilai, Xiaopeng and other auto enterprises have also been exposed to a sharp rise in premiums.
However, a dealer of new forces in car manufacturing told reporters that from the point of view of its in store delivery and communication with insurance companies, the premium did rise after the launch of exclusive insurance for new energy vehicles, but it was not as exaggerated as announced on the Internet. They calculated that after the launch of exclusive insurance for new energy vehicles, the price difference of new car insurance was between 500-1000 yuan, an increase of about 10%.
Taking Xiaopeng P7 of about 250000 yuan as an example, Xiaopeng automobile store sales told reporters that the original commercial insurance was more than 5000 yuan, but now it is more than 6000 yuan, up about 15% – 18%, which should be linked to the previous accident according to the traffic violations of the owner.
The sales of an auto insurance company said that before, there was a rebate of 10-15% in the premium of new energy vehicles, and now the price is equivalent to no rebate. The price of Tesla Model y entered by him on December 29 rose to about 10%, but on the same day Byd Company Limited(002594) song plus DM-I decreased by about 10%.
On December 29, Xiaopeng automobile released the explanation on the premium changes of commercial auto insurance of Xiaopeng brand models on the launch of new energy auto insurance products, which Xiaopeng automobile said, “According to the national premium situation fed back by the insurance companies on the 28th, the average increase of Xiaopeng’s whole line models ranges from 2.9% to 18.2% (there are slight differences in the increase of different insurance companies, different regions and different models). Please refer to the quotation of the local insurance company for the specific amount.”
A person in charge of service operation of Weilai automobile told reporters: “after seeing the information transmitted online, we also asked the insurance companies we cooperated with for advice. According to the feedback of various insurance companies, the information of the online map is inaccurate. Of course, the absolute value of the feedback given to us by each of them is high and low, but it must not be so outrageous as that transmitted online.”
He said that from the current monitoring of Weilai automobile, the premium has increased or decreased. Some models may have lower premiums than the original ones, but some models are higher. At present, the amplitude monitored by Weilai is small, about less than 10%.
On December 29, Weilai held an exclusive insurance communication meeting for new energy vehicles. At the meeting, Weilai automobile said that the 2021 version of user worry free insurance package including premium and related service rights and interests provided by the company to users remained unchanged after the vehicle insurance fee was changed. For worry free insurance packages that do not include insurance costs, the costs will be adjusted accordingly according to the pricing of the insurance company.
“This (price increase of 80%) must be an exaggeration. Even if there is such an increase, it does not represent the overall situation of the industry.” A large property insurance company auto insurance person also told the first financial reporter. According to him, the premium of new energy exclusive auto insurance products has increased and decreased compared with the previous ones, and the price of some models has indeed increased, but a variety of factors need to be considered in auto insurance pricing. Even the premium changes of different new energy brands with the same price will be different.
Previously, the explanation on the calculation and adjustment of the benchmark pure risk premium table for exclusive products of commercial insurance for new energy vehicles issued by the China Insurance Industry Association to property insurance companies recently shows that in terms of smoothing the premium rate of vehicle damage insurance, the benchmark premium of new energy vehicles with a vehicle price of less than 250000 yuan will not rise; For new energy vehicles with a vehicle price of more than 250000 yuan, the benchmark premium can fluctuate up and down.
From the perspective of the pricing law of auto insurance after the reform of commercial vehicles, the final pricing will be based on the benchmark premium, and a series of rate adjustment coefficients will be considered. For example, the number of accidents in previous years is closely related to the final pricing of auto insurance in the form of no loss preferential treatment coefficient (NCD coefficient), and the premium will rise for many previous accidents, If it has not been out of danger for three consecutive years, it will enjoy a lower premium discount.
In addition, different new energy vehicle brands will have great differences in claim settlement costs due to their different processes and technologies. An auto insurance claim adjuster told reporters that since there is no engine, the maintenance cost of batteries, headlights, doors, bumpers and other surface panels is an important factor determining the claim cost of different new energy models. Some new car manufacturers have high maintenance cost of surface panels due to the lack of substitutability of their parts, For the new energy version launched by some traditional automobile enterprises, the surface covering parts may be universal or auxiliary parts, and the maintenance cost will be greatly reduced; At the same time, the design of some new energy vehicles will lead to changes in driving habits, which often makes it difficult for some drivers to control when they first drive new energy vehicles, and will also lead to an increase in the compensation rate.
For some models with high loss ratio in the past, insurance companies will also increase the premium through independent pricing coefficient to avoid significant underwriting losses. Therefore, different brand models and different driving performance will produce different final vehicle insurance premiums. It is obvious that the change of premium of a vehicle is difficult to represent the general situation.
At the same time, some insurance companies said that compared with the traditional commercial vehicle insurance terms used in the past, the exclusive products of new energy vehicle commercial insurance have expanded the protection scope of new energy vehicles, and the “three electricity” systems (battery and energy storage system, motor and drive system and other control systems) in the core of new energy vehicle insurance are included in the coverage, including vehicle driving, parking Vehicle damage during charging and operation is also covered; And added three new energy vehicle specific additional insurance: additional external power grid fault loss insurance, additional self use charging pile loss insurance and additional self use charging pile liability insurance. The different coverage also reduces the comparability of auto insurance premiums under the two terms.
Fundamentally, some models of new energy vehicles face rising premiums, mainly because the loss ratio of insurance companies is too high. According to the data of Shenwan Hongyuan Group Co.Ltd(000166) report, the average loss ratio of new energy vehicle insurance is close to 85%, and the industry is facing great underwriting loss pressure. Industry insiders said that as a new thing, new energy vehicles still lack data accumulation and underwriting experience compared with fuel vehicles. With the subsequent technological development of new energy vehicles, the accumulation of underwriting data of insurance companies and the further refinement of pricing and risk control, the loss ratio will also return to a reasonable level. At the same time, the word “trial implementation” in the brackets of the exclusive terms of new energy vehicle insurance also leaves room for future changes. Hua’an insurance said that with the rapid iteration of new energy vehicle technology, the terms of new energy vehicle insurance will be continuously improved, and the revision of terms in the future may be normalized.
(First Finance)
