New energy vehicles finally ushered in the first batch of exclusive insurance.
On December 31, the Red Star capital Bureau noted that the China Insurance Industry Association had officially released the exclusive terms for commercial insurance of new energy vehicles (Trial) (hereinafter referred to as the exclusive terms) on its official website. What aroused heated discussion among netizens was that the protection scope of the exclusive terms extended to equipment outside the vehicle, such as vehicle loss caused by external power grid failure when charging new energy vehicles, Additional external grid failure loss insurance can provide protection.
On the other hand, some netizens disclosed that there was a huge difference in the premium quotation of Tesla Model y before and after the launch of the new auto insurance, with an increase of about 80%. After measuring a Tesla Model, the Red Star capital Bureau found that the premium increased by nearly 1700 yuan compared with the previous traditional fuel vehicle insurance premium. In addition, some owners of Weilai also reported that the premium of Weilai ES6 increased by about 27%.
Compared with the traditional commercial auto insurance, what are the exclusive auto insurance for new energy vehicles? Any difference? What are the reasons for the recent rise in exclusive insurance premiums?
the first exclusive insurance of new energy goes online
expanded coverage: self charging pile is also considered as “vehicle insurance”
All along, new energy vehicles have adopted traditional vehicle insurance. On December 14, the official website of China Insurance Industry Association published the exclusive terms of commercial insurance for new energy vehicles of China Insurance Industry Association (Trial) (hereinafter referred to as the exclusive terms), which means that the exclusive new energy vehicle insurance that has been studied and explored for three years has really come. By December 27, Shanghai Insurance Exchange officially launched the new energy vehicle insurance trading platform, and listed the first batch of new energy vehicle exclusive insurance products of 12 property insurance companies.
Red Star capital Bureau noted that the exclusive terms include the China Insurance Industry Association New Energy Vehicle commercial insurance model terms (for Trial Implementation) and the China Insurance Industry Association new energy vehicle driver and passenger accident insurance model terms (for Trial Implementation). for new energy vehicles applicable to exclusive insurance, the terms clearly stipulate that they adopt new power systems and rely entirely or mainly on new energy driven vehicles, including plug-in hybrid (including add-on) vehicles, pure electric vehicles and fuel cell vehicles.
According to the published exclusive terms, new energy vehicle insurance includes three main insurances and 13 additional insurances: new energy vehicle loss insurance, new energy vehicle third-party liability insurance and new energy vehicle on-board personnel liability insurance, basically putting the common risks of new energy vehicles into the scope of protection.
It is particularly noteworthy that the “three electricity” system (battery and energy storage system, motor and drive system and other control systems) unique to new energy vehicles and all other ex factory equipment are included in the insurance coverage; The relevant insurance liabilities are also covered for accidents such as vehicle fire and combustion; At the same time, it is clear that the use of the three main insurances fully covers the scenes of driving, parking, charging and operation.
Compared with the traditional commercial insurance clauses for fuel vehicles, the exclusive clauses retain 9 clauses in the original clauses, add 3 and revise 1.
Among them, the industry and car owners were pleasantly surprised that the protection scope of the exclusive terms extended to the equipment outside the vehicle. For example, when the new energy vehicle is charging, the vehicle loss is caused by external power grid failure, and the additional external power grid failure loss insurance can provide protection; For the losses caused by natural disasters and accidents, additional self use charging pile loss insurance can also compensate for the losses of self installed new energy vehicle charging piles.
some people in the insurance industry told the Red Star capital bureau that this is the first time that China’s commercial auto insurance underwrites external fixed auxiliary equipment, and it is an innovation and exploration in the field of auto insurance.
double the premium?
measured: Tesla premium increased by about 1700 yuan
Red Star capital Bureau noted that in addition to insurance liability, the premium issues concerned by new energy owners have also attracted much attention recently. In particular, recently, Tesla owners sent a document saying that the premium of exclusive insurance increased by 80% compared with the previous period, causing heated discussion.
Some netizens said that on December 23, the insurance cost of Tesla Model y was 8278 yuan. After 27, the insurance cost soared to 14900 yuan, an increase of 80%.
Screenshot from microblog
In this regard, Hongxing capital Bureau has signed the WeChat public official account of the Shanghai insurance exchange. After completing the registration information, the page shows that the area can provide 8 new insurance companies for the exclusive insurance of new energy vehicles, namely PICC, sun property insurance, China property insurance, China Life Insurance, land insurance, The Pacific Securities Co.Ltd(601099) property insurance, Taiping property insurance and Tianan property insurance.
The reporter randomly selected an insurance company to purchase vehicle damage insurance, 2 million third-party insurance and 10000 on-board personnel liability insurance for each seat. After inputting the license plate number of a model of Tesla Model 3, the quotation was generated soon. The price of the vehicle is 269700 yuan, and the insurance premium of the traditional fuel vehicle previously purchased is 5405.74 yuan. After the exclusive insurance of new energy vehicles, the insurance premium of the vehicle in the new year is 7132.56 yuan, with a price increase of 1726.82 yuan. The main reason for the premium increase is the increase of vehicle damage insurance premium.
In addition, the Red Star capital Bureau noticed in the NiO. US car group that many car owners also fed back that after the launch of the exclusive new energy insurance, the premium of auto insurance in the new year increased. Taking the premium of a Weilai es8 released by a group of friends as an example, the premium of the car was 6141.68 last year. After purchasing the exclusive new energy insurance this year, under the same type of insurance, the premium increased by about 1200 yuan. The premium of the other Weilai ES6 was 5174 yuan last year and 6596.87 yuan this year, an increase of about 27%.
Screenshot of chat record
According to the China Fund News, an online comparison table of premiums between old and new terms shows that the rise in premiums of new energy exclusive insurance is mainly due to the rise in vehicle damage insurance. Among them, the auto insurance of several Tesla models increased by more than 100%; Xiaopeng’s auto insurance increased by 54.98% at the highest and 24.77% at the least, and the total premium increased by 16% – 37%; Ideal, Weilai premium price range is also within this range. The total premium of some models also decreased, such as Byd Company Limited(002594) Qin, Rongwei E50, etc.
car companies responded: Weilai worry free package added three additional risks
Xiaopeng’s premium rose by 2.9% – 18.2%
For the exclusive terms, new energy vehicle enterprises also disclose the latest adjustment measures.
Red Star capital Bureau noted that on December 29, Weilai announced in its official app that all new energy vehicles must be insured for new energy vehicle insurance due to the official launch of the exclusive terms of new energy vehicle commercial insurance (Trial) of China Insurance Industry Association. Weilai explained the impact of the new terms on service worry free and insurance worry free 2021:
1。 The pricing of the new service worry free package remains unchanged, and includes the corresponding protection contents of the three additional insurances added in the new terms (external power grid fault loss insurance, self use charging pile loss insurance and self use charging pile liability insurance);
2。 Users who are still in the service period of worry free version 2021 do not need to purchase three additional insurances under the new terms, and the current service worry free will include the corresponding guarantee content;
3。 The pricing of insurance worry free is still the insurance fee + 1680 yuan Weilai exclusive service, of which 1680 yuan Weilai exclusive service remains unchanged. The change of the overall premium is related to the user’s region, violation records, past accidents and other factors. At present, the local conditions are different. On the whole, the premium adjustment of Weilai model is not large, and we will continue to pay attention to the subsequent price changes;
4。 For users who are still in the service period of worry free insurance version 2021, the accident claim rights and experience are not different from the main insurance under the new terms;
5。 You can choose worry free service or worry free insurance products according to your car use.
Screenshot from Weilai app
On December 29, Xiaopeng automobile (xpev. Us; 9868. HK) also released the explanation on premium changes of commercial auto insurance of Xiaopeng brand models on the launch of new energy auto insurance products. The statement said: according to the national premium fed back by the insurance companies on the 28th, the average increase of all models of Xiaopeng automobile ranges from 2.9% to 18.2% (there are slight differences in the increase of different insurance companies, regions and models). The specific amount shall be subject to the quotation of the local insurance company.
insurance companies: the premium of models above 250000 increased significantly
Red Star capital bureau also contacted an insider of an insurance company, the insider said that after the launch of new energy vehicle insurance products, the premium of popular models did change in varying degrees. Generally speaking, the premium of new energy vehicles with a price of more than 250000 yuan increased significantly. according to some underwriting data within the company, the premiums of Tesla and weixiaoli have increased, ranging from 15% to 37%.
However, not all new energy vehicle premiums have increased. According to the source, the premiums of models such as Byd Company Limited(002594) Qin and Rongwei E50 have decreased to varying degrees after the introduction of exclusive insurance.
The person in charge of the auto insurance Department of a property insurance company told the Red Star capital bureau that there were many factors for the premium increase of exclusive insurance for new energy vehicles. For example, the compensation rate of new energy vehicles is much higher than that of fuel vehicles, and there are high compensation costs for batteries, body design and various intelligent equipment investment on the vehicle. Moreover, the exclusive insurance includes driving, parking and three electricity, and the scope of insurance is much larger than that of fuel vehicles.
Red Star capital Bureau learned from the industry that after the implementation of the exclusive vehicle insurance for new energy vehicles, whether the vehicle premium rises or falls is also related to the traffic violation records and accident times of each owner in the past year. At the same time, it is also affected by many factors such as the accident claims settlement of the same model over the years and the discounts given by the insurance company. In the future, with the continuous increase of new energy vehicles, the number of reference index samples will also increase, and the premium of new energy vehicles will tend to more accurately reflect the real insurance value of vehicles.
(Red Star capital Bureau)
