June 9, 2024

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Car insurance premiums have gone up! How much? Why go up?

Car insurance premiums have gone up! How much? Why go up?

In recent days, several pictures of the latest insurance quotes for new energy vehicles have aroused a wave of attention. In addition to practitioners in the automotive industry, many netizens, and even friends around Dian Ge have come to inquire about the authenticity of the matter. In this regard, Dian Ge is of course Also very concerned.

Several pictures are circulating on the Internet, but the general meaning is that after December 27, 2021, the insurance rates of a variety of electric vehicles will change, and most of the rates have increased significantly, and some screenshots are even more exaggerated. It shows that the insurance rate has increased by more than 100% around the 27th.

In addition, we can also see from a graph of insurance rate changes released by Tesla owners circulating on the Internet that we received an insurance quotation on December 23. On the quotation received later on the 27th, the total insurance premium rose to 13,952.52 yuan, and the rate of the car damage part more than doubled.

There are still many pictures related to this, but Diane is strange. Although we have received news from the China Insurance Association about the upcoming reform of new energy vehicle insurance, the trial version of the new energy vehicle commercial insurance exclusive clauses has also been introduced. But what is the reason for such a big change in premiums overnight? Brother Dian sorted out the information for the first time, consulted relevant people, and visited the site to find out for everyone.

Expensive? Expensive!

Under a new policy on electric vehicle insurance circulating on the Internet, a “Comparison of new and old terms and conditions of new energy brand new cars” set off the Internet. In response to this matter, Diane consulted with auto insurance professionals.

Auto insurance professional 1: Yes, new energy auto insurance has different degrees of increase after the 27th, but the increase in the table is not accurate. The specific increase depends on the model and can only be calculated after the actual application.

Car insurance professional 2: The price has risen recently, and it has risen a lot. If you want to buy new energy car insurance, it is recommended to buy it later. I feel that the price still fluctuates, but it is hard to say how much more expensive.

To sum up, no satisfactory answer has been obtained. The auto insurance practitioners are still quite cautious in handling the news of this price adjustment, and they have not given too specific replies. To this end, we recruited almighty netizens to compare the actual policy rate changes before and after a wave of price increases.

According to this netizen, his Tesla Model 3 has entered the renewal period before the 27th, but according to his experience, renewing the insurance after some time may get a higher discount. The time came on the 27th when his insurance consultant told him that his renewal price had risen from 5483.51 yuan (auto insurance + third party) to 8779.32 yuan (auto insurance + third party), an increase of more than 3000 yuan, he broke the defense, car damage insurance and third-party insurance premiums have risen.

The response from the insurance consultant at the consultation site was that the insurance premium for new cars did increase to different degrees after the 27th, and the specific increase was related to the price of the car. If you buy a high-performance version, The increase will be about a few thousand yuan. In addition, additional insurance under the New Deal, such as additional self-use charging pile liability insurance, can be purchased, and the price is not expensive just a few hundred yuan.

Brother Dian also interviewed some car owners at the scene. One of the owners of the rear-wheel-drive version of the Model 3 said that his insurance premium was more than 7,000 yuan (the third party was 2 million yuan), and the current quotation is about 8,000 yuan, and the insurance consultant gave him The responses are the same.

To my surprise, the owner of a long-range all-wheel-drive version of Model Y, the insurance quote on December 29th, 1 million third-party insurance premium is 15,837.26 yuan (including compulsory traffic insurance), which is no better than the insurance price before the 27th. Compared with the same model, the insurance cost is also several thousand yuan more expensive than that of the fuel vehicle of the same price.

Why the price increase

In response to this price increase, Diane summarized various data and analyzed the reasons for this price increase. There are the following factors:

Electric vehicle claims rate and claim amount are too high

From the people in the insurance industry, we learned that the new energy exclusive insurance has added items and property damage other than the vehicle itself, so the insurance industry needs to re-evaluate and price various brands and models. The uniform standard pricing of Petrol cars and trams is not reasonable.

According to previous data, the claim rate and claim amount of some electric vehicle brands are too high, which led to the decision to increase the insurance premium for some brand models after the re-evaluation and pricing. Taking Tesla models as an example, the premium and compensation The ratio of the amount is 1:1.4 (unofficial data), which means that the insurance premiums are not enough to claim.

Insurance company profits fall

Within the scope of our common sense, insurance companies are a bunch of companies that “print money”. With the continuous growth of car ownership, insurance companies should be very profitable. But the facts do not match the image. We looked at the financial reports of several major auto insurance brands. Brands such as Ping An Insurance and Pacific Insurance both recorded data on the decline in auto insurance business revenue in 2021.

Source: Ping An of China’s 2021 mid-year financial report

Expanded coverage of insurance coverage

In addition to some models and brands with relatively large increases, some electric vehicles “reaped” a small increase in insurance premiums before and after the new policy, mainly due to the greater scope of responsibility of electric vehicle exclusive insurance under the new policy. To adapt to the characteristics of new energy vehicles, not only the risk of spontaneous combustion of new energy vehicles but also the risk of damage to the “three powers” (ie batteries, motors, and electronic controls) is considered. Compared with the use process of traditional auto insurance, the main insurance liability of the exclusive clauses of new energy vehicles also increases the charging process. To put it simply, the scope of “insurance” needs to be larger, and it is reasonable for the premium to rise within a reasonable range.

What has changed in captive insurance?

This round of insurance cost changes has been brewing for a few months ago. On August 4, the China Insurance Association released a draft of the 2021 version of the “New Energy Vehicle Commercial Insurance Exclusive Clauses”, which is about new energy vehicles. Discussion on new insurance standards. On December 14, China Insurance released the “China Insurance Association’s New Energy Vehicle Commercial Insurance Exclusive Clauses (Trial)”, and the specific content has not changed much compared with the draft. Let’s review the main points of the exclusive terms again.

1. Objects of exclusive terms

This article strengthens the definition of exclusive clauses for new energy vehicles. New energy vehicles refer to vehicles that use new power systems and are driven entirely or mainly by new energy sources, including plug-in hybrid (including extended-range) vehicles, pure electric vehicles, and fuel cells. car etc. In terms of vehicle types, passenger cars and trucks are covered, but large trailers or special vehicles are not included. In addition, the main insurance liability of the exclusive clause clearly states that it includes the body, battery, energy storage system, motor and drive system, other control systems, and all other ex-factory equipment.

There is one more point to explain here. At present, some consumers choose to buy new energy vehicles in the form of “vehicle and electricity separation”. At this time, consumers are the renters of the batteries rather than the owners. However, there is no mention in the exclusive terms issued this time. At this point, I believe that with the popularization of the vehicle-electricity separation purchase plan in the future, corresponding instructions or corresponding insurance types should also be added.

2. Add 5 additional insurances

Add additional insurance:

(1) Additional external power grid failure loss insurance

The direct loss of the insured new energy vehicle caused by the failure of the external power grid does not fall within the scope of exempting the insurer from liability, and the insurer is responsible for compensation by this insurance contract.

To put it simply: In addition to the exemption of liability, the insurance company will pay for the spontaneous combustion of electric vehicles caused by the failure of the external power grid, even if the insurance company pays for the rescue expenses, it is a must -buy an additional insurance for recommended new energy vehicles.

(2) Additional self-use charging pile loss insurance

If the address is specified in the insurance policy, the insured’s self-use charging pile that meets the technical conditions and installation standards of the charging equipment, and the loss of the charging pile itself caused by natural disasters, accidents, theft, or damage by others, the insurer shall specify in the insurance policy. Compensation shall be calculated according to the actual loss within the assured amount of this additional insurance specified.

To put it simply: it is equivalent to insuring the charging piles for your own (company) use, and you are no longer afraid of being damaged by bear children or other passers-by.

(3) Additional self-use charging pile liability insurance

During the insurance period, if the address is specified in the insurance policy, and the insured’s self-use charging pile that meets the technical conditions and installation standards of the charging equipment causes personal injury or property loss to a third party, the insured shall be liable for damages by the law. a person is responsible for compensation.

Simply put: if your self-use charging pile causes injury to a third party, for example, leakage of electricity causes casualties, spontaneous combustion causes other cars to burn, etc., the insurance can compensate for you.

(4) Additional intelligent assisted driving software loss compensation insurance

During the insurance period, due to an accident within the scope of the main insurance liability, resulting in all the loss of the insured new energy vehicle, resulting in the inability to use the intelligent assisted driving software, the insurer shall calculate the compensation within the insurance amount of this additional insurance stated in the insurance policy.

To put it simply: After the car damage occurs, in addition to hardware recovery, after purchasing this compensation insurance, the insurance company will compensate you for the cost of restoring software functions. As far as the current situation is concerned, this type of insurance is not very useful. It may be a more forward-looking insurance type.

(5) Additional fire accident limit double insurance (additional insurance for third-party liability insurance)

During the insurance period, when the insured or his permitted driver uses the insured new energy vehicle, the third party suffers personal injury or direct damage to property due to fire and combustion and shall be liable for damages to the third party according to law. , and does not fall within the scope of exempting the insurer’s liability, the liability limit applicable to the third-party liability insurance of the insured new energy vehicle shall be doubled on the basis specified in the insurance policy.

To put it simply: the upgraded version of the third-party liability insurance for fire accidents, if there is a situation like the previous spontaneous combustion in the basement, which continuously affects many luxury cars in the garage, if you choose multiple insurances, you may be able to help at that time. busy.

3. Delete 1 clause and amend 1 clause

Deleted: Special clause except for additional engine water damage

Original clause: During use, the insurer is not responsible for the direct damage to the engine caused by water entering the engine.

To put it simply: anyway, as long as you know that the accident caused by the new energy vehicle wading in the water is within the scope of compensation, it will be fine.

Amendment: Additional special terms for motor vehicle value-added services

This special clause includes four independent special clauses, namely, road assistance service special clause, vehicle safety inspection special clause, driving service special clause, and proxy inspection service special clause. The insured can choose to insure all the special clauses or choose to insure one of them. Some special terms. The insurer shall provide value-added services by the stipulations of the insurance contract and the special terms of the underwriting agreement.

Is self-operated insurance available for car companies?

The increase in insurance prices will cause a certain burden for some users who choose electric vehicles for low vehicle costs. The money spent more than a year may need to add several tanks of fuel to make up for it. And for the latest insurance policy, most of the main components are included in the contract scope, and there is not much room for choice. Will this be an opportunity for car companies? Think self-insurance?

When it comes to self-operated insurance, as early as two years ago, Tesla has announced the launch of this business in the United States, and it has been popularized throughout the United States since California. Tesla also announced that its insurance price is “cheaper than its competitors. 30%”. At the 2021 shareholder meeting held at the Texas Gigafactory in October this year, Musk revealed that Tesla’s internal insurance plan will be officially launched soon.

Interestingly, Musk’s determination to do this business is also due to a previous dispute with auto insurance provider AAA. AAA said it decided to place the special claim on the Model S and Model X, based on analysis by the Highway Loss Data Institute and other data sources. SLA’s premiums increased by 30%. Tesla disagreed, arguing that they chose the wrong comparison object, which led to overpriced Tesla model insurance. (Thinking about it now, this is a bit similar to what is happening in China now)

Compared with traditional insurance, Tesla’s self-operated insurance has obvious advantages. After a 20% to 30% drop in the original price, most car owners will insure between $120-$200. At the same time, the cost can be adjusted according to the experience of the car owner. When the vehicle has more active safety features, there will be a corresponding discount on the insured price. To put it simply, the insurance can be customized according to their vehicle, and the user has a higher degree of freedom of choice.

In addition to this pure self-operated insurance business, there is also a vehicle insurance business in the form of cooperation with insurance companies like Weilai. When choosing a model of NIO, you can choose one of the worry-free service and worry-free insurance packages. As long as you choose the insurance business provided by NIO, you can add money to get NIO’s exclusive services, including scratch repair services. Wait.

The two expandable insurance services, Tesla and NIO, operate with completely different ideas. Tesla emphasizes reducing user costs and protecting brand interests; NIO allows users to enjoy more service content based on the insurance business. At the same time, it can increase user stickiness.