Who is going up and down under the new regulation of "one price per day" for new energy vehicle premiums?

  Under the new regulations, new energy vehicle insurance premiums fluctuate sharply, and the car price is 250,000 yuan, which is a hurdle; experts suggest that vehicle companies build their own insurance products

  "The premium of my car was 3,000 yuan more expensive than the quotation the day before yesterday, and today’s quotation is 1,000 yuan cheaper than yesterday." A car owner who just purchased a Tesla Model Y reported to the Beijing News on December 29, 2021. The reporter said.

He spent about 300,000 yuan on the car, but the insurance price continued to fluctuate in a few working days like a stock.

  On December 27, 2021, the adjusted new energy vehicle exclusive insurance product was officially launched, and many insurance companies have launched related products.

Immediately, some car owners said that their new energy vehicle insurance premiums have "rised".

  "Now the price of auto insurance is one price per day. I talked to my colleagues. They are generally higher than before, and some are lower. I don't know the specific data." Yang, Auto Insurance Specialist of the People's Insurance Company of China (hereinafter referred to as PICC) Yang (pseudonym) told the Shell Finance reporter that since the new energy auto insurance was officially implemented, their work has fallen into a situation of "one price for a few days".

  "Insurance companies want to follow the policy to seize the high ground and respond to the call of the country, but they are worried about the loss of new energy vehicles due to the high loss rate, so they are very entangled." An insurance company executive who did not want to be named told reporters.

  "The current changes in auto insurance prices are mainly the adjustment period after the issuance of the new policy, which will be eased in the later period." Zhang Xiang, an auto analyst, told Shell Finance reporter.

"Vehicle companies may be able to establish their own insurance products, expand the insurance business of vehicle companies, and establish their own low-premium insurance system supported by data." Cui Dongshu, Secretary-General of the Travel Federation, suggested.

  A change in the exclusive insurance for new energy vehicles has triggered a new round of competition among insurance companies, consumers and even manufacturers.

  ●Focus

  Tesla insurance prices "oscillate" rise

  Under the guidance of the China Banking and Insurance Regulatory Commission, the Insurance Association of China issued the "Exclusive Provisions for Commercial Insurance of New Energy Vehicles (Trial)" on December 14, 2021.

  The new insurance policy provides a lot of protection for new energy vehicles, electric vehicles, and hybrid vehicles, such as battery spontaneous combustion, charging spontaneous combustion, and charging pile maintenance are all included in the new insurance.

  On December 27, the adjusted new energy vehicle exclusive insurance product was officially launched.

  The Association of Actuaries of China pointed out in the "New Energy Vehicle Commercial Insurance Benchmark Pure Risk Premium Table (Trial)" that car owners can enjoy the benefits of reduced fees, which are mainly reflected in the third-party liability insurance of new energy vehicles and the losses of new energy vehicles Insurance premiums will drop by approximately 0.8% compared to the current benchmark premiums for traditional auto insurance. Among them, the benchmark premiums for third party liability insurance for new energy vehicles will drop by 0.1%, and the benchmark premiums for new energy vehicle car damage insurance will drop by 1.2%.

  However, less than a month after the release of the new regulations, there have been discussions on the Internet about the "price increase" of new energy vehicle insurance policies.

  A Tesla Model Y owner uploaded a comparison sheet of the old and new premiums. On December 23, 2021, the total auto insurance amount was approximately RMB 8,399, of which auto damage insurance was approximately RMB 5,800; on December 27, the total auto insurance amount was approximately RMB 5,800. About 14,000 yuan, of which car damage insurance increased to about 13,000 yuan.

  Shell Finance reporter's investigation found that there is more than one case of changes in auto insurance quotes.

The insurance price of a Tesla Model 3 performance version was about 5,000 yuan before, and it soared to 8,000 yuan shortly afterwards. Recently, the owner's auto insurance quotation dropped by more than 1,000 yuan.

  Another Tesla Model 3 regular version owner told reporters that its premiums have also undergone roller coaster changes, and overall, they have risen a lot from before.

  Tesla said that vehicle insurance premiums rose by an average of 10%, and high-performance models rose within 20%. According to statistics on December 30, 2021, Tesla's vehicle insurance premiums rose by about 10%, which is relatively high. The premium for the performance version of the model will increase within 20%. The specific amount is subject to the quotation of the local insurance company.

  Tesla officials told Shell Finance reporters that Tesla is also very concerned about changes in auto insurance prices and regularly follows up on changes.

Different insurance companies, different regions, and different models have slightly different growth rates.

  ●Survey

  New energy vehicle premiums have risen and fallen, and the price of 250,000 yuan is a hurdle

  The insurance price of Geely Geely Krypton 001, which has started large-scale delivery, has also increased from 5470 yuan on December 24, 2021 to 6,638 yuan on December 28.

In a BYD insurance policy provided by the PICC Auto Insurance Commissioner, a Han EV model purchased in 2020 was quoted at 7637 yuan on December 7, 2021, but on December 31, the quote reached 7937. Yuan.

  NIO said on the evening of December 29, 2021 that the 2021 version of the user worry-free package that the company provides to users includes insurance premiums and related service rights. After the auto insurance fee is changed, the service package price remains unchanged.

For worry-free packages that do not include insurance costs, the costs will be adjusted according to the insurance company’s pricing.

  Xiaopeng Motors shared a piece of data with Shell Finance reporters. According to the national insurance premiums reported by various insurance companies on December 28, 2021, Xiaopeng’s entire line of models increased by an average of 2.9% to 18.2% (different insurance companies, different regions, and different The increase rate of the model is slightly different), the specific amount is subject to the quotation of the local insurance company.

  Shell Finance reporter visited some 4S stores on the spot.

According to Mr. Chen, a sales specialist at a GAC ​​I'an 4S store in the south of Beijing, the prices of products such as AION S PLUS and AION V have increased by about RMB 300-400.

Changan New Energy Sales Ms. Wang and BYD Auto Sales Mr. Li said that Changan Benben E-Star, BYD Song PLUS DM-i, etc. did not have much price fluctuations.

  There are also cases of falling premiums for new energy vehicles.

Mr. Jiang is the owner of BAIC ARCFOXαT. The insurance price when picking up the car in 2020 is about 3,700 yuan, and the price after the release of the exclusive insurance is about 3,600 yuan.

Netizen Mr. Li said that the price of BYD e2 has dropped, probably by tens of yuan.

PICC Auto Insurance Commissioner Yang Yang told reporters that the price of new energy vehicle insurance orders has risen or fallen by 50% compared to the previous price, but the general drop is only 300-500 yuan, and there are also rises of 1,000 yuan and 1,500 yuan.

An insider of an insurance company said that for models with a value of less than 200,000 yuan, if there was no information about the accident in the previous year, most of the quotations would be lowered.

  According to media reports, the China Insurance Industry Association recently issued the "Notes on the Calculation and Adjustment of the Benchmark Pure Risk Premium Table for New Energy Vehicle Commercial Insurance Exclusive Products" to property insurance companies. For new energy vehicles with high prices, the benchmark premium will not rise; for new energy vehicles with a price of over RMB 250,000, the benchmark premium can fluctuate.

  ●Reason

  New energy vehicle premiums fluctuate due to high maintenance prices?

  Faced with the sudden increase in the insurance price of Tesla’s products, especially the price of car damage insurance, Zhang Xiang, an automotive analyst, said that Tesla’s body structure adopts overall die-casting technology. When the body structure causes minor damage, the insurance claims repair plan It can only be cut and welded, which will cause irreversible damage to the body structure and increase the repair price.

  An insurance company's executive Wang Jian (pseudonym) told Shell Finance reporters that there is currently a rising trend in new energy vehicle insurance, which is mainly affected by "maintenance costs", "vehicle usage", and "characteristics of products and driver groups."

  First of all, this substantial price increase is mainly aimed at models with excessively high claims ratios and claims.

Electric vehicles have the attributes of being quiet, speeding up quickly, and drivers are mostly "novices", so the probability of accidents is higher than that of fuel vehicles.

Now that it is changed to exclusive auto insurance for new energy vehicles, its insurance pricing has more room for adjustment.

Secondly, among the operating vehicles seen by insurance companies in the background, there are more electric vehicles, and their overall loss ratio is generally higher than that of fuel vehicles.

The high proportion of commercial vehicles and the high risk rate also increase the overall insurance amount from the side.

Third, Tesla, Xiaopeng, and Weilai insurance prices have risen more severely. In addition to their own design and power, their specialized institutions and spare parts are also relatively small, so the single maintenance cost will be higher.

In contrast, traditional OEMs such as BYD and GAC Aian, except for the changes in the body and chassis structure, the parts and repairs of the "car shell" are similar to those of fuel vehicles, and there will be more cooperative maintenance agencies for enterprises. Therefore, the increase in premiums is not obvious, and even declined.

  Wang Guojun, a professor in the Insurance Department of the University of International Business and Economics, said that relevant parties have relatively limited experience in the exclusive insurance of new energy vehicles, and some attempts are still needed.

The exclusive products of new energy vehicle commercial insurance expand the coverage of new energy vehicles. The core part of new energy vehicle insurance's "three electricity" systems (battery and energy storage system, motor and drive system, and other control systems) are all included in the coverage. Car damage during parking, charging and operation is also included in the insurance coverage, the protection responsibility has become greater, and it is normal for the rate to rise to a certain extent.

  ●tangled

  Insurance companies are afraid of losing money, experts recommend auto companies to build their own insurance

  Wang Jian told reporters that at present, consumers are “worried” about fluctuating prices, and insurance companies are also very “entangled”.

"Our insurance companies all want to follow the policy and respond to the country's call to build new energy vehicles. However, some new energy vehicles have almost reached a loss ratio of 1:1.5. We have lost money after doing business for a long time. On the one hand, we support the development of the industry. On the other hand, I am also afraid of the loss of consumers. Just hold on, and look at the situation and make adjustments.” Wang Jian said.

  Cui Dongshu, secretary general of the Travel Association, said that the introduction of new energy vehicle insurance is a good thing.

However, the cost increase is too high, and the oil money saved by new energy vehicles may have to be paid for insurance, which is not conducive to the promotion of new energy vehicles.

  Cui Dongshu said that new energy vehicle insurance itself is a good thing, and it can solve consumers' concerns about using new energy vehicles.

As long as there is proper insurance, the main problems that arise in the use of new energy vehicles can be effectively protected, which is conducive to the promotion of new energy vehicles.

  Cui Dongshu mentioned that the fact that the premium of new energy vehicles is higher than that of fuel vehicles of the same level is mainly due to the fact that new energy vehicles have less accumulated insurance historical data.

With the rapid improvement of new energy products in recent years, compared with the old products in historical data, the current technology and safety of new energy vehicles have improved relatively quickly.

The probability of failure of some old models in the early stage is relatively high.

Therefore, due to the relatively large fluctuation of historical data, the historical data of some high-failure models in the early period is brought in, which affects the reasonable cost and guarantee of high safety and low failure after the model is improved.

  In response to the large fluctuations in auto insurance prices encountered by consumers, Cui Dongshu suggested that the insurance industry should use more recent data in new energy vehicles, and use shorter-term data to extend analysis and reduce premiums.

  He said that the country should also provide effective support for some problems in the insurance of new energy vehicles, so as to prevent the high price of new energy vehicle insurance from causing the emergence of new energy vehicles that are affordable but not affordable. Conducive to the faster development of the new energy vehicle industry.

  Cui Dongshu encourages auto companies to establish their own insurance products. Auto companies may be able to use their own data to create an insurance system that supports low premiums for their products.

  ●Game

  Tesla's self-built insurance system policy still has restrictions

  Currently Tesla, Great Wall, Geely, FAW and other brands are building their own insurance systems.

  In 2019, Tesla launched its insurance business. The first area to be launched was California, where Tesla claimed that its premium products in California were 30% lower than competitors' prices.

Tesla is seeking to launch insurance products in Illinois, Texas, and Washington, but the regulatory requirements for insurance business vary from state to state in the United States, and Tesla has not been able to promote insurance products on a large scale throughout the United States.

  At the earlier shareholders meeting, Musk said he expects the company to promote insurance products to most parts of the United States next year.

  It should be noted that, compared with traditional insurance, Tesla insurance products based on "real-time driving behavior" have not been listed in California. The reason is that California does not allow car companies to use vehicle data to determine car owners' premiums. Musk And Tesla is working hard to get California to change this practice and allow its "real-time" insurance to be introduced.

  On October 15, 2021, Tesla's US official website finally officially launched an insurance product based on "real-time driving behavior". This product is currently only available in Texas. All Tesla models in Texas can purchase this product. .

  Tesla said at the time that unlike other auto insurance products, Tesla assesses premiums based on the actual driving conditions of the car owner-the premium of the car owner will depend on driving behavior, rather than traditional insurance companies based on the owner’s credit, age, gender, and Monthly payments are made for factors such as claim history and driving records.

According to Tesla, Tesla's average car owner can save 20% to 40% of insurance premiums, and the safest driver can save 30% to 60%.

  Musk has high hopes for this new business.

In the earnings conference call for the third quarter of 2020, he stated that the profit of the insurance business will account for 30% to 40% of the profit of the vehicle business.

In the first three quarters of 2021, Tesla delivered a total of 623,000 electric vehicles, making it the world’s largest electric vehicle manufacturer. The company expects to achieve a sales target of 20 million vehicles in 2030, and Tesla’s ownership is expected to exceed With 60 million vehicles, the premium income is naturally very considerable.

  It is worth noting that Tesla has established Tesla Insurance Brokers Co., Ltd. in China in 2021, with a registered capital of 50 million yuan, wholly-owned by Tesla Motors Hong Kong Co., Ltd., and its business scope is insurance brokerage business.

  At the same time, Geely, FAW, Great Wall and other auto brands have also bet on auto insurance.

In February 2018, Ebao Insurance Agency Co., Ltd., a wholly-owned subsidiary of Geely Holdings, was approved to operate related insurance agency business; Xin'an Automobile Insurance Company, a subsidiary of FAW, whose top ten shareholders are all subsidiaries of FAW, was established for three years Time has achieved profitability; Great Wall Motors "digs" high-paying executives from companies such as Swiss Re, to design exclusive auto insurance for the brand.

  However, under the current policy guidance of the insurance industry, there is not much room for auto companies to make use of it. Therefore, there is no innovation in auto insurance, and Tesla has not yet obtained an insurance license.

  What is worth looking forward to is that in September 2021, the "14th Five-Year Plan" for the development of the Guangdong Free Trade Zone proposes to promote the opening of the national financial industry to the Guangdong Pilot Free Trade Zone and support qualified overseas banks, securities, and funds. , Futures and insurance business institutions set up wholly-owned or joint venture financial institutions in the zone.

At the same time, auto insurance reforms are constantly advancing. In September 2020 and December 2021, my country carried out two auto insurance reforms.

  Wang Guojun said that there are many participants in the commercial insurance of new energy vehicles, and all parties should seek the greatest common divisor to find an equilibrium point in the market game.

For the regulatory authorities, it is necessary to pay attention to changes in the auto insurance market at any time, and adjust to normal in time; for insurance companies, it is necessary to seek a balance between risk and return and operate in compliance; for consumers, it is necessary to understand the rules of auto insurance rates. Influencing factors, develop good driving habits, and reduce rates through your own efforts.

The three parties work together to help improve the commercial insurance of new energy vehicles.

  Beijing News Shell Finance reporter Bai Haotian Linzi

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