Recently, a number of new energy vehicle owners have reported that they have encountered a large premium or even been denied insurance when purchasing car insurance. (The Economy, Feb. 21.)
We all know that new energy vehicle insurance is more expensive than fuel vehicles, and the annual premium of fuel vehicles is generally two or three thousand yuan, while the premium of new energy vehicles often starts at 5,000 yuan, and some models have a premium of tens of thousands of yuan a year. But even so, according to industry insiders, the comprehensive cost ratio of new auto insurance policies in 2023 will basically exceed 100%. This also means that the new car insurance business is no longer profitable, insurance companies are unwilling to trade at a loss, and it is reasonable for some car owners to be denied insurance.
Why does new energy vehicle insurance fall into the dilemma of "car owners shouting expensive, insurance companies shouting losses"? Judging from the superficial reasons and data, the first is that the insurance rate of new energy vehicles is too high, and the data provided by insurance companies show that the insurance rate of new energy vehicle commercial insurance is 351%, while the accident rate of traditional fuel vehicles is less than 20%. The second is that the cost of maintenance is too high. The integrated die-casting design of new energy vehicles increases the difficulty of repair. Because once the integrated parts are damaged, they can only be replaced in their entirety.
In essence, the real reason for the current predicament of new energy vehicle insurance is that as a new thing, both regulators, insurance companies and consumers have insufficient understanding of new energy vehicle insurance, and it is difficult to solve new problems with the old method of using oil vehicles.
From the perspective of car insurance, new energy vehicles are "new" in **? First, the difficulty and risk of insurance management brought about by new technologies have increased. In addition to the power operation principle is battery + motor + electronic control, new energy vehicles are also equipped with a large number of sensors and intelligent equipment. More importantly, at present, the update and iteration of power battery technology for new energy vehicles is accelerating, and it remains to be seen how the risk of its use is, which brings more uncertainty. The second is new users. The majority of users of new energy vehicles are young people, and statistics show that the accident rate of young people is much higher than that of middle-aged people. The third is new uses. New energy vehicles are in the era of the surging sharing economy, and many new energy vehicles registered for family use are actually used for online ride-hailing operations, but it is difficult to require them to be insured according to the operating vehicles.
Because of this, the problems of high premiums, high insurance rates and high loss ratios of new energy vehicles will exist for a long time in a certain period of time, but is it really unsolvable? Looking at it another way, the current predicament is precisely where the opportunities for insurance companies lie. It is reported that in 2030, the scale of new energy vehicle insurance premiums will reach 13 trillion yuan, accounting for about 31 percent of the total premium of motor insurance3%。Whoever can solve this puzzle will be able to occupy this blue ocean with unlimited prospects first.
In fact, some car companies have set their sights on this land of opportunities. On November 8, 2023, BYD's property insurance business scope added "motor vehicle insurance, including compulsory motor vehicle traffic accident liability insurance and motor vehicle commercial insurance", which has obtained relevant qualifications. In recent years, domestic car companies such as NIO, Li and Xpeng have participated in the insurance business across borders. Regulators may wish to encourage car companies and insurance companies to boldly explore and innovate to find solutions.
As a new thing, the boom of new energy vehicles is also accompanied by the reshaping of the insurance industry. Although there are many challenges facing new energy vehicle insurance, it is believed that this dilemma will eventually be solved with the advancement of technology, the enhancement of risk management and control capabilities, and the improvement of industry services.
Guangzhou** Tan Min).