4cardpoker| Are SU7 premiums more expensive than Maserati? Xiaomi responded! The average premium for new energy vehicles is about twice that of fuel vehicles. Insurance companies are very helpless: the risk rate is high and the loss pressure is high.
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Millet SU74cardpokerThe premium exceeds that of Maserati by 2,000 yuan.4cardpoker?
Recently, it has been reported that the annual premium for the millet SU7, which sells for about 200000 yuan, is 6, 000 to 8, 000 yuan, while the premium for the new Maserati car (fuel car), which costs 680000 yuan, is only 6000 yuan for the first year.
In response, Xiaomi responded: "(Xiaomi SU7) is in line with the overall premium pricing level of the market's leading new energy electric cars." Xiaomi said that premiums are priced by cooperative insurance companies and underwritten in accordance with the exclusive terms of new energy vehicle insurance, mainly around the "three power" system. The premium pricing of the same model and underwriting plan is different in different provinces and cities.
Millet has the highest SU7 Max configuration.
Premium is higher than Maserati Grecale basic
According to official information, Xiaomi cooperates with a total of four insurers, namely, people's Insurance of China, Ping an Insurance of China (601318), Pacific Insurance (601601) and Sunshine Insurance, with the same premium, which is divided into two insurance schemes: the basic version and the premium version. Among them, the basic version is composed of traffic insurance, motor vehicle loss insurance and third party liability insurance. The premium version of third party liability insurance increased from 2 million yuan to 3 million yuan, 188 yuan driving insurance upgraded to 388 yuan driving insurance. In addition, the official also provides a custom combination of insurance types.
A salesperson at the Beijing Xiaomi offline store told the Daily Economic News that the current guiding price is 21.4cardpokerThe premium of 590000 yuan millet SU7 is 5000 to 6000 yuan, and the guidance price is 29.4cardpokerThe premium of millet SU7 Max is higher, between 6000 and 8000 yuan. At the same time, the reporter also contacted a Maserati 4S store salesperson and learned that the premium for the basic version of Maserati Grecale, which costs 650800 to 1.0188 million yuan, is only about 6000 yuan.
Photo source: photo taken by reporter Zhang Jian (file photo)
If you look at the premium of the highest configuration of Xiaomi SU7 Max, it is true that Maserati has already cost more than 650000 yuan. But in fact, in the same price of new energy vehicles, the premium of Xiaomi SU7 is actually not much more expensive. For example, for Tesla Model 3 with a guidance price of 231900-335900 yuan and Weilai ET5T with a guidance price of 298000-356000 yuan, the official insurance fee is between 6000 yuan and 8000 yuan.
Although the premium of Xiaomi SU7 is at the average level among new energy models, it is indeed more expensive than fuel vehicles of the same class. For example, the guiding price of Nissan's land exploration model is 225800 to 287800 yuan, and the premium is only about 4500 yuan.
New energy vehicle
The average premium of a car is about twice that of a fuel car.
Some data show that the average premium of new energy vehicle insurance in 2023 is about 4000 yuan, while the average premium of commercial insurance of traditional models is about 2200 yuan, the former is about twice that of the latter. Since the beginning of this year, many new energy car owners have reported a significant increase in premiums, and even if they are not out of danger, the renewal fee will rise instead of falling. Once out of danger, the prices quoted by insurance companies and third party liability insurance will rise accordingly.
A Tesla Modle Y owner told the reporter frankly: "now the car insurance is renewed once a year, even if there is no accident, the renewal fee has increased in the second year, from 6000 yuan at the beginning to more than 8000 yuan now."
In response, a staff member of Ping an Insurance told reporters: "when evaluating the premium, the insurance company is not based on the maintenance cost after the accident, but on the number of vehicle accidents." If the accident rate of a certain new energy model is relatively high, it will definitely be expensive to renew it. "
It is worth mentioning that although premiums will increase, the income of insurance companies will not necessarily increase. "the reality is that on the underwriting side, new energy car insurance is the main force in the growth of car insurance premiums in 2023, but on the claim side, the risk rate of new energy vehicles is twice that of fuel vehicles, and the compensation rate is about 10% higher than that of fuel car insurance." The staff of Ping an Insurance said.
Photo: photo taken by Liu Guomei, Daily Economic News (file photo)
Jiang Han, a senior researcher at Pangu think tank, told reporters: "at present, most of the new energy car insurance business of insurance companies is on the edge of the profit and loss line." Due to the high risk rate and compensation rate of new energy vehicles, as well as high maintenance costs and other factors, the new energy vehicle insurance business of many insurance companies is difficult to make a profit. " Shen Wanhongyuan (000166) Securities report also shows that the average compensation rate of new energy car insurance is close to 85%, and the new energy car insurance business of most insurance companies is on the edge of the profit-loss line, resulting in greater loss pressure.
In addition, although some large insurance companies can occupy a certain share and make a profit in the new energy vehicle insurance market by virtue of their scale advantages and risk management capabilities, on the whole, the new energy vehicle insurance business is still a challenging area for insurance companies.
The premium of new energy vehicles is expensive, but the compensation rate is high, one of the main reasons is the uncertainty of risk assessment. Due to the relatively new technology of new energy vehicles, insurance companies are facing challenges in risk pricing, risk control ability, big data model prediction and so on. "due to the lack of long-term data support, insurance companies may adopt a more conservative strategy to assess risk, leading to higher premiums." Jiang Han said.
On the other hand, the maintenance cost of new energy vehicles is high, especially for models with high-performance batteries and special materials, in the event of a traffic accident, some parts can only be replaced, which increases the overall maintenance cost of new energy vehicles.
Insurance companies may have more independent pricing power
From the data of insurance companies such as Ping an and Pacific (601099) in 2023, the premium income of car insurance has increased significantly, but the comprehensive cost of car insurance has also increased, which is mainly due to the high risk rate of new energy vehicles. Judging from the current situation, insurance companies are also relatively helpless. On the one hand, insurance companies are reluctant to give up the new energy car insurance market because the premium income in this market is high; on the other hand, the risk rate and compensation rate of new energy vehicles are also high, and some car owners may choose not to renew their insurance after the insurance expires. Some insurance companies may not be willing to continue to underwrite insurance, causing car owners to encounter difficulties in renewing insurance.
With regard to the plight of "expensive insurance and difficult renewal" in the new energy car insurance market, Jiang Han said: "the first thing is to strengthen supervision and regulation, standardize the pricing and service quality of insurance companies, protect consumers' rights and interests, and prevent unfair competition. The second is through risk management, improve claims efficiency, optimize services, the use of technology such as big data and artificial intelligence to improve the accuracy of risk pricing and reduce the compensation rate of insurance companies. "
Photo: photo taken by Liu Guomei, Daily Economic News (file photo)
In fact, relevant departments have already promoted the development of the new energy auto insurance market at the policy level. Recently, according to CCTV news reports, the State Financial Supervision Administration issued the "Notice on Promoting the High-Quality Development of New Energy Auto Insurance (Draft for Comments)". One of the important contents is the proposed relaxation of independent insurance companies 'new energy commercial auto insurance. The range of pricing coefficients.
The above-mentioned "Draft for Comments" shows that the range of independent pricing coefficients for new energy commercial auto insurance will be adjusted from the original "0.65~1.35" to "0.5~1.5". According to the formula "commercial auto insurance premium = benchmark premium ×NCD coefficient (no compensation preferential treatment coefficient) × independent pricing coefficient", theoretically, the adjusted premium price of new energy auto insurance can be reduced by up to 23% and the price can be increased by up to 11%.
Some people believe that this move means that insurance companies will have greater independent pricing power, and can conduct more precise pricing based on factors such as vehicle risk status and car owners 'driving habits, so that premiums for high-quality customers will decline and premiums for high-risk customers will rise, thereby promoting the development of the entire market.
reporter| Dong Tianyi Liu Xi (Internship)
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