China Banking and Insurance Regulatory Commission announced that it will launch new energy vehicle insurance in due course to promote auto insurance reform

Since the implementation of the auto insurance reform in September last year, China's auto insurance premiums have been reduced by approximately 21% compared to before the reform; the compulsory traffic insurance coverage has increased significantly, and the average insurance coverage of commercial third party liability insurance has increased to 1.5 million yuan; the comprehensive coverage rate of auto insurance has reached 73.2% . This series of data shows that the three phased goals of "cutting prices, increasing insurance, and improving quality" previously proposed by the China Banking and Insurance Regulatory Commission have been basically completed.

But the auto insurance reform does not stop there. The China Banking and Insurance Regulatory Commission announced that it will start to resolve the contradiction between the rapid development of new energy vehicles and the untimely update of supporting insurance types, and new energy auto insurance will be introduced in due course.

At present, there is no exclusive insurance clause for new energy vehicles in China, and new energy vehicles need to follow the insurance clauses of fuel vehicles when insuring.

Since the fuel vehicle premium uses an automatic quotation system, the system does not distinguish between the before and after the subsidy price of the new energy vehicle, and it will still be calculated in proportion to the price of the new energy vehicle before the subsidy. In the case of a high subsidy ratio, this traditional calculation method has led to a high premium for new energy vehicles, which is approximately 121% of the premium for fuel vehicles with the same purchase price according to analysis.

In addition, the often-speaking water insurance does not apply to electric vehicles, because the full name of water insurance is special engine damage insurance, and does not involve damage to or compensation for the motor; besides the manufacturer’s warranty, there is no special warranty for the battery on the car. Battery insurance is available.