As of April 20, the difficulties in developing insurance for new energy vehicles, marked by complaints of high costs from owners and losses by insurers, are expected to ease.
According to domestic media reports, the State Administration of Financial Supervision's Department of Property Insurance has issued a draft notice titled “On Promoting the High-Quality Development of New Energy Vehicle Insurance.” The implementation of these policies is tentatively scheduled no later than June 1, 2024.
At the China Electric Vehicle Hundred People Forum, Deputy Minister of Commerce Sheng Qiuping mentioned that efforts would be made to reduce insurance rates for new energy vehicles and enhance the capabilities of socialized maintenance services, addressing consumer concerns post-purchase.
Previously, some vehicle owners reported dramatic increases in their insurance premiums, from 5,800 yuan at the beginning of the month to 7,225 yuan by the end, with some feeling effectively denied coverage.
Another owner shared his experience with rising insurance costs, paying 9,000 yuan the first year and escalating to 12,000 yuan the next year, despite no accidents occurring.
Industry insiders note that the payout rates for new energy vehicle insurance are influenced by the overall vehicle model, with high maintenance costs leading to increased overall payout rates.
Insurance professionals also state that the cost of claims for new energy vehicles is indeed higher than for fuel vehicles, due in part to a lack of standardized battery maintenance, which is one of the reasons for the higher premiums.
