Have you noticed it? Many electric vehicle owners have recently discovered a significant drop in their insurance renewal costs. A car owner from Hunan shared that the renewal fee for his vehicle, valued over 500,000 yuan, was only 5,697 yuan, sparking discussions among netizens.
So, why have insurance costs for electric vehicles decreased? Some owners suggest that the extensive use of intelligent driving features and a clean accident record could be contributing factors. As intelligent driving and active safety technologies become more widespread, the incidence of vehicle accidents is expected to decline, potentially leading to lower insurance premiums becoming a trend in the industry.
A professional from an insurance company noted that the pricing coefficients for different drivers vary significantly. These coefficients are primarily influenced by factors such as driving skills, habits, experience, mileage, and the risk profile of the vehicle. Generally, drivers with good driving records benefit from lower pricing coefficients, resulting in reduced premiums.
According to the March 2024 report from China Insurance and Banking Association, there are two main reasons for the reduction in insurance premiums for electric vehicles. First, the overall accident rate and compensation costs for these models have declined. Second, drivers who maintained a safe driving record in the previous year can enjoy no-claims discounts.
The report highlights that in 2023, the average insurance premium for electric vehicles was approximately 21% higher than that for gasoline vehicles. Specifically, the average annual premium for pure electric cars was 1,687 yuan more than that for gasoline cars, approximately 1.8 times the cost of gasoline vehicle premiums.
Experts believe that the decrease in insurance premiums for electric vehicles will continue as the transition from gasoline to electric driving becomes smoother, stabilizing accident rates. Additionally, many electric vehicles equipped with intelligent driver assistance technologies will gradually demonstrate their effectiveness in reducing accident rates. In the long run, as the adoption of intelligent driving increases, the accident rate is expected to drop significantly, leading to a notable reduction in the scale of car insurance premiums and posing challenges to the industry.
