How to Choose Your Vehicle Insurance for New Energy Vehicles

Home » How to Choose Your Vehicle Insurance for New Energy Vehicles

With the continuous improvement of environmental awareness and the rapid development of technology. New energy vehicles have become a popular choice for modern travel. New energy vehicles have huge advantages in reducing exhaust emissions and saving energy. However, what follows is an increase in demand for new energy vehicle insurance. Today, let’s talk about the importance of new energy vehicle insurance and some things worth noting.

Because the three electric systems of new energy vehicles (three electric systems refer to batteries, drive motors, and vehicle electric controllers) account for about 60% of the total vehicle cost. And the technology maturity is still in the process of continuous optimization, and the risk factors are higher than traditional fuel vehicles.

As a result, many insurance clauses specific to new energy vehicles have been introduced. There is also insurance for new energy sources from external power grids and charging piles. For traditional fuel vehicles, special clauses excluding engine water damage and other engine insurance options have also been eliminated.

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Risk factors

The risk factors of new energy vehicles are more special than those of traditional fuel vehicles. Additional consideration needs to be given to the risks of special components such as power batteries and charging piles. This makes the cost of damage insurance claims for new energy vehicles higher than that of traditional fuel vehicles.

Therefore, new energy automobile insurance needs to provide corresponding coverage and protection for these special risks. There are also many special insurance types such as external power grid failure insurance and self-use charging pile loss insurance.

In terms of reasons for use, people have different driving habits of new energy vehicles. The existence of the motor increases the speed very quickly, which increases the probability of accidents. In addition, the noise of new energy vehicles when driving at low speeds is significantly lower than that of traditional fuel vehicles. Therefore, it is easy to be ignored by pedestrians and non-motor vehicles when the vehicle starts or drives at low speed. This increases the risk of collision with vehicles.

In terms of accident frequency, data from the China Automotive Power Battery Industry Innovation Alliance shows that the overall accident frequency of new energy vehicles is higher than that of traditional fuel vehicles.

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Compensation scope

The compensation coverage of new energy vehicle insurance may be broader and more specific than that of traditional fuel vehicle insurance. In addition to regular risks such as collision and theft, new energy vehicle insurance also needs to cover some special circumstances.

For new energy vehicles, batteries are an important component. Therefore, if the battery is damaged or malfunctions, new energy vehicle insurance will usually include coverage for battery damage.

Charging pile accidents are also one of the special risks faced by new energy vehicles. Accidents at charging piles may cause the vehicle to be damaged or unable to charge properly. New energy vehicle insurance usually includes charging pile accident compensation coverage.

New energy vehicles usually have higher maintenance costs due to their relatively complex technologies and components. Therefore, new energy vehicle insurance may need to consider covering repair costs, including battery replacement and repair costs. These expenses are also covered by insurance.

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In short, the compensation scope of new energy vehicle insurance is more extensive and special than that of traditional fuel vehicles. In addition to the regular risks of collision, theft, etc. It also needs to cover special situations such as battery damage, charging pile accidents, and high-voltage lines. When choosing a new energy vehicle insurance option that suits your needs and budget. Please be sure to carefully understand the scope and conditions of compensation.

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