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Leading EV insurance providers are rapidly developing unique, EV-specific insurance plans. The additional difficulties brought on by the charging infrastructure and the numerous technological aspects of automobiles serve as justification for this development.
The automotive sector, which is through an unprecedented period of upheaval, is currently grappling with the most pressing problem: the rapid spread of EVs. The insurance industry must make sure it adapts to the changing motor vehicle environment.
Due to the growing global popularity of EVs and the difficulty of understanding and pricing the risk profile of these new cars without decades of data and experience, insurers are in a race against time to accomplish this task.
The China EV Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
New energy vehicle (NEV) commercial insurance was formally introduced for purchase in China, which led to a considerable increase in price for several NEV models.
According to the terms outlined by the Insurance Association of China (IAC), the recently launched insurance is available for battery electric vehicles (BEVs), fuel cell vehicles (FCVs), plug-in hybrid electric vehicles (PHEVs), which contain range-extended electric vehicles (REEVs), and other models powered by new types of energy.
NEVs pose unique hazards, such as battery fires, in addition to the usual risks associated with traffic accidents, according to the IAC, who also noted that the requirements were made public after research that lasted more than a year.
The group claims that NEV purchasers will get compensation for mishaps (including spontaneous combustion) that occur when their cars are running, parked, or charged
Li Auto, an electric vehicle (EV) manufacturer with its headquarters in Beijing, has acquired a 100 percent investment in Yinjian Insurance Brokerage.
With this move, it becomes the most recent manufacturer of EVs to enter the insurance market, joining BYD Auto, Tesla, Xpeng, and NIO.Li Auto is secretly getting a licence to sell insurance.
CHJ Fintech (Jiangsu), a division of Beijing CHJ Information Technology, has a 100 percent share in the brokerage company. Beijing CHJ Information Technology owns the Li Auto brand.
