In the first quarter of 2023, the average price for electric vehicle (EV) insurance in China has been observed to be lower than 2,000 yuan. This figure continues to represent a significant decrease compared to previous years.
According to data from the Beijing Business Daily, the trend in vehicle insurance prices has shown a consistent decline, with a notable drop since 2022. The comprehensive insurance data for this year indicates that 63 insurance companies have released new insurance products specifically for electric vehicles.
As of May 12, 2023, reports indicate that 43 of these companies have insurance premiums for electric vehicles priced below 2,000 yuan, which marks a 68% share in the market. Among the 63 companies, those offering insurance at the lower end of the price scale are experiencing increased competition, with some premiums reaching as low as 1,500 yuan.
The focus on reducing insurance costs for electric vehicles has become crucial, especially as the market continues to evolve. The average insurance cost for electric vehicles this year has ranged significantly, with the lowest being 608.17 yuan, while the highest has reached 5,600 yuan.
Insurance companies are actively adjusting their premium rates to remain competitive, with many premiums falling between 1,000 and 3,000 yuan. The data reflects that the insurance costs for electric vehicles are generally lower than those for traditional gasoline vehicles.
According to the report from the China Insurance Regulatory Commission, the average premium for electric vehicles is about 21% less than that for gasoline vehicles. This trend is expected to continue as the market matures and more data becomes available.
In terms of future projections, it is anticipated that by 2024, insurance coverage for electric vehicles in China could reach 310.5 billion yuan, indicating a robust growth trajectory.
Additionally, there are ongoing discussions about improving the quality and efficiency of maintenance services for electric vehicles, which may also impact insurance costs. As electric vehicle technology advances, the complexity of the vehicles may require more specialized maintenance, further influencing premium rates.
Overall, as the electric vehicle market expands, the corresponding insurance landscape is adapting to meet the needs of consumers while also responding to competitive pressures in the industry.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/record-low-prices-for-cars-under-200000-yuan-amidst-increasing-competition-in-the-auto-insurance-market/
