Reported 8 months ago
Several non-life insurance companies are launching exclusive insurance policies for electric vehicles starting on July 1st, with premiums expected to increase by an average of 5-10%. The actual rate hike varies depending on the vehicle type and additional terms, and car owners are advised to calculate the rates on the official websites. Major insurance companies like WangWang Insurance, Cathay Insurance, Shin Kong Insurance, Mingtai Insurance, and Taian Insurance are planning to introduce these exclusive electric vehicle policies. Despite some electric vehicles having higher loss ratios, most remain within acceptable ranges. After the rollout on July 1st, electric vehicles will be required to have their own specific insurance policy and cannot be insured under regular car insurance policies. Insurers predict that the quotes for electric vehicle insurance policies will remain competitive, as rates are adjusted based on the accumulating underwriting data in this emerging market.
Source: YAHOO