What Insurance Policies Should Be Purchased for Electric Vehicles?

[DiBarrett]

Given the current situation, insurance companies have not yet introduced specialized insurance products for new energy vehicles, maintaining basic consistency with traditional fuel vehicles. This means that when selecting insurance policies, the same approach as for fuel vehicles can be followed: compulsory coverage includes vehicle damage insurance and third-party liability insurance, while no-deductible coverage is optional. Additionally, there are two minor differences between new energy vehicles and fuel vehicles: water submersion insurance. For fuel vehicles, water submersion insurance covers engine repairs in case of flooding; however, electric vehicles do not have engines, making this coverage unnecessary. Spontaneous combustion insurance is generally not recommended for fuel vehicles due to their extremely low spontaneous combustion rates, comparable to winning a lottery. However, electric vehicles are different. With current technology, the spontaneous combustion rate of electric vehicles is significantly higher than that of fuel vehicles, and several incidents of electric vehicle spontaneous combustion have already occurred. Therefore, spontaneous combustion insurance is highly recommended for electric vehicles. Besides the mandatory compulsory traffic insurance, it is advisable for owners to purchase vehicle damage insurance and third-party liability insurance. Other additional coverages can be chosen at the owner's discretion, though historically, spontaneous combustion insurance and theft insurance are commonly selected by many owners. For new energy vehicles, especially electric vehicles, the official guide price and the final subsidized price can differ significantly—often by double or even several times. Therefore, when purchasing vehicle damage insurance, it is crucial to clarify this point with the insurance agent. Currently, insurance for pure electric vehicles largely follows the traditional automobile insurance model, with no specific policies yet introduced. Additionally, insurance discounts for new energy vehicles are generally similar to those for fuel vehicles, automatically generated by the system upon renewal. However, it's important to note that discount standards may vary among insurance companies in different regions, so owners are advised to consult local insurers for detailed information.