China: Cost of insuring Xiaomi's first EV unveiled
Source: Asia Insurance Review | May 2024
The insurance premium for Xiaomi Automobile’s first electric vehicle (EV) model is similar to that for fossil-fuel-powered cars which are about 66% more expensive.
Xiaomi Auto’s SU7 Max is priced at CNY299,900 ($41,300) and can be insured for up to CNY9,500, which is a very similar price to insurance for fuel vehicles priced at about CNY500,000, reported the business news website Yicai citing data from insurance policies posted on social media by car buyers. The insurance premium for the SU7 standard version, which is priced at CNY215,900, is around CNY6,000.
The insurance for an SU7 is between CNY6,000 and CNY8,000 for the first years, according to a salesperson at Xiaomi Auto.
Xiaomi launched its first EV even while EV owners have been complaining about the cost of insuring such vehicles.
Insurance premiums for new energy vehicles are generally 20% to 80% higher than that for fuel vehicles with the same price, according to an industry inside. A