SOURCE / COMPANIES
Ping An Co not suspending insurance policies for new Tesla owners: companies
Published: Apr 21, 2021 03:02 PM
Photo:VCG

Photo:VCG



Tesla on Wednesday denied media reports alleging that Chinese insurer Ping An Co has suspended auto insurance services for new Tesla car owners, tightening policies for insurance renewal.

"Currently, the cooperation between Tesla and Ping An Property & Casualty Insurance Company of China on auto insurance in China goes normal. We will continue to optimize requirements for services to provide quality and reliable services for our clients," Tesla said, domestic financial news website cnstock.com reported.

Chinese news platform tech.sina.com.cn reported on Wednesday that Ping An has declined to offer auto policies to new Tesla owners and started to tighten policies for Tesla auto insurance renewal in some provinces including Central China's Henan Province, East China's Zhejiang Province, Beijing and Shanghai.

The tech.sina.com.cn report gave the reason as "excessive repair costs" related with Tesla vehicles, citing a source. A Shanghai Model 3 owner said that he spent about 20,000 yuan ($3,078) to repair the rear component of the vehicle, where as it would cost only 3,000 yuan for repairing the same component of a gasoline-powered car.

Ping An denied the report too. The company said that it will continue to provide insurance policies to both traditional and new energy vehicle owners through expanding insurance scope and offering value-added services, cnstock.com reported.

A representative from a Tesla store in Beijing told the Global Times on Wednesday that the policies provided by four insurers, including Ping An, for Tesla cars is normal, and new Tesla owners need to purchase policies on-site when they get their cars delivered. "Clients are free to choose any one from the four insurers," the worker said.

However, a staffer of People's Insurance Company of China told the Global Times that the company has suspended Tesla car owners to buy auto insurance policies via phone, and will adjust auto insurance services for Tesla cars, but declined to provide details.

Tesla China caused an uproar for the allegedly cocky attitude towards Chinese consumers' concerns following a high-profile consumer complaint case at the ongoing Shanghai Auto Show, following a spate of defective functioning problems in the country.

The automaker apologized on Tuesday, saying that they have set up a special team to manage the spat and strive to satisfy car owners while complying with Chinese laws and regulations, according to the announcement posted on its official account on Sina Weibo on Tuesday.




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