Bangkok, Tokyo Marine Insurance clarifies that it will not cancel EV insurance, only cancel the average premium and consider each case individually after EV prices have changed rapidly. Recently, there was a drama about BYD reducing prices and reducing them again, while NETA set up a promotion to fight. In the case of insurance brokers reporting that Tokyo Marine Insurance (Thailand) Public Company Limited has announced that it will stop insuring electric vehicles (EVs) effective from July 1, 2024, causing panic among customers, the EV industry, and consumers in general. Recently, today (July 2), Tokyo Marine Insurance issued a statement stating that the company will continue to insure electric vehicles and has announced a change in its approach to offering car insurance premiums due to the volatility of electric vehicle prices, effective from July 1, 2024. The company is currently studying information to adjust premium rates and insured amounts to be more appropriate. The company has announced the followin g guidelines for insuring electric vehicles: - Current customers (renewals): The company will take care of insurance renewals as usual. Car insurance premiums will be considered based on the claim history. - New customers (black plates/transfers): The company would like to temporarily suspend the use of insurance rates based on the previously used pre-paid premium rates. Everyone can still inquire about insurance rates for transfers through the company's officers. The insured amount will be considered and premium rates will be offered on a case-by-case basis. - Customers in the project with manufacturers/distributors: Services will be provided as usual. Online, there has been a drama after Chinese EV brands have been continuously competing to reduce prices. BYD is holding a promotion to celebrate the opening of its first factory in Thailand on July 4th, announcing a price reduction for the BYD ATTO 3 from 90,000 to 340,000 baht, following the previous price reduction of the BYD Dolphin by 160,000 baht. NE TA is offering a lifetime battery warranty and a price reduction of 20,000 to 50,000 baht for the NETA V-II model. Some BYD customers have filed a complaint with the Office of the Consumer Protection Board (OCPB) stating that they have been affected mentally by the promotion. The OCPB will investigate the advertisements for the price reductions of the electric cars. Meanwhile, some people have expressed their opinions on social media that buying an EV may require careful calculation because the price of a new car drops quickly, insurance is expensive, repairs are expensive, and selling a used car may not give you a down payment when changing cars. In the end, it is not as economical as you think. They would like to see EV sellers improve their customer service centers, which take a long time to repair and are expensive, not just selling. - Source: Thai News Agency