demand for “guarantee from the insurer” policies was low in the mass segment of cars, higher – in the premium
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Demand for policies that replace manufacturer’s warranties for cars imported through parallel imports turned out to be low in the mass segment, higher in the premium segment. According to experts, this is due not only to the structure of parallel imports, where expensive cars prevail, but also to the interest of insurers, taking into account cross-sales of other products. However, dealers warn of serious problems with spare parts for premium cars, so often the implementation of guarantees from insurers can be financial.
Insurance products that replace the manufacturer’s warranty on cars imported through parallel imports turned out to be unpopular among buyers of medium and mass segment models, dealers and car companies told Kommersant. At the same time, the demand for such products in the premium segment was high. So, in the economy and comfort segment, only one person out of ten is interested in such policies, while in the premium segment – every seventh buyer, says the founder of GTK Holding, Said Zaliev. Insurance “guarantee from the insurer” is selling very well in the premium segment of cars, says Vitaly Knyaginichev, director of the retail business of Ingosstrakh.
Last December, insurers began offering insurance policies to customers to replace car manufacturers’ warranties. Such products cover the risks associated with possible hidden damage that was not discovered when the vehicle was sold. Similar products are offered by Rosgosstrakh, Ingosstrakh, Sovcombank Insurance and Consent (see Kommersant dated December 19, 2022). The cost of the policy varies between 70-130 thousand rubles. for economy and comfort class, for the premium segment, the price of the policy starts from 200 thousand rubles. in year.
According to insurers, the trend is related to the peculiarities of car deliveries as part of parallel imports. It is the premium segment that is mostly imported through parallel imports, while car prices are 8-40 million rubles, and sometimes even higher, and therefore the price of the policy does not look like a big burden, Mr. Knyaginichev explains. When buying a car in the price range up to 5 million rubles, the client expects certain expenses and does not want to go beyond the limit, in addition, he understands that he most likely will not use this guarantee and the policy will be “useless”, explains Said Zaliev.
At the same time, dealers who carry the mass segment are more likely to sell a “guarantee” from themselves, since it is cheaper and they can bear the costs, Vitaly Knyaginichev notes. “We sell the majority of cars (80%) of the mass segment imported through parallel imports with a breakdown protection program, but the share of such cars in the structure of our sales does not exceed 10%,” says Dmitry Molkov, director of the financial services department at AvtoSpetsCentre Group.
Experts believe that the sale of insurance in the premium segment and warranties from dealers is largely connected with the market interest of market participants. According to Aleksey Yanin, managing director for ratings of insurance and investment companies at Expert RA, it is easier to mass-market car repairs, so auto dealers in the mass segment try to sell guarantees directly from themselves in order to earn money on it directly. According to Said Zaliev’s estimates, the number of warranty cases does not exceed 10%.
At the same time, dealers understand the real situation with spare parts, especially in the premium segment, where there is an acute shortage of everything that is not officially supplied, so not all dealers tend to come out with their product under warranty, says Vladimir Popov, President of Favorit Motors Group of Companies. In the case of the sale of a guarantee from insurance companies, dealers earn on the traditional sale of financial services, and the fulfillment of further obligations is the responsibility of insurers’ lawyers who will try to settle claims with financial payments, and not by replacing a part, block or unit, he believes.
According to Aleksey Yanin, insurers in the case of the sale of guarantees earn on the insurance product itself, since, with correctly calculated rates, the receipt of insurance premiums should exceed payments, taking into account the costs of doing business. Andrey Zmiy, head of the corporate insurance department at the Soyuz Insurance insurance broker, notes that “guarantee” insurance often comes in addition to the classic Casco product, the penetration rate of which in the premium segment is always higher and, accordingly, there are more potential buyers of this product.
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