Whether it’s driving through the historic Canton buildings in Wan Chai, navigating your way through the skyscrapers in Central, or cruising through the New Territories, there is nothing quite like driving in Hong Kong.
As a country with one of the most beautiful cityscapes, it is no wonder why owning a sportscar is so common among expats living in one of Asia’s top financial hubs. However, owning a sports car can become more than costly in Hong Kong, especially as accidents can often occur in the city’s narrow streets.
This is why you are legally required to have car insurance if you own a car in this city. In this article by Kwiksure, we will go through the 4 most important things you need to know before getting sports car insurance in Hong Kong.
There are two mains types of car insurance available in Hong Kong. Let’s get to know them better to see which one is more suitable for you.
Third-party coverage is the minimum insurance requirement you will need if you own a car in Hong Kong. It covers the damage you or your vehicle may cause to a third party. Any costs you may owe to others after a car accident can be covered by third-party liability insurance.
As the most basic type of car insurance available, the cost of insurance is lower than a comprehensive insurance package.
However, you will still have to use money from your own pocket to cover the costs of repairing your vehicle after an accident occurs and for any injuries, you may sustain.
Getting comprehensive coverage is best if you own a sports car. This is because the cost of repairing a sports car is exponentially higher than other types of vehicles that are considerably cheaper.
A comprehensive car insurance plan covers both third-party liabilities and any damages to your vehicle, even if you are at fault. While this type of insurance comes with a higher premium, they are suitable for more expensive sports cars due to the higher financial risks sports cars carry.
As sports cars come with expensive repair and maintenance fees, insurance for these vehicles naturally comes with a higher premium. Here are two simple ways for you to lower the insurance costs for your supercar.
Driving safely is a no-brainer for anyone trying to avoid repair costs on their sports cars. Better yet, doing so can also help lower your insurance costs. For each year you drive without making a claim on your car insurance policy, you can get discounts for your premiums.
These discounts will increase for each consecutive year you drive without making claims. Here are the discount rates often offered by car insurers:
Car insurance policyholders will definitely take the model year of your car into account during the underwriting process. This makes the sports car’s age an important consideration when deciding which sports car to purchase.
Newer sports cars are safer as the risks of road accidents resulting from mechanical failure are lower. For this reason, newer sports cars generally receive lower premiums.
Now that we’ve gone over two ways you can lower your sports car’s insurance costs, here are two things to avoid in order to not get your claims rejected by your insurer.
Learning to drive a sports car can sometimes feel like learning a completely different skill, compared to driving regular cars. This is because of their more powerful engines, lower base, and overall different feel.
This makes driving a sports car more dangerous for inexperienced drivers, leading many insurers to only provide coverage for you and one secondary driver.
For this reason, lending your Porsche 911 to a group of friends at a party can lead to risks that will weigh heavily on your own savings.
Sticking to your sports car’s maintenance schedule can cause a lot of inconveniences, especially if you drive on a daily basis. Sports cars, in particular, require more regular checkups which can also be costly.
However, insurers can deny claims based on the fact that you have not been maintaining your vehicle through regular checkups. Hence, sticking to your maintenance schedule can off-set the maintenance costs by securing insurance coverage for accident repairs.
From choosing the correct type of insurance, tips on lowering insurance costs, and things to avoid, sorting out the perfect car insurance for your sports car can be a daunting and confusing task.
To get the best insurance for your sports car, visit us at Kwiksure for a free quote today and contact us for further impartial advice from our experts.
With almost 20 years of experience, our team of advisors will work with you to assess your needs and budget, to cherry-pick the best insurance policy for you. We also offer plan comparisons between top insurance providers in Hong Kong.
Kwiksure has over 20 years of experience in the car insurance industry, comparing quotes from over 60 insurers in Hong Kong. Use our online quotation tool now to get a free car insurance quote!
The above information is for reference only. Kwiksure takes no responsibility for the accuracy and timeliness of the information. For the coverage, mode of compensation, benefit limit and premium levels of any specific insurance plan, please refer to the relevant policy terms.
Kwiksure is a licensed motor insurance brokerage company with over 20 years of experience in insurance. The company strives to simplify insurance and select the best insurance plans for customers that fit their budget and coverage needs.
Kwiksure provides a range of insurance products, including car insurance, motorcycle insurance, cross-border insurance between Hong Kong and Mainland China, home insurance, travel insurance, domestic helper insurance, and voluntary medical insurance. The team has been named "Best Car Insurance Broker" and "Outstanding Leadership Award" by various media outlets over the years.
Subscribe Now
