Insurance Guide

What does depreciation on my vehicle mean? Depreciation is the decline in a car's value over the course of its useful life. Certain parts on your vehicle have a "life expectancy" so the value of the part being repaired is currently less than the new replacement part. Insurance companies in Hong Kong normally take this into consideration. Once the insurance company repairs the vehicle, they state that they are reinstating it to a better condition than before the accident; this approach is accepted practice in the Hong Kong legal system. To account for this improved condition, there needs to be a depreciation adjustment. For example, Motor Vehicle Insurance companies in Hong Kong will include policy terms stating that they are not liable for the following clauses in the event of Vehicle Own-Damage: depreciation (betterment), wear and tear, mechanical or electrical breakdown, failure or breakage; damage to tyres unless damage is caused to other parts of the vehicle at the same time; and any excess applicable in the accident. The amount of depreciation and/or betterment will be assessed by the insurance company’s appointed surveyor on any part of the vehicle for the costs of repairing or replacement.

In a recent article, Kwiksure discussed adding extra drivers to your insurance policy and what you need to be aware of in regards to doing this. While this works well for people who will be driving your car on a regular or semi-regular basis, it isn't overly efficient for people who want to lend their car on a short-term or occasional basis. For example, if a friend is moving and you own a minivan, and they ask you to borrow it for the day, it doesn't make a lot of sense to sign them up as a driver under your policy, pay the premium and then remove them a few days later. In this article, we will take a look at how car insurance works when you lend a car and provide some useful advice you should be aware of before lending your car.

Generally speaking, Third Party Liability Insurance (also known as Third Party Insurance or TP Insurance) is a relatively basic car insurance that provides coverage for the bodily injury and property damage of third parties. The policyholder still needs to cover their own medical and vehicle repair expenses. A more comprehensive motor insurance policy, in addition to protecting third parties, also offers full protection for the policyholder and their vehicle.

In Hong Kong, as in pretty much every other country, it is mandatory for car owners to secure car insurance before they can legally drive the vehicle. The thing with motor insurance, however, is that, because there are numerous providers, plans, rules, etc, it can all get a little confusing what is and isn't covered. It is mostly because of this that you start to see myths appear when talking with other people. In this article, Kwiksure takes a look at the top 8 motor insurance myths in Hong Kong that all drivers should be aware of.

One of the most common questions we receive at Kwiksure is whether a driver can add another person onto their car insurance policy for a short amount of time. In this article, we set out to answer this question and provide useful information that you will need to know before adding people to your plan.

On June 11, Hong Kong will host its first classic car auction. On the block is a wide variety of cars from the sleek 1960 Mercedes-Benz 190SL to the 1981 Ferrari 308 GTB. This auction will surely bring a fair amount of interest to classic and antique car lovers and collectors. The impending auction highlights an emerging trend in the city that is seeing an increasing number of car lovers seeking out their dream cars at auctions around the world. If you are considering buying a car at an auction in Hong Kong, or overseas, here are some important things to remember.

Modifying your car is the dream of many car fans, but in Hong Kong, modified vehicles must face strict supervision. In fact, as long as you abide by the relevant laws, it is not out of reach to modify them in compliance with the regulations. This time, Kuai Er Bao will discuss the latest legal regulations for modified cars in Hong Kong, Vehicle Inspection Notice, Insurance Key points to help you drive your beloved Dream Car on the road elegantly and safely. Kwiksure With over 25 years of experience in car insurance, we compare over 60 insurance companies and offer low premiums for full and triple coverage.

In Hong Kong, one of the single largest investments people make, aside from their home or apartment, is purchasing a car. With high import duties, licensing fees, maintenance, parking fees and insurance, it is not uncommon to see even a basic vehicle cost more than HKD 150,000-200,000. Because this is such an investment, many dealers and manufacturers will include a warranty on the car. In this article, we take a look at the most popular types of warranties included with vehicles and their link with car insurance.