Insurance Guide

People in Hong Kong love their hobbies. After all, space is limited in the city, and rather than go stir crazy in our homes, it’s important that we distract ourselves with whatever it is that we’re interested in or passionate about. Being a developed city, it makes sense that people in Hong Kong can get involved in some rather expensive hobbies, and one of the most expensive such hobbies is cars. Regardless of the price tag, it’s undeniable that there are plenty of ‘gear heads’ and ‘grease monkeys’ out there that would rather spend their weekends getting dirty under the hood of their vehicle than go to the beach or play video games. If you are among this group in Hong Kong, you may be disappointed that there aren’t local car shows to go to on a weekly basis where you can not only show off your pride and joy but also scope out the awesome autos that your peers show off. All that means, then, is that you need to strike while the iron is hot when it comes to auto shows in Hong Kong, and make sure to get out to such events when they occur. Here, Kwiksure is happy to provide car lovers in Hong Kong with an overview of the city’s most popular annual automotive events.

When purchasing a motor insurance plan, you can name other drivers on the policy that will use the insured car. These so-called “named drivers” are people whom you can lend your car to, and have the same level of cover as you - the policyholder. This protects you from the high costs of unnamed driver excess/deductibles . However, if you add your 20 year old daughter or son to your policy, who just recently got their driving license, you will see your premiums increase. Also, adding high-risk named drivers - such as young/inexperienced drivers or those with an accident record - can be quite costly. As such, sometimes excluding drivers from your car insurance plan can be the answer if you’re looking for premium savings.

Thanks to technology advancements like blockchain , the internet of things (IoT), and big data, insurtech is now reshaping the landscape of the insurance industry. One typical example is ‘pay as you drive’ (PAYD) insurance. This kind of insurance adjusts premiums based on a driver’s real time driving behavior, rather than charging a flat premium annually. This approach has gained momentum across Europe and North America, and in August 2018 it was reported that such insurance policies will soon make their debut in China. It is forecasted that PAYD insurance will account for 20-25% of the market share by 2020. With this in mind, it is crucial that you learn more about this new form of motor insurance ahead of time. In today’s Kwiksure article, we are going to highlight the definition of PAYD, the way it works, and how it can benefit both drivers and insurers.

Blockchain technology is transforming the finance, trading, and supply chain industries, and now it finds its usage in insurance. Using blockchain in the insurance industry may have multiple benefits for both insurers and policyholders. This April, the Hong Kong Federation of Insurers (HKFI) announced that they are developing a blockchain powered e-platform for the city's motor insurance. The blockchain powered e-platform would have the ability to record and track motor insurance-related data, enhancing business efficiency in the sector. But what do these changes mean for car owners, really?

The thing with any insurance policy is that it’s often not what’s covered that can be an issue, it’s not knowing what’s excluded that can be. Car insurance cover in Hong Kong is mandatory and governed to have minimum requirements by local laws. However, those basic coverage standards only legislate for coverage to third parties. When it comes to anything and everything else, you’ll need to be aware of what is and isn’t included in your own particular car insurance policy.

Hong Kong can certainly be a city where people’s lives vary an extreme amount. Say what you will about the inequality present in the city, but the point is that living in this city can be highly affordable for some, and ridiculously expensive for others. As such, there are certain status symbols that people here use to show off which end of this spectrum they are closer to, and one of the biggest status symbols a person can have in Hong Kong is no doubt the vehicle they drive. If you’re driving at all in this city, you are already pretty affluent. Of course, if you drive a particularly nice vehicle here, people are going to make other assumptions about how you are living. On the other hand, there is one status symbol in Hong Kong that goes highly underappreciated, even though its exorbitant costs often make headlines both in Hong Kong and abroad: A parking space. That’s right! The little parcel of garage where your car resides when not in use is a major consideration for vehicle owners in Hong Kong. Can your parking space have an effect on your insurance, though? Kwiksure examines the topic within this blog post. Read on to find out more!

Hong Kong is not a big city. You can get around the whole place in less than one day, especially if you’re using the world-class public transport system. For many expats, however, driving is high on their list of things to do when living here. Maybe you’re choosing to live out in the New Territories and need your own reliable transport, or maybe you’re just keen to keep behind a wheel. Kwiksure has all the information you’ll need regarding car insurance for foreigners and other important things to know about driving in Hong Kong.

Cars are sensitive machines that rely on many interconnected parts to function properly. Damage or complete destruction to any of these parts can be detrimental to your vehicle, as well as send repair bills into the stratosphere. No matter how “bullet proof” you think your car is, or how conscientious of a driver you are, there are a number of culprits that can send even the mightiest of vehicles into an early grave. Here, we look at the 7 most common causes of car damage in Hong Kong, and some of the things you can do to avoid them.

Shopping for motor insurance can be a tedious, borderline annoying process. Between finding a trustworthy insurance provider, identifying the best possible plan they sell, filling out paperwork, and handling payment, by the time you get insured, you’re happy to be done with it all. Honestly, we’d likely all prefer to just get our insurance and be done with it. Sure, we know there will be more tedium down the road should we need to make use of our insurance, but outside of that, we’d like to push the thought of car insurance right out of our minds. Time, on the other hand, has other plans. This is because, while it may seem that our car insurance policies go on and on, in reality they are renewed on a yearly basis. It’s even possible that it’s being renewed without you realizing it. So, what should you know about your car insurance renewal? Here, Kwiksure provides 5 tips to remember when renewing your car insurance in Hong Kong.

Earlier this week, our General Manager, Ken Chung, attended a memehk.com live show as a guest speaker and authority on all things car insurance related. Viewed by a live online audience of nearly 10,000 people, the Facebook broadcast centered around some of the most commonly-asked questions about car insurance in Hong Kong; all of which were answered in easy-to-understand, layman’s terms. In case you missed it, be sure to watch the recorded version of the show (in Cantonese only) here , or read on to learn about the key car insurance tips and insights shared by Ken.

Change is constant, and a change in your car ownership situation can happen without regard for the neat time periods set by your car insurance policy. As your circumstances change, you may find yourself wondering if you should let your insurance provider know so you can update your car insurance benefits. This week, we’re discussing what changes you may need to inform your insurance company of, what effect it may have, and what happens if you want to change to a new insurer mid-policy.

“How can I save money on car insurance?” is probably one of the most commonly asked questions when it comes to renewing or buying a new car insurance policy. Everyone wants to save money - but when it comes to securing car insurance coverage, its jargon and pricing complexities can make finding the best value policy an ordeal for many Hong Kong drivers. So, in an effort to bring transparency to the world of auto insurance, our team of experts at Kwiksure have compiled the following top tips for managing and reducing your car insurance costs.