Insurance Guide

If you own a car, or plan on buying one in Hong Kong you likely already know that you must purchase car insurance for your vehicle before you are legally allowed to drive it in the city. The thing is, when you start looking at plans you will likely come to find that there is a fairly wide variance in premiums. To help, we have created this article which focuses on how car insurance premiums are calculated in Hong Kong. Before we look into the different factors insurers will consider it is important to note that there is no set calculation that must be used by all insurers when offering motor insurance plans. Rather, insurers will price their plans utilizing a wide variety of factors. Because every business is different, there will be external factors that have an impact on what they charge for insurance. For example, the number of claims submitted vs paid out, goals of the company, and competition all have a varying impact on the price. That said, there are a number of factors used by all insurers. Here we will look at eight common factors that insurers will use when quoting a price for car insurance in Hong Kong.

Hong Kong is one of those cities where owning a car is seen as more of a luxury than a necessity. This means that there are an abnormally high number of sports cars on the road when compared to cities of comparable sizes. If you are thinking of buying your first, or even your next sports car you are going to need to get it insured before you can drive it legally on the roads here. The thing is, due to the sheer power and price of these vehicles insurers will tend to have some restrictions and conditions on plans for these cars. Here, we take a look at three important things you need to know about insurance for sports cars in Hong Kong.

This day a year ago , we were writing about five Uber drivers being in hot water over local driving laws. The car-hailing company has had an interesting few years, with numerous challenges to its business being launched around the world. In 2015, Hong Kong police charged the five drivers for carrying passengers illegally for reward and for not having appropriate third party liability insurance coverage. Last week the court convicted those same five Uber drivers on the charges the Hong Kong Police arrested them for a year ago. The ruling itself potentially spells disaster for Uber, who has launched appeals for its drivers in response to the convictions. This week, Kwiksure will discuss the outcome of the court case, what it means for Uber, and what passengers and drivers should be aware of in future.

Every time you get in your car, start it up, and pull out onto the road there is a chance that you will be in an accident. When it comes to driving it's not a matter of if you will be in an accident, but when. That is why it is so important to ensure that you have adequate car insurance coverage which can and will cover most if not all of the cost of repairs and damages. The concern here is that some insurers or garages in Hong Kong might not act in the best interests of the drivers they cover and try to inflate claims. Should this happen, you could see your premiums increase at a higher rate or if the damage is serious enough you could end up paying a considerable sum out of pocket. In order to ensure that you are treated fairly when it comes to submitting a claim after an accident, here are 5 things you can do.

Remember when the phrase “car technology” meant images of K.I.T.T. from Knight Rider? Hundreds of flashing coloured lights, digital dials and a talking car A.I. - the future of our driving experience seemed light years away. Yet here we are; we’re getting extremely close to a time in which our science fiction will become our driving reality. But just how far have we come in terms of car tech? Developments in the sorts of technology being tested and utilised in the automotive industry have been growing for years. Yet even avid tech readers have been dubious about whether cars could be included as part of the tech industry. The fact is, however, that car makers are at the forefront of tech development and the new innovations making their way into our vehicles are just around the corner.

Auto insurance is an inevitable expense for every driver, many of whom opt for third-party insurance to save costs. But does the lower premium make it a more suitable choice for you? And do you truly understand the differences between third-party and comprehensive insurance in the protections they afford to you? To save money, it is more useful to understand how insurers set the premiums for each driver, including how the vehicle owner's driving experience and the vehicle brand weigh in. In the following, we’ll analyze the 9 major factors affecting the premiums set by insurers one by one. A good understanding of these principles may well help you save a bunch in car insurance year after year.

Let’s talk about dash cams again. Don’t remember? Last time we explained what a car dashboard camera is, how they work, what features they can have and, most importantly, which ones were worth buying if you were in the market for one. Those of you who are still on the fence about whether it’s worth having one just need to read on. In this article, we’re going to show you a few horror stories in Hong Kong that might help change your mind. Warning: following some of the links in this blog post will take you to sites hosting footage of some graphic car-related incidents. Discretion is advised.

he weather has finally started to cool down, almost every building and mall has their decorations up, not to mention the fact that almost every store is blasting not only Christmas music, but also the AC! That's right, it's the holiday season in Hong Kong and many of us have started to visit the stores buying gifts for loved ones and friends. Regardless of what you purchase, there is a good chance that at some point you will be storing your purchases in your vehicle. This can be tempting for thieves, and should something be stolen from a parked vehicle you may find yourself wondering whether it is covered by your car insurance policy and how you can prevent it from happening again.

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.