Insurance Guide

If you are in an accident, the police and insurance companies will need to figure out who is at fault and who to charge. In the past, this was done by asking questions and conducting reviews of the damage and scene of the accident. Police officers would then assign blame based on the facts available. The problem with this is that officers are human and mistakes can be made. While the number of times this has actually happened is likely small, mistakes can nevertheless have an impact on drivers, especially when it comes to insurance. If you are deemed to be at fault for an accident (yet you are sure you aren't) any insurance claims submitted may be rejected, and you will likely see an increase in your premiums. Not to mention the fact that you will also likely receive demerit points on your license, which could put your ability to drive in jeopardy. This can be a tough pill to swallow. In recent years, however, there have been a number of tech devices introduced that can help reduce the chances of the wrong person being assigned blame. One such device is the dash cam. Here we take a look at these increasingly popular devices and recommend some popular ones for your consideration.

One of the major international buzzwords in 2015 was Uber. The highly divisive private car company has caused quite a stir in cities around the world, including Hong Kong. Since its launch in Hong Kong in mid-2014, it feels like the company has been near constant presence in the news. Regardless of which side of the fence you sit on regarding Uber, recent news has caused a fair amount of confusion around the legality of the service and whether car insurance will cover those who use it.

In a previous article we looked into the benefits of owning an electric car. Since that article was published there has been a number of articles posted by various news sources in Hong Kong about the topic including the introduction of Tesla's touted autopilot feature and the subsequent disabling of two key features due to safety concerns. The staff at Kwiksure were extremely interested in this feature and the future of electric cars, especially when it comes to the technology powering these vehicles. These days, the most advanced tech can be found in electric cars and while it is progressing in leaps and bounds there are still teething problems. For example, this article from The Verge highlights a potential issue facing electric cars: Buyers considering these vehicles have more things they need to be aware of than purchasing other vehicles. Because there is more to consider, we asked the electric car experts here at Kwiksure to share their knowledge on electric cars and provide advice to anyone considering purchasing an electric car.

In Hong Kong, as in almost every other city, there are many key things car owners need to know before they hit the road. Firstly, they need to have a license in order to legally operate the vehicle, and secondly, they need to secure motor insurance. The issue with the latter is that, while it is legally required, there are different types of car insurance plans available, and numerous providers in the city offering these plans. In truth, it can be a bit of a chore finding the best insurance for you. In an effort to help make the whole motor insurance process easier for people in Hong Kong, Ken Chung, Kwiksure's Motor General Manager, joined one of the city's most popular radio shows for an interview that covered a wide variety of topics around motor insurance in Hong Kong, as well as what car owners need to know.

In many countries in the west, the price of oil and gas has dropped substantially. So much so that some people have questioned whether electric cars are really all they are cracked up to be, especially due to the cost of some of the machines. That being said, there has been exciting news around electric cars introduced in the past few months, including the long awaited introduction of the stunning and super speedy Tesla X , the announcement that Volvo will start producing electric cars for release in 2019, and the impending release of the sporty Song Hybrid Electric SUV from Shenzhen-based BYD. Beyond that, Tesla owners have recently seen a feature called Autopilot turned on , which we think is possibly one of the coolest things pretty much ever. What we are trying to say here is that the electric car market is really starting to find its stride and can offer some great benefits to car owners in Hong Kong. Here are 4 of the most interesting.

In a perfect world every car that rolls off the assembly line would be a shining example of quality; riding all shiny and chrome well into the future. In reality, as an article published in Forbes points out , your car is probably not going to last much more than 250,000 miles (402,336 km), or around 10 years. Keep in mind that these figures are for vehicles with good quality ratings that have been maintained properly (e.g., the owner follows manufacturer maintenance guidelines) and have not been in an accident. Of course there are stories out there of some vehicles, especially older Toyotas and Hondas, that have reached well beyond the 400,000 km mark with some even going over 800,000 km with little to no problem, but these are few and far between. In fact, most of the stories we hear about cars revolve around poor quality. Talk to anyone who has owned more than one car and you can bet that you will eventually hear a story about a car of such poor quality that it leaves a sour taste in your mouth, like a lemon.

n recent articles Kwiksure has taken a close look at some interesting issues that have cropped up in the motor insurance industry including the borderline fraudulent treatment of the betterment clause and five common complaints our clients have had with the car insurance claims in the city. To recap, the five most common complaints are: Betterment is treated unfairly resulting in parties not receiving full settlement The current claims process demands a tremendous amount of resources and time for all parties involved Some unscrupulous insurance companies drag their heels after judgment when it comes to payment of claims If you are at fault, you are guaranteed to get demerit points - even for the smallest of accidents The process has led to the police, as well as insurance agents, to push for a solution that could open you to future liability To learn more about these complaints and what has led to them, please read our article here . In fact, it would be a good idea to quickly scan over this article now, as it covers some important changes that Kwiksure would like to see made to the claims process in order to make it not only fair for customers, but also more efficient for both the police and the insurance companies. At Claims Conference Asia - Hong Kong earlier this year, Neil Raymond, MD at Kwiksure, actually took to the stage and presented to the delegates Kwiksure's suggestions as to the changes that can be made to the claims process in Hong Kong.

If you have ever been in an auto accident in countries like Canada or the UK, you know that small accidents that do not lead to injury are handled by insurers directly, with the party not at fault receiving payment in a relatively short amount of time - usually under two weeks. Here in Hong Kong, this is not the case. In fact, many parties will end up waiting six months to a year or more to receive payment from an insurance agent even if the accident is as inconsequential as a fender bender. This, along with a number of other common complaints, including one that was highlighted in our last article, point to a claims system that needs a massive overhaul. Complaints with the claims system in Hong Kong When looking at the claims process used by car insurance providers in Hong Kong, there are five common complaints that point to issues that need to be fixed in order to make the claims process better for all parties involved.

Check The Car Before Purchase The first thing you should do is check the car's service history to confirm the mileage stated by the seller. An independent source can ensure this, and that the car is in good running order. The Hong Kong Automobile Association offers this service (391 Nathan Road, Yau Ma Tei, Kowloon, Tel: 3583 3628)

The issue of ‘Betterment’ How would you feel if you owned a car, was in an accident that was not your fault, and had an insurance provider offer to pay 70% of the value of the parts arguing that they actually ‘made the vehicle more valuable’? Chances are high that you probably will not be happy being stuck with a parts bill and ultimately a car with a decreased value because of the accident. While this may seem unfair, it’s a common practice of Hong Kong insurers to do exactly this. Before we explain about this practice, it would be a good idea to first establish how insurance compensation should work in the city.

'Deductible', also known as 'excess', is a pre-set amount in an insurance policy that the policyholder is required to pay to the insurer when a claim is made. For example, if the total amount of a claim is HKD $15,000, and the policy has an excess of HKD $5,000, the policyholder will then have to pay the deductible of HKD $5,000, and the remaining HKD $10,000 of the claim will be paid by the insurer. The amount of the deductible may vary with individual insurers. Deductibles vary by insurer and also by policy. Some policies have very high deductibles, while others may have no deductible at all. Generally speaking, the higher the excess, the lower the premium, and vice versa. Therefore, when comparing different car insurance plans, the excess is also an important consideration in addition to the premium. Hong Kong law does not set a minimum requirement for the sum insured for property damage, but most local insurers will provide third-party property coverage of HKD $2 million. Car insurance policies typically come with several deductibles, which may take effect depending on the situation or personal attributes of the insured when a claim is made.

Life insurance: you could say it’s a misnomer. In reality, life insurance only comes into effect upon your death, and because death is just a tad unpleasant to consider, many of us don’t think about life insurance – until it’s too late. Buy life insurance when you’re healthy and sound of mind, and you’ll be protecting yourself, your assets and your family for generations to come. Luckily, life insurance isn’t a one-size-fits-all product: you can cover yourself for the short term or the long term, you can pay a little or a lot, and most importantly, you can find a policy that both fits your budget and provides your family and yourself with everything you need. Still not convinced? Read on for the top five reasons you should consider getting life insurance.