Driving your personal car at all times reigns supreme over strolling when it comes to comfort. Beforehand, we mentioned a number of money-saving ideas for automotive homeowners in Hong Kong. Right here, we’ll offer you an summary of the principle bills for motorbike riders, in addition to a number of recommendations on saving the price of using a bike in Hong Kong. But, month-to-month bills may nonetheless add as much as an incredible determine. Whereas most individuals assume that it should be cheaper operating a bike than an everyday vehicle resulting from its smaller measurement, we query whether or not this actually is the case? In the present day at INO, we’ll have a look at the typical value of operating a bike in Hong Kong.
Breaking down motorbike bills one-by-one
A disclaimer: we’re speaking concerning the common value of operating a bike in Hong Kong right here. Bills differ relying in your motorcycle mannequin, driving habits, automotive park location, and even the upkeep value. So, this information works greatest as a reference. Based mostly on the figures beneath, you possibly can then calculate your month-to-month price range.
Automobile Park Prices
With their petite measurement, should not or not it’s cheaper for motorbikes to park than for normal vehicles? That’s right. Based mostly on the Shau Kei Wan parking zone, the month-to-month automotive park expenses for the standard automotive are HKD $2,100; for a bike, they seem to be a measly HKD $340. It is a huge 6 instances distinction! Alternatively, the every day parking price is HKD $80 for a automotive, however HKD $26 for a bike. That is one other 3 instances distinction.
As for parking property beneath the Housing Authority (HA), the parking price for a automotive at a lined automotive park is HKD $2,890 monthly. Bikes, however, have a month-to-month parking cost of HKD $560 solely. Equally, parking charges from Hyperlink REIT and personal housing property for bikes are not less than ⅓ to ½ instances cheaper.
Do not want to park your motorcycle right here? On-street motorbike parking areas are an alternative choice. Regardless of the danger of being issued a hard and fast penalty parking ticket, quite a lot of drivers will select to park on the aspect of the road or in a again alley. Parking your motorbike outdoors carries its personal dangers, nonetheless. Typically, again alleys are typically much less sanitary. Furthermore, receiving parking tickets again and again may be much more costly. Assess your dangers fastidiously.
License price
All automobiles driving within the streets of Hong Kong are required by regulation to pay a license price. You may have the choice to pay yearly, or each 4 months. Be aware that paying each 4 months will value you extra. With that mentioned, in the event you’re sure you may be driving your motorcycle in the long term, select to pay a lump sum yearly to save lots of up.
Automobile license charges are calculated primarily based on the kind of gasoline you employ, in addition to the cylinder quantity. Bikes are much more easy. It’s going to solely set you again HKD $1,314 per 12 months, or HKD $488 each fourth month.
Street tunnels toll price
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Toll Charges of Street Tunnels and Lantau Hyperlink
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Bike Charges (in HKD)
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Cross Harbour Tunnel
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$8
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Japanese Harbour Crossing
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$13
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Western Harbour Crossing
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$25
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Tate’s Cairn Tunnel
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$15
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Tai Lam Tunnel
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$22
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Lantau Hyperlink
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$10
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Aberdeen Tunnel
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$5
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Lion Rock Tunnel
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$8
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Shing Mun Tunnels
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$5
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Tseung Kwan O Tunnel
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$3
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Sha Tin Heights Tunnel, Eagle’s Nest Tunnel, and Tai Wai Tunnel
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$8
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Gasoline expense
On the time of writing this text (October twenty first, 2020), each litre of gasoline is priced at $14.78. Bikes are on the petite aspect, so gasoline use is of course extra economical. Relying in your driving habits and mileage, your gasoline expense will fluctuate.
Bike insurance coverage
Underneath the necessities of the prevailing laws in Hong Kong, all drivers should not less than buy third-party insurance coverage for his or her automobiles. Breaking this regulation will internet you a hefty penalty price of $10,000 and 12-month of imprisonment. With that mentioned, the premium price for third-party insurance coverage is cheaper in comparison with complete insurance coverage. Nonetheless, its advantages are minimal, solely overlaying third-party legal responsibility. Policyholders resembling your self, in addition to your passengers, are sadly excluded from this safety.
Bike insurance coverage is unquestionably extra reasonably priced than automotive insurance coverage. Relying in your alternative of insurance coverage plan (third-party or complete), deductibles, and NCD, the premium price is often priced at round HKD $1,000.
Judging from the chance of street accidents, bikes are extra inclined to them. As soon as a site visitors accident occurs, your probability of damage will probably be rather a lot increased in addition to a motorcyclist. We recommend shopping for complete insurance coverage for extra intensive protection.
Car depreciation and restore
Each vehicles and bikes are inclined to depreciation, notably in case your bike is secondhand. Do not know how you can restore your bike? Hiring a mechanic may be extremely dear. As an example, motor oil, spark plug, transmission fluid, oil filter, cooling fan, tire, and extra – these all must be changed each every now and then. As a greatest apply, drivers ought to exchange their absolutely artificial gasoline each 5,000 km. Each 10,000 km pushed, it is best to change up the automated transmission fluid; each 20,000-30,000 km, exchange it with a brand new spark plug. When totalled up, this may very well be a steep expense.
Contact INO to safe your insurance coverage plan
To sum up, regardless of the comparatively modest value of operating a bike, drivers ought to nonetheless take note of potential bills out of your restore and depreciation charges. As a motorcyclist, motorbike insurance coverage is a should. Because of the current dangers of using a bike, we suggest discovering an skilled and dependable automotive insurance coverage dealer resembling INO. Our staff of professional insurance coverage advisors are very happy that will help you discover your good insurance coverage resolution that balances your price range and your wants. Contact us as we speak for a free quote!
