As one of many prime automobile insurance coverage brokers in Hong Kong, INO at all times works to simplify various kinds of automobile insurance coverage and protection. As we speak, we’ll offer you a brief 5-minute rundown of your insurance coverage choices as a automobile proprietor.
What are complete insurance coverage and third-party automobile insurance coverage?
After all, you’ll find extra particulars on our web site, however this is a fast snapshot:
- Third-party automobile insurance coverage covers the legal responsibility to 3rd events for claims in your behalf. These claims might embody property harm, damage, or loss of life. Alternatively, complete automobile insurance coverage supplies a good wider space of protection. Because the cherry on prime, it additionally gives safety on your automobile.
- Beneath Hong Kong legislation, all automobile house owners should at the very least safe third-party accidents and loss of life insurance coverage for his or her automobiles. Nevertheless, this insurance coverage coverage is with the automobile, not the proprietor. In different phrases, if somebody will get right into a visitors accident whereas driving your automobile, the insurance coverage will nonetheless compensate you.
Are third-party and complete insurance coverage the one automobile insurance coverage choices in Hong Kong?
Apart from third-party and complete, some insurers will present extra protection:
- Loss in a collision involving a third-party car. That is just like complete insurance coverage, however doesn’t embody loss that resulted from self-collision. For instance, hitting a road mild together with your automobile is excluded from cowl.
- Extra broken windscreens insurance coverage: Head to an permitted repairer to get your windscreen changed free of charge. This may not have an effect on your No Claims Low cost (NCD). It is significantly appropriate for vehicles occurring Tuen Mun Street, Wan Po Street, and extra, that are densely populated with dump vans.
- Authorised repairer: This implies automobile house owners must drive their vehicles to a delegated repairer. It is probably not handy, however the premium will probably be cheaper.
- Private accident cowl insurance coverage: Made particularly for drivers with third-party insurance coverage, this consists of emergency towing service, and short-term substitute automobile service. All of the whereas, it supplies private accident cowl for each policyholders and their passengers.
Do you have to buy third-party or complete insurance coverage?
The favored saying goes, “safe a third-party plan on your second-hand automobile, and a complete plan for brand new vehicles”. It isn’t completely baseless. You possibly can’t get compensated for property loss for those who get right into a visitors accident with solely third-party insurance coverage for accidents and loss of life. Naturally, this will probably be a heavy loss for those who’re driving a brand new automobile like Tesla. With a second-hand automobile, even at complete loss, the price will probably be restricted. Thus, you do not essentially must safe a complete plan.
All automobile insurance coverage works like this. As soon as an accident (brought on by you) occurs, your plan can compensate for the opposite get together’s damage and loss of life. Nonetheless, third-party insurance coverage doesn’t cowl particular eventualities:
- Each vehicles crash. Though you aren’t at fault if the opposite driver disappears or suffers a chapter.
- Your automobile has been crashed into whereas it’s parked.
As you may see, a complete plan gives larger protection than a third-party plan. Usually, it is costlier as effectively. Often, the premium for a complete plan is at the very least 1 to three occasions that of third-party insurance coverage. We propose selecting a extra established insurance coverage firm to keep away from potential issues when submitting for claims sooner or later.
Are premiums essentially costlier for brand new drivers with a probationary driver’s license?
As for drivers with a probationary driver’s license, please see our article on decreasing the price of your premium.
How do you file for a declare as soon as an accident occurs?
Need to be taught extra concerning the claim-filing course of? Try our web page on The Automobile Insurance coverage Claims Course of in Hong Kong.
Contact INO for extra insurance coverage options
Along with automobile insurance coverage (third-party and complete), INO additionally supplies residence insurance coverage, motorbike insurance coverage, Voluntary Well being Insurance coverage Scheme (VHIS), Hong Kong-Zhuhai-Macao Bridge (HZMB) insurance coverage, and lots of extra. Get a free quote now with our on-line citation software! Need to chat with us? Contact our group of professional insurance coverage advisors for neutral recommendation and a free plan comparability!
