Each automobile proprietor in Hong Kong, and on this planet in that matter, should have third get together motor insurance coverage, or third get together legal responsibility insurance coverage. Any such motor insurance coverage gives the minimal protection required by the Hong Kong laws. Why is it referred to as “third get together” insurance coverage? What does it cowl and what are the exclusions and extensions to this automobile insurance coverage coverage? Stick with us to search out out!
What is roofed by third get together motor insurance coverage?
This fundamental motor insurance coverage is known as a ‘third-party’ coverage as a result of it protects you in the event you’re answerable for an accident and are sued by one other particular person or firm for the accidents or damages you triggered. The beneficiary of the coverage just isn’t you, however somebody who makes a declare towards you. Third get together coverage covers your legal responsibility to 3rd events for damage or demise and property harm. It’s required by regulation for all automobile homeowners to have a 3rd get together legal responsibility insurance coverage in place. In any other case, you possibly can face imprisonment and financial fines.
Examples of third get together motor protection:
- You strike a pedestrian, who suffers accidents and sues you.
- You’re concerned in an accident the place you’re discovered responsible. The opposite driver makes a declare to cowl the restore prices of his automobile and the medical therapies for the bodily damage he suffered.
- Whereas parking on a road, you scratch a neighboring Ferrari. The proprietor makes a declare to cowl the prices of repainting the automobile.
- You strike a motorist and because of this, he will get killed. The household of the deceased motorist sues you.
The minimal protection
HK$100,000,000 is the minimal protection underneath the Third Celebration Insurance coverage Solely coverage for any occasion leading to bodily damage or demise. The usual property harm protection in Hong Kong is ready at HK$2,000,000 underneath third get together motor insurance coverage. This sum, nonetheless, may not be sufficient to cowl the actual prices of repairs and lawsuits in Hong Kong. Speak to motor insurance coverage consultants equivalent to our staff at INO, to search out out all the professionals and cons of extending your protection limits.
Exclusions to the third get together coverage
The third get together coverage is probably the most fundamental coverage accessible available on the market and solely covers prices associated to the harm to different folks and property. It comes with various exclusions that you’ll want to know of. The third get together motor insurance coverage gained’t cowl the prices related to the restore of your automobile, medical emergency, damaged windscreens, roadside assist and so on.
Third Celebration Hearth and Theft
Third get together fireplace and theft is an extension of third get together solely automobile insurance coverage. It affords all advantages as within the third get together coverage and protects your car from any damages resulted from a hearth or theft. You’ll be able to declare for changing your automobile if it has been stolen or any bills that arose on account of tried theft or fireplace.
What’s the distinction between a 3rd get together and complete insurance coverage?
Aside from the worth, which is significantly larger for the excellent motor insurance coverage, the protection and advantages additionally differ enormously. By now that the third get together insurance coverage covers the legal responsibility towards claims made by a 3rd get together in your behalf, however it doesn’t cowl damages you and your car undergo.
If you’re in search of safety in your car or your self, then complete motor insurance coverage is for you. You’ll be able to customise the complete motor coverage, so it covers:
- Value of repairing and even changing your broken car
- Value of repairing or changing broken windscreens
- Prices of automobile towing
- Roadside help and medical bills in case of an accident
- Honoring No Claims Low cost (NCD)
- And different advantages!
Even in complete auto insurance coverage, there are coverage exclusions. Learn fastidiously your insurance coverage coverage to be precisely certain for what you’re coated, or contact INO to grasp extra concerning the exclusions in such a coverage.
The place to purchase third get together motor insurance coverage in Hong Kong?
Since you’re legally obliged to buy the minimal third get together motor insurance coverage in Hong Kong, you’re in all probability questioning the place to grab the very best deal for it. Whether or not your aim is to get solely the minimal safety for the least quantity of dollars or to buy the excellent resolution in your automobile, we do advise you to do it by way of an insurance coverage dealer, equivalent to INO.
Not solely will the dealer supply the most affordable automobile insurance coverage choices for you (at INO, some insurance policies value as little as HK$777), it is going to additionally be sure to get the protection you want. By evaluating plans and quotations amongst high insurers in Hong Kong, you should have a greater overview of what’s available on the market. Get a free quote now!
