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Types of Life Insurance
publish date 10/10/2018

What type of life insurance is the right choice for…

Life insurance’s primary purpose is to protect your loved ones financially if you were to die dur...
Hong Kong automotive events article
publish date 12/09/2018

Gear Head Gatherings: Hong Kong’s top annual automotive…

Parking collisions in Hong Kong: when will car insurance cover the damage? Parking your car outside of your garage or driveway, (assuming you even have one in our tiny Hong Kong), can expose your vehicle to many types of damages. Whether your car insurance will cover damage to a parked car or not, depends on many factors, such as your motor insurance coverage, whether you parked in a legal spot, and if you can identify the perpetrator of the damage. A team of motor insurance experts form Kwiksure Hong Kong will explain in this post when car insurance in Hong Kong will cover damage costs in a parking collision. Comprehensive insurance vs. third party insurance Before we dig into the details, let’s take a look at some of the types of car insurance options available for Hong Kong drivers. Third Party Only Insurance This type of insurance is the minimum coverage required by the Hong Kong government, and it is obligatory insurance for every car owner in Hong Kong. Third party insurance does not cover damage done to your vehicle during an accident, but rather your insurer will cover the liability against a claim by a third party on your behalf. Read more about third party only insurance here. Comprehensive Insurance Comprehensive insurance, however, will protect you, your car and third-parties. If you choose the right additional benefits, such as collision coverage, this car insurance will cover damage to a parked car. Learn more about comprehensive car insurance here. Collision insurance is a coverage that pays out the repair cost of your vehicle if it's damaged in a collision with another car or an object, such as a tree. It protects you when you are at fault, as well as when the damage is someone else's is but they can't be identified (hit and run cases). Parking collisions in Hong Kong: when insurance will cover the damage? According to Hong Kong law, all accidents - i.e. collisions where someone got injured, must be reported to the police. In this situation, follow instructions as if you were in an accident on the road. In this section, we will talk about collisions: an instance where your car crashed with another vehicle or object, but no one was injured. Below you can find four most common examples of parking collisions and what you can expect from your car insurance in that case: The driver of the vehicle who damaged your parked car is not identified: If you noticed a damage to your parked car, and you were not around to witness it, you can still make a claim for that damage. This claim will be paid out under the collision section of your comprehensive insurance policy and most likely will be subject to deductibles. However, if you have third party only insurance, no compensation will be paid out to you. Also, even if you have some sort of comprehensive auto insurance, but you don’t have a specific collision coverage, you may not have any coverage for the damage through your motor policy. The driver of the vehicle who damaged your parked car is identified: You may make a claim under the other driver’s third party insurance policy. The other driver’s insurer might require you to fill a police report to document that, and you will have to wait for a payout until the police finds the other driver guilty. You are the perpetrator of the damage to other party: In a case where you are at fault, the other driver will make a claim under your third-party coverage, and you may lose your no-claim discounts, or good driver discounts for the third party only policy, and your premiums will probably go up at the next renewal. You are the perpetrator of the damage of your own vehicle: If you are responsible for your car's damage due to hitting an object, you can still make a claim under your collision insurance. Be careful, as filling this claim will make you at fault and most likely your premiums will increase during the next renewal time. If the damage is relatively small, it may make more sense to pay for the repairs out of your pocket to save on your insurance premiums next year. What other threats can damage your parked car? Except for collisions, your parked car can be affected by a number of other threats that can be either unpredictable such as a tree falling onto your parked car, and those that insurers find predictable such as parking your car in low lying area during a heavy rain, which resulted in your car being flooded. Here you can find a list of other threats that can damage your car while parked: Fire; Flood; Damages resulted in a storm or typhoon such as broken windscreen; Unfortunate event such as an object falling onto your car; Vandalism; Your car being stolen (while this is not exactly a damage, it is definitely a loss). Without comprehensive car insurance, should any of these situation happen to your car, you are on your own. However, getting just any comprehensive car insurance doesn't mean you are protected from all these threats. Plans will vary drastically from insurer to insurer, so make sure you understand terms and conditions of your motor insurance. Unfit or unrealistic plans can often lead to claim denials. Claim Denials It’s important to always check exact terms of the insurance, as we have seen instances where expensive cars were excluded from parking collisions, or other events, unless owners deliberately asked for that type of coverage. Another way insurers can deny your claim is if you parked your car illegally. We recommend talking to an experienced car insurance broker, such as Kwiksure, to make sure you get the coverage you need. Find the right fit with Kwiksure Since you can't control other driver's behaviors or natural disasters, your best protection against damage to your car from this source is to secure comprehensive insurance. Other people and the weather are unpredictable, but your motor insurance premiums don't have to be. Make sure that you’re always paying the best rate by comparing car insurance prices in Hong Kong with Kwiksure! Contact us if you have any insurance-related questions, and our friendly and experienced team of insurance advisors will be ready to assist you anytime! Social Media Text: Have you ever wondered if insurance companies in Hong Kong cover hit-and-run in the parking lot, or to a parked car on the streets? The answer is yes, assuming you have the right motor plan and that you parked in the proper spot!
publish date 05/09/2018

Parking collisions in Hong Kong: when will car insurance…

Parking your car outside of your garage or driveway, (assuming you even have one in our tiny Hong...
Excluding drivers from your car insurance
publish date 22/08/2018

Practical reasons for excluding drivers from your car…

When purchasing a motor insurance plan, you can name other drivers on the policy that will use th...
publish date 15/08/2018

Introducing ‘pay as you drive’ insurance

Thanks to technology advancements like blockchain, the internet of things (IoT), and big data, in...
Image for Do traffic tickets in Hong Kong affect insurance premium?
publish date 01/08/2018

Do traffic tickets in Hong Kong affect insurance premiums?

Have you ever wondered if traffic tickets in Hong Kong affect insurance premiums? There is no cle...
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publish date 18/07/2018

How can blockchain affect your Hong Kong motor insurance?

Blockchain technology is transforming the finance, trading, and supply chain industries, and now ...
Hong Kong Zhuhai Macau bridge
publish date 05/07/2018

Crossing the Hong Kong-Zhuhai-Macau Bridge and cross-boundary…

The Hong Kong-Zhuhai-Macau Bridge (HZMB) is going to open to the public soon-ish! This new, 55 km...
a black and white photo of a mechanic underneath a VW beetle making car insurance repairs
publish date 27/06/2018

Important things to remember for car insurance repairs

Accidents happen. When they involve your vehicle, getting repairs done quickly can be important t...

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