Electric Cars Insurance in Hong Kong: Tips to lowering the premiums

INFOGRAPHIC: Electric Cars in Hong Kong

Ever since Tesla became the epitome of high-end, efficient, and environmentally-friendly vehicles, electric cars have been gaining momentum across the world. And Hong Kong is no exception. To encourage drivers to purchase these eco-cars, the government has even introduced a "One-for-One Replacement" scheme, which offers up to $250,000 of First Registration Tax concession. It seems that electric cars will inevitably become mainstream in the near future.

If you’re new to electric cars and would like to learn more about their insurance plans, then you’ve come to the right place. In our brand new electric cars infographic, we are going to give you a quick summary of some important figures about electric cars, as well as what you should know before taking out insurance for electric motors.

Figures you should know about electric cars

12,195 registered electric cars (as of August 2019). 

2,968 charging stations in Hong Kong. 

First Registration Tax (FRT) waived up to $97,500 for Electric Cars until 31 March 2021. 

"One-for-One Replacement" Scheme offers FRT concession up to $250,000 until 31 March 2021.

73 electric vehicles (EV) models approved by the Transport Department, of which 51 are models for private cars and motorcycles.

From the figures above, you can see that there were up to 12,195 registered electric cars in Hong Kong as of August 2019, despite their prices and maintenance costs being higher than most petrol or diesel car models. While this figure just accounts for 1.8 percent of private cars in the city, which puts Hong Kong well behind other cities such as Beijing (2 percent) and Oslo (36 percent!), this can still be viewed as a growth in the right direction, considering that there are only 2,968 charging stations dotted across Hong Kong. The Environmental Protection Department has already planned to add more EV charging stations for public use to meet the hiking demand.

Having said that, there is no guarantee that the "One-for-One Replacement" scheme, which offers FRT concession of up to $250,000, will be renewed after the deadline in 2021. Hence, drivers looking to purchase electric cars should do so before this incentive scheme expires.

Continue reading: Tesla's insurance costs, maintenance costs, and charging stations distribution

What should you know about electric car insurance?

Our infographic covers why electric cars insurance is more expensive than its petrol counterparts and offers tips on lowering the premiums.

While this infographic serves to give our readers a quick and cursory overview, our blog article can provide you with more practical insights into the subject from our experts, such as

If you think you’re ready to take out an insurance plan for your electric car and want a quote, just head over to our online quotation platform or call us on 3113 1331. Our specialists are more than willing to compare the prices from different insurers in town and cherry-pick the one that best matches your needs and budget.

Professional resources from motor insurance experts

With the goal of simplifying insurance, Kwiksure regularly launches new infographics and publishes weekly bilingual blog articles to familiarize our readers with different topics concerning car insurance. Keep abreast of the latest information by liking our official Facebook page and subscribing to our monthly e-newsletter!

The above information is for reference only. Kwiksure takes no responsibility for the accuracy and timeliness of the information. For the coverage, mode of compensation, benefit limit and premium levels of any specific insurance plan, please refer to the relevant policy terms.