How to lock in the lowest car insurance rates

lowest car insurance rates article

Let’s face it: we all want to save money. Just by doing a few quick searches for car insurance online, however, and you’ll see that prices can vary significantly depending on the type of coverage you’re after, the websites you go to, etc. 

At Kwiksure, we always strive to match our clients with motor plans that give them the best bang for their buck. Fill in a few key details in our online quote form and - depending on your circumstances - you might be able to access car insurance rates that are as low as HKD 777!

Of course, not every driver will have the option of paying cheap car insurance premiums, as motor insurance price calculations take into account a wide variety of factors. Read on to find out whether you’re eligible for our lowest car insurance rates today.

No Claims Discount (NCD)

As a key feature of Hong Kong car insurance plans, No Claims Discounts (NCDs) reward people who drive safely by giving them reduced rates upon renewal. While the actual discount itself can be different among insurers, most motor insurance companies in Hong Kong will follow the below scale for private vehicles:

  • 1 year of claims-free driving: 20% NCD
  • 2 years of claims-free driving: 30% NCD
  • 3 years of claims-free driving: 40% NCD
  • 4 years of claims-free driving: 50% NCD
  • 5 years of claims-free driving: 60% NCD

From the above, it’s easy to see how having an accumulated NCD can result in significant cost savings.

Car performance

Car insurance prices also depend on the performance of your car, which helps insurers evaluate how “risky” your vehicle is to insure. When obtaining a car insurance quotation, three key pieces of information will help your insurer/broker determine the performance of your vehicle - a key factor influencing car insurance rates. These are:

  • Vehicle make - i.e. the car’s manufacturer (e.g. Ford, Toyota, Mercedes Benz)
  • Vehicle model - i.e. the name of the product
  • Year of manufacture - As your vehicle gets older, its performance degrades. Usually, owning a “young” vehicle no older than 12 years of age will help drivers lock in lower car insurance rates.

What about car value?

The value of your car, on the other hand, will usually only have an impact on your car insurance premium if you’re opting for comprehensive car insurance which - unlike third party only coverage - will also cover damages to your vehicle should an accident occur. This is due to the high cost associated with repairing/replacing high value vehicles.

If opting for third party only coverage, unless you own a supercar (e.g. a Ferrari), the value of your vehicle won’t be a huge factor influencing your premiums. This is because third party policies don’t cover damages to the insured’s own vehicle. In fact, even if you drive a new Mercedes Benz S-Class worth over HKD $ 1,328,000, you can still enjoy low third party car insurance rates.

Your age

Age is another major factor that will influence the cost of your premium. Typically, those aged 30 - 60 are charged the lowest car insurance rates. Younger drivers (usually those aged under the age of 25) will often pay higher motor insurance premiums, mainly because statistically there is a higher chance that younger drivers will be in an accident.

However, it is important to keep in mind here that just because you are, say, in yours 30s, doesn’t necessarily mean you will automatically lock in the lowest car insurance prices. Your driving experience will also be considered, so if you’ve only been behind the wheel for less than one year, you will likely be charged a higher rate than a driver with more than 4 years of driving experience.


Believe it or not, the type of job you have can sometimes influence how much you will be charged for motor insurance. Insurers will usually charge higher rates to those who work in the entertainment industry (e.g. singers, actors), or those in job roles involving vehicle repair, maintenance, and/or trade.

Lock in the best car insurance rates with Kwiksure today

Of course, securing motor insurance from a leading broker, like Kwiksure, can also result in significant cost savings. As car insurance experts, we’ve acquired almost 20 years of experience sifting through hundreds and thousands of Hong Kong motor insurance plans to present our clients with the most attractive auto insurance options - both coverage- and price-wise. To lock in the best rates now, get in touch with Kwiksure, or visit our online car insurance quotation page here.

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.