Nowadays, finding rates online is free, relatively easy, and can save you a lot of time. From identifying the best hotel and flight deals to searching for the best motor insurance online, quote websites, like Kwiksure’s, have become the first port of call for hundreds of thousands of people in Hong Kong due to their convenience and ease of use.
As Hong Kong’s leading car insurance broker, our main goal is to bring transparency to the world of motor coverage. Today’s article shares the below 5 tips to help you find the best motor insurance online.
1. Know the lingo
Naturally, one of the most essential things you will need before finding motor insurance online is knowledge of basic coverage terms. While car insurance jargon can be difficult to understand, having a general idea of what the most important terms mean will make the whole process of securing coverage a lot easier. If you’re confused by insurance terminology, be sure to visit our Insurance Terms Glossary, which features definitions of the most important terms including:
- Comprehensive motor insurance
- Third party motor insurance
- And many more
2. Know the type of car insurance cover you need
Before searching for motor insurance online, it’s also important to know the type of motor insurance cover you need.
For example, if your car is not worth much (e.g. valued under HKD 50,000), you might want to search for cheaper types of car insurance, namely third party motor insurance. As its name suggests, this plan covers third parties - including passengers and other people’s property - in the event of a motor accident you are held responsible for.
If you have a high value vehicle, on the other hand, you might be looking for a motor insurance plan that not only covers third parties, but also your own vehicle. Plans that cover both third parties and the insured’s own vehicle are called comprehensive car insurance plans; and while they’re more expensive than third party insurance, the extra peace of mind such plans provide can be well worth the money.
Obviously, there are more differences between the above types of car insurance cover in Hong Kong. To learn more about these policies, be sure to check out our blog post on the topic here.
3. Prepare this info before you find motor insurance online
Recently, we wrote an article on the types of information people will need when obtaining a motor insurance quote online. In order to generate an accurate quote, you will need to make sure you come prepared with all the info you need. Things to take stock of include the No Claims Discount (NCD) you currently have, your vehicle information (i.e. car make, car model, and year of manufacture), driver details (i.e. driving history, experience, age, occupation, etc.), and further details about your vehicle (e.g. body type, number of cylinders, etc.).
4. Take a close look at comparison websites
Another important thing to remember is that not all car insurance websites are legitimate, or operate in the consumer’s best interest. When you come across an online motor insurance site, things to watch out include:
- Contact information: Do they have all their contact information and address details on their website? Fraudulent sites tend to lack detailed contact information, and will usually only feature a phone number linked to either a WhatsApp or WeChat account.
- PIBA number: Companies with a Professional Insurance Brokers Association (PIBA) number are vetted as legitimate and will sell legitimate products. If you’re unsure about the legitimacy of a broker or insurer’s car insurance website, be sure to check the PIBA website here. (Kwiksure is a registered broker, but we are wholly owned by Pacific Prime Insurance Brokers, who hold the license.)
5. Don’t go by price alone
Price is an important thing to consider when comparing motor insurance, but it shouldn’t be the only deciding factor. For example, lower cost car insurance plans typically offer third party only coverage, meaning they won’t cover your own car in the event of an accident. Cheap plans can sometimes also come with a number of other risks, such as tight claims timeframes, poor customer support, high out-of-pocket costs, etc.
Get in touch with Kwiksure today
Of course, your best bet when it comes to finding the most ideal motor insurance policy is to get in touch with a leading broker, like Kwiksure. As car insurance experts, we have 18+ years of experience matching drivers in Hong Kong with the best car insurance cover, at the most optimal price. To get started with Hong Kong’s best car insurance broker, contact us today.