Compare car insurance in HK: What factors may affect your auto insurance premium
Like any form of insurance, coverage for a motor vehicle can have premium prices that vary a lot depending on you, your vehicle, your driving habits, and history. There are different forms of coverage and extra options you can include to ensure that you’re covered for whatever you might encounter on the roads. Comparing car insurance online can be a daunting and time consuming process and Kwiksure has some tips for you if you’re on the hunt for a car insurance policy.
What type of insurance do I need?
When you’re looking at making a car insurance comparison, you need to know what types of policies to compare. There are two main types; comprehensive insurance, and third party insurance. Comprehensive policies provide the most extensive form of coverage, allowing drivers to claim for loss or damage to their own vehicles, for personal injuries, and provides cover for liabilities incurred against the property and injury of others.
Third party insurance covers only damage and injury to others. If you’re involved in an incident and your own car is damaged or written-off, you will be left to cover the cost of repair or replacement yourself. Third party fire and theft policies provide extra coverage that treats your vehicle as property. This means that you can claim for any damages or loss attributed to a fire or theft.
In Hong Kong, third party coverage is the minimum level of coverage required by law. It is illegal to own and operate a vehicle without at least the sort of cover that third party insurance generally provides.
I know what type I want, but what I should look out for?
When looking for a policy, especially comparing car insurance online, there are a few things you should keep in mind when going through your options.
Cheap car insurance vs expensive car insurance
Those of you on a smaller budget for car insurance should keep in mind that even though a policy might be cheaper, you may not be getting all the coverage you could need. Third party insurance premiums are generally a lot cheaper than comprehensive policies, but factor in the personal cost you will incur should an incident happen. A cheaper premium may result in a much, much larger end cost for repairs or replacement of your vehicle.
What extras do you get, and what might you need?
Remember that not all car insurance policies are created equal and some may provide you with handy benefits such as roadside assistance, or windscreen replacements. Others might include personal accident and medical services. What you need to do is decide whether or not you’ll use these extras and benefits, or if you’ll simply end up paying for optional perks you won’t use.
Including other drivers
If there will be more than one person driving your car, then don’t forget to include them in your quote details. If a partner or teenage child who is not included in your policy is involved in an incident as the driver, coverage is not guaranteed. There are some conditions in which other drivers may be covered by your insurance, but for frequent drivers of the vehicle it’s safer to just include them.
Increasing your excess
When making car insurance comparisons, you will often be given the option to increase the excess you pay when it comes time for you to make a claim. While this can definitely make your premiums cheaper, it should be considered with the same warning as opting for a cheaper plan over a more expensive one; can you afford to pay a large lump sum in order to meet the costs of repairs or replacement?
Shop around for the best price
Especially if you’re comparing car insurance online, it’s really convenient to check various different insurers websites to find out a cheaper plan with motor vehicle coverage you need. It can be time consuming, but it can save you money in the long run if you do.
What is the best way to make car insurance comparisons?
Here’s the secret: use an experienced car insurance broker like Kwiksure! While you might think that it’s cheaper to go to insurers directly, the advantage of a broker is in the long standing relationships that Kwiksure has with its partners. Their expert advisors can do all the car insurance comparisons for you and deliver the best priced plan that meets all of your driving needs. Moreover, you can try our online quotation tool and get a free quote as well.