Kwiksure’s take on electric cars in Hong Kong and specifics of EV insurance
As with everything in life, there are also pros and cons in regards to getting an electric car in Hong Kong. While at first, you may get up to a HKD $250,000 concession in your First Registration Tax, and drive around knowing you are doing your share for cleaner air, some of you might be worried about the cost of insurance.
While for now, electric car insurance is more expensive than for petrol or diesel cars, the overall outlook looks bright, as more carmakers enter the market, therefore, making it more competitive. The predictions are that the parts for repairs and the amount of mechanics credited to do so will increase, bringing the premiums down. Also, as drivers gain experience driving electric cars it can also reduce the overall accidents ratio and work towards gaining your NCDs.
In case you’re looking to buy an electric car, there are some other things to know about - such as different premium calculations, repair costs, and registration fees, which differ from petrol cars. To find out more about how Kwiksure can make electric vehicle insurance simpler and easier for you, contact us today by email, call +852 3113 1331, or click the chat box on this page's right-hand side.
*The information contained in Kwiksure's blogs and infographics are provided for educational purposes only, and does not constitute legal or financial advice.