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Financing and insurance in Hong Kong

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,610
1,236
Hong Kong
Guys please be safe on road, my quotation from Zurich has doubled this year (for a 2015 model S60)............I asked quite a few other companies, all above 10k for comprehensive coverage

Zurich are well known for not wanting to renew Tesla insurance any more here - hence they double the quote.

With 60% NCB, you should be well under HK$10k. Axa and Prudential both reasonable.
 
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mattse

Member
Mar 15, 2016
117
29
Hong Kong
The worst thing is Zurich cancelled the zero excess part.... My car was rear-ended when I was waiting at a traffic light (don't know how the other guy did not see me), he refused to cover the full cost of my repair until I told him I have zero excess and I will submit insurance claims unless he pays me in full. I cannot find another insurance company which offer zero excess nowadays...
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
The worst thing is Zurich cancelled the zero excess part.... My car was rear-ended when I was waiting at a traffic light (don't know how the other guy did not see me), he refused to cover the full cost of my repair until I told him I have zero excess and I will submit insurance claims unless he pays me in full. I cannot find another insurance company which offer zero excess nowadays...

You have to pay excess to the insurance company even if it is not your fault?
 

punter

Member
Oct 23, 2016
35
25
Hong Kong
Has anybody done any research into the insurance questions surrounding the fact that the replacement cost of our cars is now roughly double the purchase price? Anybody tried to increase their coverage up to replacement cost?
 

T.E.S.L.A

Member
Mar 17, 2017
63
12
Hong Kong
Has anybody done any research into the insurance questions surrounding the fact that the replacement cost of our cars is now roughly double the purchase price? Anybody tried to increase their coverage up to replacement cost?

Yea, I'm also very curious to find out if they can up the premium to cover the real cost of a replacement car...

Anyone?
 

mkq786

Member
Nov 22, 2016
101
14
Hong Kong
Yea, I'm also very curious to find out if they can up the premium to cover the real cost of a replacement car...

Anyone?

I did discuss this with Prudential last month when getting cover for my car. I was advised they will have to look into this and then update us. So far no info. I will chk with the agent if there is anything and let you know.
 

T.E.S.L.A

Member
Mar 17, 2017
63
12
Hong Kong
I called AXA and they know about the concern we have due to the massive increase in replacement cost.

They are willing and able to cover the extra for a new replacement car if needed, but they are waiting for an official updated price list and information from Tesla Hong Kong.

It seems that our insurance premium upgrade delays are caused by Tesla Hong Kong dragging their feet and not updating the information for the insurance companies.
 

Bludev97

Member
May 21, 2016
11
3
Kowloon
I received my car in Oct 2016 and insured it through AXA. I just received a letter a few days ago from AXA in which they stated that my car is insufficiently insured due to the new FRT provisions. Has anyone else received this letter? I'm guessing people have. What are the implications? Do I have to pay double the insurance fee now? What if I don't?

I keep calling them but no one picks up.
 

sith

Member
Jan 5, 2017
9
2
Hong Kong
I got their letter a few days ago as well. An additional premium of HK$7,xxx is required. I have joined their 3-year insurance plan. I doubt the 7,xxxx is for a year only there is as an increase of insured amount of HK$7xx,xxx after the new FRT provisions.
 

Falcon90D

Member
Mar 5, 2017
19
23
Tesla
I received my car in Oct 2016 and insured it through AXA. I just received a letter a few days ago from AXA in which they stated that my car is insufficiently insured due to the new FRT provisions. Has anyone else received this letter? I'm guessing people have. What are the implications? Do I have to pay double the insurance fee now? What if I don't?

I keep calling them but no one picks up.

If you don't pay the additional premium, AXA will only cover you up to the amount you paid for your car (i.e price of the car without FRT) in the event your car is stolen or totaled. The additional premium to cover your car + FRT will not be doubled, at least what I have been quoted isn't. You can get a quote here for a rough idea of what the additional premium will cost you (subtract what you already paid from the quoted premium).

I called them at 4pm on a weekday and my call was promptly answered. In case you still can't get through to them, I have attached an email they sent me which should address your concerns. I hope this helps.

-----------------------------------------------------------------------------------

I refer to your enquiry today. We are introducing an optional add-on benefit ‘Care Free From Tax Jumps’ to ensure your car is insured sufficiently to cover the change in First Registration Tax (FRT). With this new optional add-on benefit, we will cover your Tesla up to the value reflecting the change of the FRT concession under the ‘New for Old Replacement’ benefit. Below illustrative examples are for reference only.

Illustrative example 1
Mr. Chan takes out an InsureMyTesla policy in January 2017.

Model: XP100D
Original net purchase price: HK$1,329,000
Plan: Custom Plan

Five months after taking out the policy, Mr. Chan’s car is confirmed stolen. At that time, the new car value [i.e. the sum of original net purchase price plus the first registration tax (FRT) in 2017] has increased to HK$2,557,350 due to the change in FRT. As the net purchase price of the replacement car cannot exceed the original net purchase price of the insured car, Mr. Chan’s compensation under the policy’s “New For Old” benefit will be HK$1,329,000.

How can Care Free from Tax Jumps provide enough protection?
With this add-on benefit, Mr. Chan will be compensated a new replacement car of the same make and model available in Hong Kong SAR, not exceeding HK$2,557,350*.

Illustrative example 2
Ms. Wong takes out an InsureMyTesla policy in March 2016.

Model: S90D
Original net purchase price: HK$738,200
Plan: Custom Plan

Fourteen months after taking out the policy, Ms. Wong suffered a total loss. Her reimbursement amount under the policy’s “New For Old” benefit will be HK$590,560 (80% of original net purchase price HK$738,200).
How can Care Free from Tax Jumps provide enough protection?
The new car value has increased to HK$1,287,130 due to the change in FRT. With this add-on benefit, Wong’s reimbursement amount will be HK$1,029,704 (80% of HK$1,287,130)*.

*Subject otherwise to the terms and condition of the policy

With this new optional add-on benefit, we will cover your Tesla up to the value reflecting the change of the FRT concession under the ‘New for Old Replacement’ benefit. Please find attached a specimen add-on benefit ‘Care Free From Tax Jumps’ endorsement for your reference.

We hope you understand that you chose not to agree with the use and provision of your personal data for direct marketing purposes as set out in the Personal Information Collection Statement and not wish to receive any promotional and direct marketing materials. This is the reason why we can only send out the letter with limited information and asking for return call.

If you choose to accept the add-on benefit of ‘Care Free From Tax Jumps’ to be incorporated to your InsureMyTesla policy, simply complete and sign the attached credit card authorisation form, and return a scanned copy to us by email at [email protected] on or before 21 May 2017. If you choose to pay the additional premium by cheque, please mail it to the following address, stating your policy number on the back of the cheque:

InsureMyTesla
AXA General Insurance Hong Kong Limited
23/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong

Upon receipt of the premium payment from you, we will email to you the endorsement which will be effective from 22 May 2017 until the policy expiry date.

We thank you for your continued support and look forward to serving you in the future. If you have any queries, please call us on (852) 2867 8708 from 9:00 am to 5:30 pm Monday to Friday or email us at [email protected].
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
Sounds good, but it costs $3.5k HKD more for a X90D in my case. At this stage, better off buying a second hand X in case of a write off. The website now ask you if you bought auto pilot, and if you did, insurance is $500 cheaper, pretty neat.
 

Falcon90D

Member
Mar 5, 2017
19
23
Tesla
Sounds good, but it costs $3.5k HKD more for a X90D in my case. At this stage, better off buying a second hand X in case of a write off. The website now ask you if you bought auto pilot, and if you did, insurance is $500 cheaper, pretty neat.

When did you take delivery of your car? Most Model X 90D owners who took delivery in March 2017 were only quoted $2,5xx.
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
When did you take delivery of your car? Most Model X 90D owners who took delivery in March 2017 were only quoted $2,5xx.
Sorry i calculated wrong, yes it is only $2500... Even though, still not worth it to top up for me. I still have an idle S85D that i am trying to sell. So I guess i am hedged in a way.
 

yannickhk

New Member
Jun 9, 2017
2
0
Hong Kong
HI all, newcomer here. This is a bit off topic but I have been trying to find more information on this to no avail.
I am about to buy a tesla, with financing most likely, but I am confused regarding the FRT.
Say I get a model S that is worth 1.2MHKD and I decide to finance it, is the FRT included in this price? If not, how much would that be? Give or take of course
 

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,610
1,236
Hong Kong
HI all, newcomer here. This is a bit off topic but I have been trying to find more information on this to no avail.
I am about to buy a tesla, with financing most likely, but I am confused regarding the FRT.
Say I get a model S that is worth 1.2MHKD and I decide to finance it, is the FRT included in this price? If not, how much would that be? Give or take of course

You should be able to finance the entire amount (including FRT) - or whatever limit the finance company imposes (based on your financial situation).
 

Captain_Kong

Member
Jul 4, 2014
170
23
HK
I took delivery of a MS, pre-tax price, and insured with Liberty earlier in the year. I asked them the question re replacement cost post-tax hike. They told me that they would only cover replacement cost upto the insured amount, not the true replacement amount (post tax-hike). Hard to think that any insurer would cover the car under the current Tesla prices without asking for extra premium...

I insured both my old and new MS with Liberty (AXA's quote was 25% more expensive all things being equaled), but Liberty doesn't do "P" models. And they've this NEW car replacement feature when you totaled your car in the first year, not applicable here due to price differential.

Disclaimer: I don't work for Liberty not that I've any vested interest in Liberty, just want to offer an option to compare pricing if fellow Tesla drivers wish to do so...
 

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