TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC

Financing and insurance in Hong Kong

Discussion in 'Hong Kong' started by DITB, Sep 15, 2013.

Tags:
  1. grimani

    grimani New Member

    Joined:
    Nov 22, 2014
    Messages:
    3
    Location:
    hong kong
    AXA jacked my rate up to $35k from $14k.
     
  2. grimani

    grimani New Member

    Joined:
    Nov 22, 2014
    Messages:
    3
    Location:
    hong kong
    Also raised excess cover to 20k across the board. Basically, they don't want this business.
     
  3. Argonaut

    Argonaut Member

    Joined:
    Jan 1, 2017
    Messages:
    92
    Location:
    Switzerland
    I met some senior people at their regional HQ. They basically confirmed that the business was performing very poorly and are trying to price themselves out of the market. The future is when Tesla bundles insurance with the sale of the car, either by finding a fronting carrier or owning an insurance company themselves.
     
  4. Optic

    Optic Member

    Joined:
    Nov 10, 2014
    Messages:
    196
    Location:
    Hong Kong
    yes, doesn't help that these cars are so expensive to repair and there is no salvaging (that I know of) in HK.
     
  5. wongbr8

    wongbr8 New Member

    Joined:
    Aug 26, 2018
    Messages:
    2
    Location:
    Hong Kong
    Anyone know what options are there for insurance now? with AXA and their >200% increases what are people using for renewals?
     
  6. kinho

    kinho Member

    Joined:
    Nov 24, 2016
    Messages:
    52
    Location:
    Hong Kong
    You should try Cindy ([email protected]) at Prudential, email her with a brief explanation of your case and she'll follow up with a quotation.
     
  7. Fritz96

    Fritz96 New Member

    Joined:
    Sep 6, 2018
    Messages:
    1
    Location:
    Napa Tuen Mun
    I just bought a CPO P85D, my first car in HK. Liberty quoted 35T so i tried QBE with 27T.
     
  8. markwj

    markwj Moderator, Asia Pacific

    Joined:
    Apr 10, 2011
    Messages:
    4,262
    Location:
    Hong Kong
    Congratulations, and welcome to the forums.

    But, those insurance quotes are brutal. Presumably zero NCB?
     
  9. markwj

    markwj Moderator, Asia Pacific

    Joined:
    Apr 10, 2011
    Messages:
    4,262
    Location:
    Hong Kong
    Reports coming in today that AXA is cancelling the 3 year policy agreements they signed (policy General Condition 11.6 allows this). They are offering quotes of HK$47,000 with higher excesses, for renewals now.
     
  10. skhon

    skhon Member

    Joined:
    Feb 8, 2017
    Messages:
    6
    Location:
    Hk
    This is true. I have just had my AXA 3 year contract cancelled 2 years in. Jacked up from 6K to 18K.

    Any recommendations for other insurers?
     
  11. wongbr8

    wongbr8 New Member

    Joined:
    Aug 26, 2018
    Messages:
    2
    Location:
    Hong Kong
    Hi Kinho,

    Thanks for the referral, I messaged her and waiting on a reply will update this post when I hear back
     
  12. hemz88

    hemz88 New Member

    Joined:
    Oct 3, 2015
    Messages:
    2
    Location:
    Hong Kong
    Was with them from the start, Premium jacked up to 14K, double of what i was paying. Nobody wants this business!
     
  13. OddBod

    OddBod New Member

    Joined:
    Sep 20, 2018
    Messages:
    2
    Location:
    Hong Kong
    Just received notice that my Model X75 three year pre-paid insurance policy will be automatically cancelled in December.

    I have been driving since 1982. Never had any points, accidents or insurance claim for anything ever. Low milage each month. I am at the optimum age for reduced insurance.

    AXA are now offering more than double increased policy fee, with HK$130,000 excess penalty and 30% reduction on car's value if stolen. Crazy crazy crazy. I will not renew with AXA. I am prepared to pay a different insurance company a higher premium.

    I will begin moving all of my other insurance policies away from AXA. They have no commitment towards me therefore I no longer have any commitment to them. This is not only about money. It is about trust. Trust is frequently suggested in their marketing material but not in the treatment of their customers.

    Has anyone considered if collusion is at play? i.e. If AXA continues to work with Tesla, the other brands will stop pushing business towards AXA. Is this preparation for their gang fight against the forthcoming Model 3?
     
  14. kc25

    kc25 New Member

    Joined:
    Oct 11, 2018
    Messages:
    1
    Location:
    Hong Kong
    Hi all,
    I've newly moved back to HK and will have a long daily drive to work (PT not possible). Have been looking at used MS. I'm almost there on it but the insurance seems to be a big stumbling block! Similar to others in this thread, have been quoted 35k per annum by Zurich for full comprehensive on a used P85D.

    Will send Cindy a msg as someone else has posted before, has anyone else got any suggestions or contacts that I can try? Super keen to not use an ICE for the daily drive, but the insurance is a big final stumbling block...

    Appreciate any advice!
     
  15. Darthajack

    Darthajack New Member

    Joined:
    Oct 12, 2018
    Messages:
    2
    Location:
    Hong Kong
    New InsureMyTesla partner is Liberty Insurance. Got an email from Tesla a few weeks ago Tesla suggesting them. As I'm about to AXA sent me their new quote and it almost tripled from 9k to over 25k. Apparently based on how many Kms you drive. Mine is 2 years old and has just under 10,000km on it, my quote is around HKD 13,700 (60% NCD). General excess is HKD 20,000. Pretty high excess but definitely cheaper than AXA who obviously is out.
     
  16. Darthajack

    Darthajack New Member

    Joined:
    Oct 12, 2018
    Messages:
    2
    Location:
    Hong Kong
    Sorry, errors in the previous post (moved sentences in the wrong place and apparently no way to edit). The kilometers-based quotation is with Liberty Insurance, not with AXA. Quotation provided was just last week (Oct 2018), for next year on a 2-year old Model S.

    First year I used Prudential but the didn’t have a new for old that took in consideration the First Registration Tax. So switched to AXA.

    Would appreciate others to share who they chose and what the premiums/coverage looks like.
     
  17. akkyau

    akkyau Member

    Joined:
    Nov 9, 2015
    Messages:
    5
    Location:
    Hong Kong
    Just got a renewal quote for 2015 MS from Prudential . A big jump of general excess to 10% of sum insured from less than $10000.
    The premium has incresed about 20% from last year and I was kind of expecting it despite a lowering of sum insured.
    Has anyone got a better deal in their recent renewals?
     
  18. punter

    punter Member

    Joined:
    Oct 23, 2016
    Messages:
    35
    Location:
    Hong Kong
    Prudential quoted $44k. AXA at $16k with high excess. Liberty at $19k. I am going with Kwiksure 3rd party liability only at $3800. I drive only about 6000km per year so I don't see the point in paying $3 per km just for insurance. Self insurance is a better bet. Does anybody have an alternative 3rd party provider to Kiwksure? Their quote is double what I used to pay to DirectAsia.
     
  19. hkskywalker

    hkskywalker Member

    Joined:
    Apr 5, 2017
    Messages:
    8
    Location:
    Hong Kong
    Every year, the insurance company comes up with a different policy. In the first year, I got AXA. The second year, I got Zurich. And both of them stop doing business with Tesla. It is very annoying that Telsa owners have to shop for car insurance every year!
     

Share This Page

  • About Us

    Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.
  • Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


    SUPPORT TMC