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Financing and insurance in Hong Kong

Argonaut

Member
Jan 1, 2017
98
42
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.
 

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,617
1,246
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.
 

skhon

Member
Feb 8, 2017
6
0
Hk
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.

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?
 

OddBod

New Member
Sep 20, 2018
4
2
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?
 

kc25

New Member
Oct 11, 2018
1
0
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!
 

Darthajack

New Member
Oct 12, 2018
2
0
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.
 

Darthajack

New Member
Oct 12, 2018
2
0
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.
 

akkyau

Member
Nov 9, 2015
5
0
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?
 

punter

Member
Oct 23, 2016
35
25
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.
 

hkskywalker

Member
Apr 5, 2017
8
0
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.
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!
 

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