Financing and insurance in Hong Kong

[DITB]

If expires at the end of Feb. I will let you know when the paperwork arrives in the next day or so but they said 3 years was ok.

So I guess it's too late to start to apply now (or tomorrow I guess)? Anyway, I doubt they will give me a 700K tax loan over three years, on my blank face. Especially as I don't pay nearly that much tax.

 

[Lerxt]

It is not too late. They will usually give you 6 times your monthly salary. Email [email protected]

 

[DITB]

It is not too late. They will usually give you 6 times your monthly salary. Email [email protected]

6 times, including housing allowance and similar?

For a tax loan, they normally ask for the tax bill, right? Would they lend me more than the total amount of tax I have to pay?

I'll give it a try in any case, thank you.

 

[DITB]

I got an insurance offer of 19,000 HKD, 25+ years driving experience (most outside of HK). Excess varies from 20,000 to 52,000 HKD, and I cannot see if those excess are cumulative, or individual. Ie, general excess is 52,000, young driver 20,000, theft 52,000 ... so if the car is stolen, while driven by a 24 year old, will the total excess be 52+20+52 = 124,000 HKD?

I think Tesla Motors HK really need to gang up with an insurance company, maybe even financing, for a good package, branded deal. I am happy to place insurance and financing the same place, if the conditions are favourable.

 

[markwj]

I got an insurance offer of 19,000 HKD, 25+ years driving experience (most outside of HK). Excess varies from 20,000 to 52,000 HKD, and I cannot see if those excess are cumulative, or individual. Ie, general excess is 52,000, young driver 20,000, theft 52,000 ... so if the car is stolen, while driven by a 24 year old, will the total excess be 52+20+52 = 124,000 HKD?

I think Tesla Motors HK really need to gang up with an insurance company, maybe even financing, for a good package, branded deal. I am happy to place insurance and financing the same place, if the conditions are favourable.

Do you have any No Claims Bonus? Or is this your first car? The NCB maximum in HK is around 60% discount.

 

[DITB]

Do you have any No Claims Bonus? Or is this your first car? The NCB maximum in HK is around 60% discount.

Unfortunately 0%, as this is my first HK car purchase.

Still hoping Tesla will come up with a branded insurance. I once had a BMW motorcycle (overseas), and the insurance BMW offered was a TENTH of what I could get elsewhere. In fact, it was a major decision maker for me to trade in my Suzi 600 to a Beemer 1150. I know that many brands, in many countries, get special deals with insurance companies, which they can package with a sale. The advantage for the insurance company is they can get lots of business. And I would imagine the average Tesla driver/owner isn't a Friday night strip cruiser, but generally safety minded experienced drivers.

 

[CCT]

I got an insurance offer of 19,000 HKD, 25+ years driving experience (most outside of HK). Excess varies from 20,000 to 52,000 HKD, and I cannot see if those excess are cumulative, or individual. Ie, general excess is 52,000, young driver 20,000, theft 52,000 ... so if the car is stolen, while driven by a 24 year old, will the total excess be 52+20+52 = 124,000 HKD?

I think Tesla Motors HK really need to gang up with an insurance company, maybe even financing, for a good package, branded deal. I am happy to place insurance and financing the same place, if the conditions are favourable.

Which insurer is it?

 

[lx3h]

Unfortunately 0%, as this is my first HK car purchase.

Still hoping Tesla will come up with a branded insurance. I once had a BMW motorcycle (overseas), and the insurance BMW offered was a TENTH of what I could get elsewhere. In fact, it was a major decision maker for me to trade in my Suzi 600 to a Beemer 1150. I know that many brands, in many countries, get special deals with insurance companies, which they can package with a sale. The advantage for the insurance company is they can get lots of business. And I would imagine the average Tesla driver/owner isn't a Friday night strip cruiser, but generally safety minded experienced drivers.

Can Tesla help?

 

[Lerxt]

The folks at Tesla told me that they are working on insurance and they will announce something as soon as they can.
What was the insurance company that made you an offer?

 

[DITB]

Wing Hang Insurance.

I thought there might be some sweeter deal if I combined financing and insurance. I had hoped for either a lower excess, or with an excess this high, a lower premium.

Here is a high premium, with a high excess. Good for the insurance company, obviously :frown:

 

[Rotorbow]

I've been looking around and have been shocked at the premiums expected up to now. I can now recommend Mr. Iain Warren of Kwiksure who provided a premium of HKD13,975 for my Signature Model S P+. That's after a 60%NCD and what I regard as reasonable excesses. If interested his email is [email protected].

 

[markwj]

Liberty Insurance Hong Kong are putting together a package for Hong Kong Tesla owners.

(Disclaimer: I am not an agent, and don't represent them, or get reimbursed from them, in any way. I am a customer.)

They are offering:

- Our Liberty Privilege product, which offers wider coverage than standard HK car insurance, and the highest levels of service.
- Automatic acceptance for Model S owners (in fine print “subject to underwriting department”, but not expected to be an issue).
- Competitive and fair pricing – our goal is to build a long term program for loyal customers and follow Tesla’s model of fair and transparent pricing, and you can see yourself prices on the back page of the Offer Letter

I am told that the offer is live and ready. For details:

- Email Liberty’s service team at [email protected]
- To speed up your quotation, in the email please tell us your name, phone number, No Claims Discount, and Tesla Purchase Price

I would like to see the detailed terms, but this seems very good. Exactly what I like to see Tesla helping to arrange.

Dropbox - Liberty Privilege Leaflet.pdf
Dropbox - Liberty Tesla Offer Letter English and Chinese.pdf

 

[AppleFan]

Yes, the guy who put this deal together at Liberty Insurance is himself a huge Tesla fan. He was the one who encouraged me to go for a test drive and came along with me. I alerted him to the posts on this forum that other owners were getting really high quotes because many insurers are skeptical or doubtful about the Tesla. He knows the company and the car, and that's why he's able to offer such competitive quotes. With him behind this, I'm very confident we'll get a good deal.

(Declaration: I'm not an agent nor do I represent Liberty. I haven't purchased any insurance from Liberty before either. I just know the guy personally.)

 

[Vmax]

Great info. Thanks.

 

[ekwng]

Many Thanks!!

 

[CCT]

Thanks for useful info!

 

[lx3h]

Huge thanks to you!

I have something to ask. Since this is my first car, under the insurance policy offered above, how much is covered if the car is completely destroyed or stolen?

 

[Liberty]

Disclaimer: I represent Liberty Insurance

When you purchase Comprehensive Insurance, your car is covered for own damage (collision damage) and also theft.

If your car is stolen, you'll be covered up to your sum insured (your purchase price in the case of a new car) minus any applicable excess. Most insurance policies have a theft excess that applies in case of theft.

 

[markwj]

Huge thanks to you!

I have something to ask. Since this is my first car, under the insurance policy offered above, how much is covered if the car is completely destroyed or stolen?

Thanks to Tesla (who had a high-up contact) for this (and perhaps AppleFan via his friend). I am just the relay of good news.

I am told that the standard damage excess is 1% (50k - 100k for our Teslas). So under the Liberty insurance plan, a complete loss would be the insured value (usually replacement cost) less excess. (disclaimer: I'm not an insurance agent and have never made a vehicle insurance claim)

P.S. I'm told that Liberty are also considering Roadster insurance, which will be of great interest to roadster owners in Hong Kong. Mine is coming up for renewal, so I'll let you know what I find out.

 

[DITB]

Great news, I will write you an email very soon, Liberty. Thank you, AppleFan and others, for your work to secure these deals.

In the meantime, I can reveal that for financing I have now chosen

hitachi-capital.com.hk

for my Tesla model S.

I am sorry that I cannot disclose the details, as it will vary with the situation and requirements of each customer, but I am very, very satisfied - much better than Wing Hang banks offer of 80% "48 - 5 = 43" months offer.

Let me join the disclaimer choir: I am not affiliated with Hitachi, but have another loan there already, and a lot of my friends and colleagues use them.

Ask for Mr. Mark Ma, he knows what it's about, and send him the "Print Specs" from the teslamotors.com page, which includes options and price. markma at hitachi-capital dottt com dottt hk