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My Terrible Ordeal with AXA Insurance Renewal

Discussion in 'Hong Kong' started by dcll, Jan 17, 2018.

  1. dcll

    dcll Member

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    I recently had to renew AXA insurance on my 2015 MS 85D. Due to a variety of reasons which I won't dwell on, I was late to renew my insurance policy that expired
    last week. I contacted AXA to renew based on the notice they sent in late Nov, 2017. They said my old rate $9600 is no longer valid and quoted a revised rate of $17,000. The 77% increase was a shock and I demanded the reason behind such an exorbitant amount. The first reason they gave was rise in FRT. I reminded them FRT was raised last year and my old quote reflected the FRT. Then they said the company decided to raise price due to demand. Due to influx of Tesla, the company expects higher rate of claims so as a business, they need to protect themselves by raising rates. So I conunter argued that the more people buy life insurance, the higher the rate??? Seems like insurance industry is following the HK govnt to deincentivizing EV. As for me...since AXA is the only insurer in the marketplace for my MS...I'm stuck.
     
  2. Tiger

    Tiger Active Member

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    Register it elsewhere?
     
  3. dcll

    dcll Member

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    I’m checking with Prudential and Bank of China but I’m not optimistic about my chances since Liberty no longer covers Tesla saying too many Tesla’s EV on the roads.
     
  4. markwj

    markwj Moderator, Asia Pacific

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    AXA seem to be raising rates because they no longer want to insure Teslas. Period.

    I suggest you try the alternatives. Mine is insured through Prudential. Sure, rates have gone up this year (due to increased claim ratio, not because there are more cars) but not by 100%.
     
  5. Exiom

    Exiom Member

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    I am insured with Prudential. This is my quote from early December 2017.

    NCB 60%
    Premium $5887.80
    General Excess $5500
    Third Party $5000
    Unnamed/Young Driver/etc/etc $5000
    Theft $5000
    Parking $2000

    Windscreen covered up to $5000

    However, I am limited to 100km per day (on average from the vehicle delivery date), otherwise General Excess is $100,000.
    But I am ok with that since I don't drive Uber or cross-border, 100km per day means 36,500km per year, which is very much acceptable.
     
    • Like x 1
  6. dcll

    dcll Member

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    Thank you for the suggestions. Hopefully Prudential will get back to me with a quote soon. Miss driving my EV.
     
  7. dcll

    dcll Member

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    If you don’t mind me asking, did insured through Prudential when you first purchased your Tesla or switch after?
     
  8. Exiom

    Exiom Member

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    I purchased as Tesla Certified Pre-Owned so I suppose yes... I insured with Prudential at vehicle purchase.

    AXA at the time gave me a quote of about $9800, I dont remember exactly. Also their excess amount is huge like $10,000-$15,000.

    Manulife/QBE is the worst... especially Manulife which is an agent of QBE... they give really low premium but their excess amounts are crazy like $15,000-$20,000

    I personally prefer higher premium for lower excess, so if you dont mind very cheap premium for very high excess... I have friends who work at Manulife... hahaha
     
  9. dcll

    dcll Member

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    Just wanted to extend my thanks to Exiom and markwj. Prudential offered a premium that's 20% less than the original AXA quote. The general excess for AXA is $20k vs $10k for Prudential with other excess inline. Now money saved will go to replace my tires and coffee if I get a chance to meet Exiom and markwj.
     
    • Like x 2
  10. Captain_Kong

    Captain_Kong Member

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    This makes ZERO sense to me. The prem is driven by the potential payout and accident rate. Even with a spike in the accident rate, I don't see how the payout (on the insured vehicle) could go up given it's a depreciating asset (plus its insured value is a significanlty depreciated pre-FRT MS' price)...

    Having said that, I've asked AXA for a quote previsouly, which was a ridiculous prem compared to Liberty's.

    I've 2 MS, both the previous and the current vehicle are insured with Liberty. Good service and price too. Except that they no longer insure P models.

    I don't have experience with other general insurers, but I heard there is a couple other Tesla friendly insurers, and AXA isn't one of them.
     
  11. punter

    punter Member

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    I was quoted $14,500 by Prudential vs. $13,300 by AXA. Both up a lot on last time.

    I've read about these low rates from Prudential, but when I apply, they don't seem to materialise.
     
  12. Exiom

    Exiom Member

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    Insure via an agent... never directly with the insurance company... you get MUCH better deals
     
  13. dcll

    dcll Member

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    #13 dcll, Jan 18, 2018
    Last edited: Jan 18, 2018
    I called their general line to request an agent to contact me. They came with a quote within an hour. I'd be happy to refer you this agent's contact if you are still interested.
     
  14. dcll

    dcll Member

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    #14 dcll, Jan 18, 2018
    Last edited: Jan 18, 2018
    I called their general line to request an agent to contact me. They came with with a quote within an hour. I'd be happy to refer you this agents contact if you are still interested.
    I tried Liberty and they no longer accept Tesla's so I reached out to Prudential.
    AXA's quote tells me they no longer want my business or Tesla owners business. They raised premium by 77% while doubling my general excess and increasing others by 50%. They even refused to quote their 3 yr premium plan even though they sent me a brochure for it.
     
  15. sohandso

    sohandso Member

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    can u share prudential contact to me?
     
  16. jerems

    jerems Member

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    I'm in the same situation.
    Was insured by china ping an for 6xxx/year with 60% ncb but they don't want to renew the contract.

    Best quote I have is from [email protected] which is 50% more than last year for a depreciating asset... this seems a bit steep.

    Can I have your contact at prudential? I'd be interrested to get a quote there too.

    Thanks.
     
  17. dcll

    dcll Member

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    Pls DM so I can get you the contact
     
  18. mdatwani

    mdatwani New Member

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    I have a 75D model X and am currently insured with AXA at a premium of 12,000 and 8,000 excess (policy expires next week). I had an incident few months back in a car park where I had damaged the back of the car and had to make a claim with them (no damged to any other car ot property, only my own cars back). Now its time for renewal and they have also mentioned that they are increasing the insurance value of the car also now since car actual value has increased due to it being no longer tax-free, they have hiked up the premium to 41,000!! That is just nuts, I understand there was a claim but that kind of increase is unheard of. The car is under my company name and my and my wife are both names drivers. Any advice would help! Do you suggest I check with Prudential? Can you dm me the agent contact?
     
  19. dcll

    dcll Member

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    Just an update from Prudential agent..."Prudential has reassessed the risk levels of Tesla Insurance and the rates." He didnt mention how much news rates have gone up but my renewal rates for next year would likely be 10%-20% higher.
     
    • Informative x 1
  20. hkskywalker

    hkskywalker Member

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    My car insurance from AXA for my Model X 75D is up for renewing in March. So I sent them email for renewal letter two months ago. They didn't want to give me a quote saying that they will not give me a quote until 30 days before expiration date. I have been waiting and waiting. And at last minute they sent me an email increasing the annual premium by more than 200% to HK$23,800. That is crazy. These insurance companies in Hong Kong really never have any business ethics. We made no claim last year. How can they jack up premium randomly? Or at least they should inform their customers much earlier!
     

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