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My Terrible Ordeal with AXA Insurance Renewal

Exiom

Member
Nov 29, 2017
206
111
Hong Kong
This is possibly due to the First Registration Tax, which means the base value of your car is now higher...

Judging from local Facebook Tesla groups and the own group app chats... people affected are mainly 2017 car owners... people who opt to insure for a lower value (older cars or CPO cars) have much more reasonable rates. Such as the rates I mentioned above... however my agent does not take on new customers so I am unable to refer.
 

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,630
1,288
Hong Kong
This is possibly due to the First Registration Tax, which means the base value of your car is now higher...

That would only affect new-for-old replacement, which is only for the first year?

I don't see that the change in the price of new cars has affected the transaction pricing of second hand cars much - and that is what the valuation is going to be based on.
 

Exiom

Member
Nov 29, 2017
206
111
Hong Kong
Perhaps... but there seems to be a trend where newer car owners (0-2 years old) owners are getting a massive increase in insurance premium as oppose to their previous year. The most outrageous quotation I have seen to date is over HK$50k per year for a 3 year quote and apparently the owner has never claimed insurance before.

However, CPO / 2nd hand owners who insure their vehicle at their 2nd hand purchase price say 500k to 700k, does not see such outrageous premium prices with many reporting 5k - 9k with reasonable excess values as well.

Insurance companies have also begun introducing a terms where you are limited to a certain mileage per year... ranging from 36,500km to 100,000km per year.
 

Arthur C

Member
Feb 26, 2018
5
0
Hong kong
I just received my insurance quote for 2018 at HK$34,609.18 from AXA (excess is HK$20,000 after MIB and levy. Insured estimated value is "As per market value" - what is that???) for my MS 90D today, 27 Feb 2018. My insurance premium last year is $11,320!!! I have no accident/incident/insurance claim made in 2017.

The new premium is grossly unacceptable and I cannot make any sense out of it.

I will be busy for sometime to search for a new insurer. Thanks to this forum, I know there may be one or two insurers other than AXA are available. Since the electric car is new in HK, I think Tesla owns the existing owner the liability to provide assistance / negotiate for a reasonable policy and premium.

I will contact Tesla to see any assistance.
 

MyEv

New Member
Feb 27, 2018
3
3
Hong kong
We also just received our new Tesla insurance quote. We had a claim last year for $120,000. Our original premium was $9800 with $8000 excess with 60%ncd. Our new quote was $74,000 and a excess of $50,000 with ncd of 30%. I called them to check if it was a typo as this is a 700% increase. The feedback was that rates have gone up and since we had a claim it went up more. They offered the option to add $20k to the excess to $70k and they would reduce the premium 10%. Does this sound rediculous?

Any insurance agents that you might recommend? I’m hearing qbe and prudential has more reasonable rates. As I need to renew within the week, any feedback or referrals would be greatly appreciated!
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
Yep, seems like they are weeding out Uber drivers who drive long distance, which is great. But some how AXA is smacking everyone. I guess MX cost too much to repair. Even Prudential raise their rates some 20-30% but not as excessive as AXA.
 

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,630
1,288
Hong Kong
Everybody's rates are up, quite simply due to high claim rate. People are crashing the cars too often, and the repairs are too expensive. Kingsway must be rolling in the cash.
 

Matt_S75D

Member
Apr 29, 2017
20
0
Hong Kong
can you provide the Prudential contact to me? thx

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.
 

dcll

Member
Sep 26, 2017
21
4
Hong Kong
Pls DM for contact. The agent has warned Prudential rates are heading higher. Likely due to high rate of renewal from last mass rush of EV purchases from 2017.
 

jerems

Member
Feb 16, 2017
21
4
hongkong
I got a better quote at prudential too. Am back to 8000 (instead of 6xxx last year) for a model S60 2017 model.
Hope next year wont be another bad surprise.
 
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Reactions: dcll

clyuen

New Member
Oct 23, 2017
4
0
Hong Kong
I got a better quote at prudential too. Am back to 8000 (instead of 6xxx last year) for a model S60 2017 model.
Hope next year wont be another bad surprise.

Can you provide me the agents number ?
My MX 75D > AXA quotes 35900 with 60% NCB !!!! I had zero claim last year !!!! just not acceptable
 

Arthur C

Member
Feb 26, 2018
5
0
Hong kong
I just received my insurance quote for 2018 at HK$34,609.18 from AXA (excess is HK$20,000 after MIB and levy. Insured estimated value is "As per market value" - what is that???) for my MS 90D today, 27 Feb 2018. My insurance premium last year is $11,320!!! I have no accident/incident/insurance claim made in 2017.

The new premium is grossly unacceptable and I cannot make any sense out of it.

I will be busy for sometime to search for a new insurer. Thanks to this forum, I know there may be one or two insurers other than AXA are available. Since the electric car is new in HK, I think Tesla owns the existing owner the liability to provide assistance / negotiate for a reasonable policy and premium.

I will contact Tesla to see any assistance.

I finally settled it with Kwiksure at about$25,000. I got 20% NCD as it is my first owned car last year. No claim last year.
 

keithkcleung

Member
May 17, 2017
5
0
Hong Kong
A bit of a tangent here. I'm currently in the 2nd year of my 3-year AXA contract for the MX.

I recently had a mini crash at the rear of my car and Kingsway's quote for fixing it is >HK$100k. Now I can try to go for a third party to try to fix it (out of pocket) or claim insurance. Given the claim would be >HK$50k, AXA can increase my premiums for the 3rd year.

1. Do people here have a sense of how much insurance premiums would go up upon a claim (besides losing NCD)? Is the magnitude of increase proportional with the claim amount?

2. Do people here have experience switching to another insurance broker after making a claim with AXA?

3. Any suggestions for third party fixes? I posted the question in the other forum, but haven't gotten a reply..

Thanks all
 

Exiom

Member
Nov 29, 2017
206
111
Hong Kong
Must be a rather big crash if over $100k to fix... self crash?

I suppose if I were in your situation... I would claim AXA and then switch to a different insurance company next year even with reduced NCB.

Especially since AXA's current stance basically doesn't want to insure Teslas... regardless whether you claimed or not... AXA will increase your premium anyway and likely to crazy levels (Such as $30k to as much as $79k I last heard). As reported by many owners on the HK facebook group.

There have been many cases of owners claiming at AXA and switching afterwards with relatively easy. Altho the exact details are unknown but you can ask in the group and many people will share their insurance contact.

If the crash is not actually very serious and only cosmetic, it may pay to look around at other garages. However if it concerns mechanics and electronics... I would claim with AXA and leave next year.
 

keithkcleung

Member
May 17, 2017
5
0
Hong Kong
self (wife) crash + some dents here and there. The issue is Kingsway is charging the replacement of entire parts when it seems to be a dent.

which facebook group should I join? The model X one seems to have fairly low traffic. I would like to get a sense of cost/fixability from a third party as Kingsway's quote seems to be very inflated.
 

whitebear

Member
Jun 30, 2017
45
8
Hong Kong
I have never made any claims too. And I asked for quotation on comprehensive and third party only insurance every year, the premium just doubled for 2017-2018 and further increases by 50% to 4x (yes, you guess right, 4x is AXA) for 2018-2019 for BOTH comprehensive AND third party only insurance (for most of the quotations I got so far this year)

I really can't see why an increase in car value due to FRT can affect premium for third party only insurance and I can't see why people bumping their cars around should affect someone who never make a claims so much, what's the point of having NCD??
 

Exiom

Member
Nov 29, 2017
206
111
Hong Kong
If anyone needs an alternative quote for insurance, you can contact my friend,

Mr. Anthony Ho +852 9147 7092

He is a Manulife/QBE Agent. You can optionally let him know that you were referred by Jackson, but he will assume all Teslas are anyway.
 

Uppity

New Member
Apr 12, 2018
2
0
Hong Kong
If anyone needs an alternative quote for insurance, you can contact my friend,

Mr. Anthony Ho +852 9147 7092

He is a Manulife/QBE Agent. You can optionally let him know that you were referred by Jackson, but he will assume all Teslas are anyway.

Do you mind to provide me the Prudential Agent contact as well? Thanks.
 

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