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My Terrible Ordeal with AXA Insurance Renewal

stusbax

New Member
May 29, 2018
1
0
Hong Kong
Axa insured from a purchase mid-year 2017. No claims during the period insured, a 60%NCD, in truth no claims well over 10 years and renewal quote from AXA a full 224% increase!!!!!!!
When asked why the significant increase reason gave the number of claims by OTHER Tesla drivers in 2017! A total of 5 in all.

Kwiksure though more reasonable still only offering with a general excess of 10% value of the car before any payout. 70K excess for any claim. Reason given cost of repairs with Tesla. In truth who would claim and lose 60%NCD ... rigged

Feeling like insurance companies are exploiting the situation though Tesla could do more to reduce the cost of repairs.

Any more suggestions for "reasonable" Tesla car insurance.
 

Exiom

Member
Nov 29, 2017
206
105
Hong Kong
Bosco Wong (Prudential) +852 6545 9323
Anthony Ho (Manulife/QBE) +852 9147 7092

You can tell them Jackson referred you, perhaps they will give you a better rate.
 

JTKL HK

New Member
Sep 13, 2018
1
0
Hong Kong
I just received an email from AXA that it wishes to cancel my 3 year prepaid insurance. It offers to refund part of the unexpired premiums (about $4,000 for 10 more months of coverage). It offers a new policy which would cost over $14,000 per annum with a ridiculously high deductible. Highway robbery!

I do not understand how an insurance co could cancel a 3 year prepaid policy and hoped to get away with refunding the unexpired premium. Does not sound very ethical to me!
 

Exiom

Member
Nov 29, 2017
206
105
Hong Kong
I just received an email from AXA that it wishes to cancel my 3 year prepaid insurance. It offers to refund part of the unexpired premiums (about $4,000 for 10 more months of coverage). It offers a new policy which would cost over $14,000 per annum with a ridiculously high deductible. Highway robbery!

I do not understand how an insurance co could cancel a 3 year prepaid policy and hoped to get away with refunding the unexpired premium. Does not sound very ethical to me!
You are not alone, they seem to be cancelling every Tesla contracts and then massively increasing the price... what you have received I would say already seem much more reasonable than what others have reported.

It doesn't seem very ethical or in contractual spirit... but they do have a clause in their terms that both parties are allowed to cancel the contract with written notice.

I think you should send your case to Ombudsman or even the newspaper.

Because of this... many other Tesla owners vow to never ever use AXA for any and all insurance ever again.

I have posted some contacts above which I have used in the past... but I hear Liberty and Zurich are also doing good deals for Tesla... so maybe you can look into those as well.
 

FequalsMA

Member
Mar 10, 2016
282
75
Hong Kong
I have to say, AXA really dropped the ball on this.
Intially they were quite confident about their Tesla exclusive programs.
Now they have to go back on their offers. Really bad PR but not quite highway robbery (just need to look for a better competitor).
Someone better be getting repremanded over this.
 

Exiom

Member
Nov 29, 2017
206
105
Hong Kong
I have seen AXA renewals asking for $30k and up to $60k for Model S where the previous year were only $10k...

Many cases these fellow owners had not claimed before
 

FequalsMA

Member
Mar 10, 2016
282
75
Hong Kong
I have seen AXA renewals asking for $30k and up to $60k for Model S where the previous year were only $10k...

Many cases these fellow owners had not claimed before

Basically telling everyone in a very indirect (or direct) way that they can't afford your business.
Killing FRT wavier probably contibuted to this as a lower volume of vehicles being sold in HK resulted in less or no economies of scale for the region (parts and labour got more expensive with each claim).
 

Exiom

Member
Nov 29, 2017
206
105
Hong Kong
Basically telling everyone in a very indirect (or direct) way that they can't afford your business.
Killing FRT wavier probably contibuted to this as a lower volume of vehicles being sold in HK resulted in less or no economies of scale for the region (parts and labour got more expensive with each claim).
I think it has more to do with the current Tesla Body Shop Partner (Kingsway), they are well known to be dodgey and super expensive.

Otherwise HK actually has one of the highest density of Teslas anywhere... FRT does affect it somewhat for total loss considerations but hardly enough to warranty the colossal increase in premium...

While crash repairs are very expensive compared to other cars... but it's not crazy amongst other aluminium bodied cars... it just takes a stupidly long time compared to others... but you dont see other insurance companies going crazy on their prices... so I think AXA is just bitter and even more bitter after Tesla has switched to Liberty...

I has been known that AXA cancels your insurance after you make a claim and in some cases knows that you are about to make a claim... but after the switch... they are mass cancelling their Tesla contracts...
 

FequalsMA

Member
Mar 10, 2016
282
75
Hong Kong
I think it has more to do with the current Tesla Body Shop Partner (Kingsway), they are well known to be dodgey and super expensive.

Otherwise HK actually has one of the highest density of Teslas anywhere... FRT does affect it somewhat for total loss considerations but hardly enough to warranty the colossal increase in premium...

While crash repairs are very expensive compared to other cars... but it's not crazy amongst other aluminium bodied cars... it just takes a stupidly long time compared to others... but you dont see other insurance companies going crazy on their prices... so I think AXA is just bitter and even more bitter after Tesla has switched to Liberty...

I has been known that AXA cancels your insurance after you make a claim and in some cases knows that you are about to make a claim... but after the switch... they are mass cancelling their Tesla contracts...

Sounds like a "perfect storm" scenario (excuse the pun).

Super dodgy.
So across the board the only big losers are the consumers.
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong

jerems

Member
Feb 16, 2017
21
4
hongkong
Just had my insurance renewal terms this year. another 50% increase. Went from 6k to 8k and now 13k... Still 60%ncb.... This is so much bullshit.
 

Jswlim

Member
Feb 5, 2017
25
4
Hong Kong
Axa insured from a purchase mid-year 2017. No claims during the period insured, a 60%NCD, in truth no claims well over 10 years and renewal quote from AXA a full 224% increase!!!!!!!
When asked why the significant increase reason gave the number of claims by OTHER Tesla drivers in 2017! A total of 5 in all.

Kwiksure though more reasonable still only offering with a general excess of 10% value of the car before any payout. 70K excess for any claim. Reason given cost of repairs with Tesla. In truth who would claim and lose 60%NCD ... rigged

Feeling like insurance companies are exploiting the situation though Tesla could do more to reduce the cost of repairs.

Any more suggestions for "reasonable" Tesla car insurance.


+1 just got my renewal quote from AXA
 

Arthur C

Member
Feb 26, 2018
5
0
Hong kong
The insurance renewal has been a headache since I got my car.

I just got my renewal quote from Kwiksure. My car is 2017MS90D. "No surprise", it is 100% more than last year. It is now HK$40K for comprehensive coverage. I am on 30%NCD last year. Never claimed before. This is my first car in HK. That's why its 30% NCD last year.

It just does not make sense to pay HK$40K this year and it may hike again next year.

I try to reduce the insurance amount to $800,000 to see if it is cheaper and I am considering to have 3rd party insurance only. Its less than HK$5000/year.

Of course, I may choose to sell my car altogether : <
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
Selling the car for a cheaper ICE is looking like a better and better choice. Each year you have to do insurance hopping since your original rate doubles. Liberty caught on and asks for your odometer read out before giving a quote, they gave me a good quote (relatively) since I don't drive much! We are getting penalized by uber drivers!
 

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