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My Terrible Ordeal with AXA Insurance Renewal

harryohk

Member
Jul 6, 2016
8
3
Hong Kong
The combination of a terrible experience with AXA, and being ripped-off by Kingsway on repairs has led me to order a new ICE car when my RVG comes up in June. After 43 years of driving, I had my first two claims ever on my 2016 MS P90D, the first in 2017, another in 2018. Both were completely my own fault, involving relatively minor skirmishes with stationary objects. My previously unblemished claims history went up in smoke after having the car repaired by Kingsway on both occasions, with bills so high that I felt I had to claim on my insurance. I went from an 8k premium in year 1, to 20k in year 2, and 80k with a 55k deductible in year 3! And Kingsway kept my car for over a month on both occasions. In hindsight, it would have been cheaper to repair the car myself, but you don't think that they will charge you an additional 60k in premium when you've made an 85k claim.

As much as I have loved owning the car, those aspects of the ownership experience have been horrible, and I'm going back to German manufacturers, who have made most of the cars that I've owned over the years. I visited the Model 3 pop-up in Pacific Place at the weekend, and shared this story with the enthusiastic young Tesla salesman. He told me that Tesla would soon have "good news" for us owners, and that they will be setting up their own repair facility in HK. That may fix part of the problem, but too late for me.
 

Evhk

New Member
Mar 24, 2019
3
0
Hong Kong
I had to return my model S back in Jan because my insurce agent advised me that there will be substantial increase of premium next renewal, even with my absolutely clean driving record. Definitely enjoyed the car though now I am going back to an ICE.
 

Lerxt

Active Member
Feb 21, 2014
1,004
108
Australia
I don't know who you guys are going to for insurance but I've been with Liberty since my MS was new and last month my premium was $8000 for the year. It's only gone up $500 since 2014. 60% NCD.
 

markwj

Moderator, Asia Pacific
Apr 10, 2011
4,617
1,246
Hong Kong
I don't know who you guys are going to for insurance but I've been with Liberty since my MS was new and last month my premium was $8000 for the year. It's only gone up $500 since 2014. 60% NCD.

Wow. Liberty quoted me HK$16,xxx for a 2014 Model S with less than 40,000km on the clock and 60% NCD. HK$20,000 general excess. HK$8,000 nowadays is a hell of a deal.
 

Captain_Kong

Member
Jul 4, 2014
170
23
HK
Just got a quote for my MS 90D's comprehensive insurance renewal from Liberty, which is over 50% YoY increase and over HK$15K (out of the blue)!! This is despite max 60% NCB and ZERO claim history in my over 20 years driving history (incl. over 10 years in HK) and multi cars insuraed with LIberty.

Anyone has similar experience?
 

Optic

Member
Nov 10, 2014
198
14
Hong Kong
Just got a quote for my MS 90D's comprehensive insurance renewal from Liberty, which is over 50% YoY increase and over HK$15K (out of the blue)!! This is despite max 60% NCB and ZERO claim history in my over 20 years driving history (incl. over 10 years in HK) and multi cars insuraed with LIberty.

Anyone has similar experience?

Wow that sucks, cause Liberty is already the cheapest out of the other companies when I renewed 4 months ago.
 

harryohk

Member
Jul 6, 2016
8
3
Hong Kong
A new level of insanity with AXA. Having been charged $80k last year, with a $55k excess, I've just received a renewal notice this morning. So with a 60% NCB, no accidents during the year, I can renew for $149k, and a $130k general excess, with a theft excess of 30% of the market value of the car. Where do I sign?!! My MS goes back under its RVG on July 8th, and with a huge sigh of relief, I collect my new BMW on the same day. I've loved driving the Tesla, but the combination of having to have the car repaired at Kingsway, and insured by AXA has driven me away permanently. And shame on AXA, I would never do business of any kind with them ever again.
 

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Optic

Member
Nov 10, 2014
198
14
Hong Kong
I think Tesla has as much to blame as AXA. AXA must have been bleeding money to repairs. So repair cost must be high (which we know is the case). I have to consider to get out of the Tesla wreck too because of increased insurance costs and maintenance cost(for example fender bender). Everyone talks about the cost of owning a tesla is very cheap, but they don't factor in repair costs. Tesla is cheap to operate ONLY in the best case scenario. I have loved the car but the annual tussle with insurance companies and not having the peace of mind that my car can be fixed easily in some minor incident is taking a toll.
 
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markwj

Moderator, Asia Pacific
Apr 10, 2011
4,617
1,246
Hong Kong
I think Tesla has as much to blame as AXA. AXA must have been bleeding money to repairs. So repair cost must be high (which we know is the case). I have to consider to get out of the Tesla wreck too because of increased insurance costs and maintenance cost(for example fender bender). Everyone talks about the cost of owning a tesla is very cheap, but they don't factor in repair costs. Tesla is cheap to operate ONLY in the best case scenario. I have loved the car but the annual tussle with insurance companies and not having the peace of mind that my car can be fixed easily in some minor incident is taking a toll.

Well said. The stranglehold that Tesla maintains on body shops is a large contributing factor to the high cost of repairs. Similarly with the lack of spare parts, and ridiculously long lead times reported. Those, combined with an above average accident rate, are driving the insurance issues.

I cannot understand why Tesla doesn't just simply supply parts and repair guides to anybody who wants them. Sure, for issues involving high voltage or structural systems, there is justification for control. But for general bumps and scrapes forcing the use of authorised body shops, with months long wait for parts, is not helping.
 
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Exiom

Member
Nov 29, 2017
206
105
Hong Kong
Well said. The stranglehold that Tesla maintains on body shops is a large contributing factor to the high cost of repairs. Similarly with the lack of spare parts, and ridiculously long lead times reported. Those, combined with an above average accident rate, are driving the insurance issues.

I cannot understand why Tesla doesn't just simply supply parts and repair guides to anybody who wants them. Sure, for issues involving high voltage or structural systems, there is justification for control. But for general bumps and scrapes forcing the use of authorised body shops, with months long wait for parts, is not helping.
I completely agree with the above 2 posts... the bodyshop in Hong Kong is Kingsway and they are well known for being super expensive to begin with...

I think that Tesla should at least outsource to more bodyshops to alleviate time and costs...

However having said that... there are a number of 3rd party repair shops around seemingly able to get hold of plenty enough parts... so hopefully the situation will become better...

On the topic of insurance tho... I am paying $11k this year with very reasonable excesses ($5.5k the year before and obviously even better excesses)... I drive around 30k km yearly so the extra in insurance premium is still economically viable as opposed to a gas car of similar size and power which I used to drive.

If insurance premium continues to go up tho... then it may eventually ruin the economics
 

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