Posted by
Jaeger
16 yrs ago
I am buying a car for the first time in HK- do I need to buy insurance? How does it work and how much does it cost?
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Yes, you do need insurance. You cannot drive off without it. There are two kinds:
- Full coverage. Meaning no matter you are fully covered.
- Third party. Meaning you are only covered for damage to third parties.
Cost varies but for a "normal" family car (say an Audi A4 or Golf) you would be looking at a few thousand a year with discounts.
Find an insurance broker and he/she will find insurance for you. You can get big discounts if you can prove that you were accident free with previous insurers. He'll also deal with any paperwork and send the insurance certificate to the dealer (or you). It takes perhaps a day to get it, max.
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I switched from another insurer to Kwiksave a few years ago and have saved heaps of money by doing so. They advertise on this site so are easy to contact.
(BTW, I have no connection with them other than as a customer.)
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how much does insurance typically cost?
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Hi, email me ash_m88 @ hotmail.com and i can give you some info.
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"how much does insurance typically cost?"
Depends on car and history, but assuming you can prove you have been accident free and the car is an "ordinary" one it's a few thousand a year.
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Well the cost depends on:
1. Age
2. Driving experience
3. Model and year of the car
4. No claim discount
5. Any previous claim record
6. Occupation etc
Typically, if you are buying insurance for the first time without any ncd and assuming its a normal car, it could cost around 2.5 to 3k per year.
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On insurance, I am about to buy the car - they offer insurance at the dealer- what is the difference between getting insurance through dealer and places like kwiksure and HKAA?
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Just different quotes/prices.
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andyssure -
How does the cost of one's insurance premiums depend on one's occupation?
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occupation is suppose to give them an idea of your driving style.. Just another parameter they enter into their model..
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Wow - it sounds very discriminatory for the insurance companies to do this, doesn't it?
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You have to put yourself in their mindset. Insurance companies see premiums in terms of probability. They may have collected, over decades, data that says people in profession x have a modifier y on their accident probability. Other modifiers are gender, age and so forth. It's not so much discrimination as application of statistical data.
To put it another way, I don't feel discriminated against because women get lower rates. They are statistically speaking less likely to be involved in an accident, so it's no more than fair. Of course, this doesn't address the individual's characteristics. Some people don't fit the norm very well. But over time and many accidents, the data will fit surprisingly well.
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Very well said axptguy.
Some good info can be found here about car insurance.
WwW dot hongkongcarinsurance dot wordpress dot com
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