It doesn’t matter how hard you look or how much effort you put into finding a cheap deal, car insurance in Hong Kong is expensive, very expensive. With space in such short supply, it really has to be – there’s no other option. There are almost 300 cars filling up every kilometre of road in Hong Kong and extreme congestion is a daily issue for all city drivers. Perhaps surprisingly, the rate of accidents and vehicle related injuries are actually very low. Nevertheless, Hong Kong just isn’t a city that’s made for driving, not enjoyable driving anyway.
If you absolutely must forgo the region’s rather superb public transport system, you’re going to need a suitable car insurance policy, say the experts at ExpatArrivals.com. Fortunately, road regulations in this part of the world are firm but uncomplicated. Here are some tips and tricks, from Direct Asia Hong Kong, that you can use to find yourself the cheapest car insurance deal possible in Hong Kong.
Risk It If The Risks Are Low
Whilst you absolutely must be covered for third party accident, injury and fatality in Hong Kong, you do not have to be covered for damage to your own vehicle – that’s completely optional. Third party car insurance is a legal requirement and you absolutely must have a suitable third party policy if you are to avoid a very serious penalty. Most insurers are happy to throw in third party damage cover as part of a third party insurance policy. This means that you can be covered for almost all circumstances with the most basic of policies. Insurance experts in Hong Kong advise drivers to only pay for comprehensive insurance if they’re driving a very expensive vehicle or live in a more dangerous part of the region.
Wait Until You’re Older
If you want a much cheaper deal on your car insurance, you’ll have to wait until you’re over 25 years old. Just like in Britain, young drivers are penalised for their youth – they are considered a much bigger risk than older drivers. It doesn’t matter whether this is fair or unfair, it’s very much standard practice in Hong Kong, say the experts at LocalIiz.com. Why not think about using public transport until you get a little older and your insurance premiums drop dramatically?
Keep Driving Safely
Once again, drivers in Hong Kong who have less than two years experience will inevitably have to pay a much higher premium – just like in Britain. There’s very little that you can do about this, the only real way to tackle it is to drive like a pro for two years and then take advantage of much lower premiums as a reward, say the experts at ExpatFinder.com. Though it may feel unfair to younger drivers or drivers who might be inexperienced but take road safety very seriously, this is a measure that’s been proven to reduce vehicle collisions and fatal road accidents. If you’re serious about becoming a driver in Hong Kong, you’ve got two years in which to prove yourself. If you’re an experienced driver who can provide evidence of many accident free years – your premium will be much lower.
Drive A Small, Relatively New Car
Vehicles over the age of ten years attract significantly higher premiums in Hong Kong. The same can be said for convertible vehicles and sports cars. If you want to find a relatively cheap insurance policy, you must have a suitable car for it. Generally speaking, the smaller the engine, the more affordable the policy but this isn’t always the case. If you only need a small car, you should only buy a small car.
Author Bio: Lisa Jane is a British expat working as a primary school teacher in Hong Kong. She gets her third party car insurance from Direct Asia Hong Kong. Lisa can usually be found marking textbooks or trying to manoeuvre her little car through the morning traffic.
Category: Car Insurance