Motor Insurance

In Hong Kong, it is compulsory to have HKD100,000,000 Third Party Liability insurance in case we injure someone.

In addition, insurers provide liability cover for third party property damage. The maximum property damage cover is HKD2m (This property damage limit can sometimes be increased by negotiation, most commonly to HKD5m).

Similar to most countries, there are two types of car insurances available in HK as well.

Third Party & Comprehensive

While Third party only covers liability to others, Comprehensive cover includes the cost of repairing damage to your own vehicle, whether or not you are at fault.

If your car is worth under HKD1,000,000, most policy wordings will be almost identical in terms of benefits.

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Motor Insurance Insights

You need to know

Coverage Type – Choose between Third Party, Third Party Fire & Theft, or Comprehensive based on your protection needs.
Vehicle Value – Ensure your car is insured for the current market value in case of a total loss.
Driving History – Maintain a clean record to qualify for No-Claims Discount which lowers your premiums over time.
Excess Amount – Familiarize yourself with the deductible you’re responsible for paying in partial loss claims.
Optional Coverages – Consider add-ons like windshield repair/replacement or passenger liability coverage.
Vehicle Usage – Inform your insurer about any commercial use that differs from standard social/commuting purposes.
Authorized Drivers – Disclose all regular drivers to be covered under the policy.
Vehicle Security – Confirm your car meets the minimum safety standard requirements like an alarm/immobilizer.
Policy Terms – Understand covered/excluded uses and actions that could void your insurance coverage.
Payment Schedule – Note due dates and applicable interest charges for missed premium installments.
Accident Reporting – Attend to any police report filing or insurer notifications right away after an incident.
Renewals – Review coverage limits periodically as your needs and vehicle value change over time.

Motor Insurance FAQs

What is required by law?

In Hong Kong, it is compulsory to have HKD100,000,000 Third Party Liability insurance in case we injure someone.

Is the driver covered for injury to himself and passengers?

There is NO cover for the driver, as he is not a third party. There is cover for the passengers, bystanders and those in another vehicle, but there is no cover for the drivers medical bills, rehabilitation costs or the long term loss of income that may result. This requires separate insurance.

What is the effect of having a 'No Claim Discount or No Claim Bonus' on how much my insurance costs?

In Hong Kong, few insurers will agree to this if you have not owned a car in the past year.

If you have owned a car in the past year, or still own a car but keep it abroad to use like a rental vehicle, the insurer will likely agree to reduce your premium – IF you can provide a letter from the previous/current insurer, showing how many years in the past 5 you have been claim free.

It is possible for you to transfer your ‘no claim entitlement’ to your spouse or your company, or vice versa. Different insurers have different rules on this.

As soon as you inform an insurer of a claim or a likely claim, the market practice is to remove your No Claim Bonus entitlement and only to return this to you after there has finally been a court case to determine who was at fault.

What is a no-claims discount?

Motorists receive a discount on future premiums for not filing any claims in the previous year/s. The longer your no-claims record, the higher the percentage discount.

What does comprehensive coverage include?

Comprehensive insurance covers damages from accidental collisions, fire, theft, and natural disasters. It reimburses the policyholder for repairs or replacement costs.