Comprehensive or Third Party? Compare Car Insurance Plans

Published on: 5 May 2023 | Last Updated on: 9 September 2024 | Reading Time: 2 minutes

Car insurance is a must-have for all car owners in Hong Kong. It provides financial protection in the event of an accident, theft or damage to your vehicle. With different insurance options available, choosing the right car insurance can be an uneasy task. To help you make an informed decision, we compiled a list of factors to consider when buying car insurance in Hong Kong:

Type of Car Insurance

The first factor to consider is the type of motor insurance you need. In Hong Kong, car owners can choose from third-party insurance and comprehensive insurance. Third-party insurance covers the cost of damage or injury you cause to others in an accident. Comprehensive insurance, on the other hand, covers the cost of repairs or replacement if your car is damaged, stolen or if you're in an accident.

Add-Ons

Add-ons or riders are additional coverage options that you can add to your car insurance policy. Allianz Comprehensive Insurance plan’s benefits include personal accident coverage, medical expense coverage, roadside assistance, and windscreen coverage. See more benefits here.

Excess

Excess is the amount you'll have to pay out of pocket if you're in an accident or make a claim. In Hong Kong, most car insurance policies have a standard excess. Keep in mind that a lower excess means you'll have to pay more out of pocket if you're in an accident or make a claim.

No Claim Discount

No Claim Discount (NCD) is a discount on your motor insurance premium that you receive for each year you don't make a claim. NCD can range from 10% to 60% depending on the number of years you've gone without making a claim. If you're thinking of insuring your car with Allianz, you may be able to bring your NCD from your former insurer with you to reduce the overall cost of your premium and our NCD Protector is up to HK$100,000.

Insurance Company Reputation

The reputation of the insurance company is another crucial factor to consider when buying car insurance in Hong Kong. You want to choose an insurance company with a good reputation for customer service and claims processing. Allianz was named the world’s number one insurer according to the 2023 Best Global Brands Ranking, released by leading consultancy Interbrand.

In conclusion, buying car insurance in Hong Kong requires careful consideration of the type of insurance, add-ons, excess, NCD, and insurance company reputation. Be sure to compare different insurance policies and research insurance companies before making a decision. By doing so, you can find an insurance policy that provides adequate coverage and fits within your budget.

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