In Hong Kong, driving a sports activities automotive is a singular expertise, whether or not weaving by the outdated historic buildings in Wan Chai, cruising among the many skyscrapers in Central, or dashing by the New Territories. Nevertheless, because of the excessive worth and dear upkeep of sports activities vehicles, buying appropriate insurance coverage turns into an vital process for each sports activities automotive proprietor. This time, Kwiksure breaks down the 4 key issues to know when shopping for sports activities automotive insurance coverage and find out how to cut back premiums, serving to you select probably the most appropriate insurance coverage plan in Hong Kong.
4 Issues to Know When Shopping for Sports activities Automobile Insurance coverage
Perceive the Forms of Automobile Insurance coverage
In Hong Kong, automotive insurance coverage primarily divides into two sorts: Third Social gathering Legal responsibility Insurance coverage and Complete Insurance coverage.
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Third Social gathering Legal responsibility Insurance coverage is the minimal requirement, protecting damages you or your automotive trigger to 3rd events, however you want to bear your personal automotive restore and medical bills.
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For sports activities automotive house owners, it is suggested to decide on complete insurance coverage, which covers the whole lot together with your automotive repairs even when the accident is attributable to you, since sports activities automotive restore prices are a lot increased than different car sorts. Complete insurance coverage consists of third social gathering legal responsibility protection plus your personal car restore prices.
Easy methods to Cut back Premiums?
Sports activities automotive premiums are often excessive, however there are two methods to scale back them. First is to earn No Claims Low cost (NCD). When you have not made any claims prior to now yr, you may get a premium low cost that accumulates yearly, from 20% within the first yr as much as 60% within the fifth yr. Second, shopping for a brand new automotive can even cut back premiums as a result of newer sports activities automotive fashions are safer and fewer prone to have mechanical failures resulting in accidents.
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20% NCD after the primary claim-free yr
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30% NCD after the second claim-free yr
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40% NCD after the third claim-free yr
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50% NCD after the fourth claim-free yr
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60% NCD after the fifth claim-free yr
Restricted Drivers
As a result of sports activities vehicles have highly effective engines and are more durable to regulate, insurance coverage firms often limit sports activities automotive insurance coverage to particular drivers. Usually, the plan covers solely the principle driver and as much as one further driver. Lending your sports activities automotive to buddies not listed on the insurance coverage coverage could lead to declare denial if an accident happens. Additionally, utilizing valet parking companies at motels and eating places could trigger points; if the valet driver just isn’t lined by the corporate’s insurance coverage, chances are you’ll have to bear restore prices your self.
Common Upkeep Required
Common upkeep is essential to retaining a sports activities automotive in optimum situation. If the insurance coverage firm can show that you just failed to keep up your automotive recurrently, inflicting mechanical failure that led to an accident, they might refuse your declare. That is particularly vital for high-performance automobiles like sports activities vehicles, as their highly effective engines and superior components are extra vulnerable to points.
Keep away from Two Errors
To make sure profitable claims, automotive house owners ought to keep away from the next:
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Don’t casually lend your sports activities automotive to othersas sports activities vehicles require distinctive driving expertise, and inexperienced drivers could improve threat. Insurance coverage often solely covers you and one different designated driver.
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At all times observe the sports activities automotive’s upkeep schedule for routine checks. Failure to keep up recurrently could result in declare refusal by the insurer.
Often Requested Questions
What ought to I take note of when shopping for sports activities automotive insurance coverage?
As a result of sports activities vehicles have highly effective engines and are more durable to regulate, insurance coverage firms often limit sports activities automotive insurance coverage to particular drivers. If the insurer can show you failed to keep up your automotive recurrently, inflicting mechanical failure that led to an accident, they might refuse your declare.
How can I cut back my automotive insurance coverage premiums?
When you have not made any claims prior to now yr, you possibly can earn premium reductions that accumulate yearly, from 20% within the first yr as much as 60% within the fifth yr. Additionally, shopping for a brand new automotive can cut back premiums since newer sports activities automotive fashions are safer and fewer vulnerable to mechanical failure.
