What kind of protection does the motor third-party legal liability insurance include? What is deductible/excess? Read the following article and learn more about the details of motor third-party legal liability insurance.
According to the Motor Vehicles Insurance (Third Party Risks) Ordinance, Chapter 272 of the Laws of Hong Kong, anyone who uses a car on the road in Hong Kong must have a valid third-party injury or death liability insurance that complies with the regulations. And this "third-party liability insurance" is a type of car insurance that a car owner must purchase compulsorily.
What does third-party car insurance cover? The coverage of third-party liability insurance for vehicles includes third-party property damage, injury or death, related legal proceedings and other expenses. For example, if the insured unfortunately has a car accident, causing the death of or bodily injury to any person or damaging the shops nearby, then the third-party legal liability insurance can protect the insured from these losses.
However, the third-party insurance will only protect the loss or damage caused by the car owner to the third party, the damage of the car itself will not be covered. If you want to get protection from any damage to your car or injury to yourself, you can consider purchasing comprehensive car insurance.
Comprehensive car insurance can protect the third-party person, the car owner and the car itself, but you need to pay attention to the deductible/excess in the plan you choose.
The deductible is a predetermined amount on the policy that the policyholder is responsible for paying when he/she claims compensation. For example, the total amount of the claim is $15,000, and the policy has a deductible/excess of $5,000. The policyholder must first pay the $5,000 deductible/excess, and the remaining $10,000 of the claim will be compensated by the insurance company.
The amount of the deductible/excess will vary according to different insurance companies. Some insurance companies will set a very high deductible/excess for the policy. Therefore, when you consider which car insurance to purchase, not only focus on the plan's coverage, but also very important to look into the deductible/excess of consideration.
In AIG's third-party liability insurance plan, for third-party property damage claims, you can enjoy the waiver of the deductible/excess (except for some specific car models and under certain circumstances). In other words, if there is a car accident and a third-party (such as shops nearby, pedestrians, and other car owners, etc.) is affected, the insured does not have to pay any compensation. The insurance company will be responsible for the full compensation to the third-party person.
In addition, AIG also offers a comprehensive car insurance plan, which covers car damage, medical expenses, third party property damage and personal injury, 24-hour road assistant, windscreen protection, 7-day rental car, etc. If you want to fully protect your vehicle and yourself, choosing the comprehensive plan would be a better choice.
- Free exemption of the third-party property loss deductible/excess for the "Named Driver"*
- NCD/NCB Protection
- 24-hour Emergency Roadside Rescue
- Windscreen protection
- NIL depreciation on spare parts (within 3 years of vehicle age)
- "New for Old Cover" for a brand-new registered car (within 1 year of vehicle age)
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*Please refer to the policy terms and conditions for the above coverage details.