【Car Insurance】Triple Insurance vs Full Insurance, what is the difference between the two? Listen to the real-time answer!

When you own or drive a car in Hong Kong, you must purchase car insurance. It is mainly divided into "third party insurance" (referred to as "three insurances") and "comprehensive car insurance" (referred to as "full insurance"). The coverage and applicable objects of these two are obviously different. The following is a detailed introduction:

Detailed introduction of Sanbao (third party insurance)

• It is mainly the minimum insurance liability required by law. According to the Motor Vehicle Insurance (Third Party Risks) Ordinance, Chapter 272 of the Laws of Hong Kong, all cars must at least purchase third party insurance, otherwise they are not allowed to drive on the road.
• The coverage covers damage caused by your car:
  • Personal injury (e.g. bodily injury, death) to third parties (i.e. other road users, including pedestrians, other vehicle drivers and passengers)
  • Property loss to a third party (e.g. damage to another person’s vehicle or building)
• It does not include coverage for losses such as damage to your own car, theft, fire, etc.
• It does not include personal injury or property damage to yourself (the owner or driver) and the passengers in the vehicle.
• The premium is relatively low and is suitable for older cars, cars of lower value or cars used only for basic transportation.

Comprehensive Car Insurance

• This is the most comprehensive car insurance plan, covering all three guarantees plus additional protection.
• Coverage usually includes:
  • Damage to your own car (regardless of who is responsible, such as collision, rollover, etc.)
  • Car theft or fire and other unexpected losses
  • Sometimes includes losses caused by natural disasters (such as floods, typhoons, etc.)
  • Some plans will cover loss of contents in the car, windshield damage, replacement key costs, etc.
  • Some high-end plans even include services such as your own repair shop, emergency roadside assistance, etc.
• Including personal injury and property loss of third parties (i.e. the three insurance coverages)
• Opportunity to provide personal accident protection for drivers and passengers
• The premiums are higher and it is particularly suitable for owners of new cars, luxury cars or cars of higher value, or those who have higher requirements for protection.

Summarize

• The three insurances are mainly to deal with legal liabilities and only protect third parties, not including losses to yourself and your car.
• Comprehensive insurance covers the loss of your own vehicle and a number of additional protections, and the coverage is relatively comprehensive.
• The type of insurance you choose depends on the value, age, use of your vehicle, and your personal risk tolerance. It is recommended to choose full insurance for new or high-value cars, while you can consider triple insurance for old cars or those who only need basic protection.

If further comparison is required, different insurance companies may have different coverage details and deductibles (self-deductibles), so you can make more comparisons before purchasing.