Wednesday July 15, 2020
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CarProtect - Frequently Asked Questions
  • What is Insured's Estimated Value?
    Insured's Estimated Value is the estimated market value of your vehcile in your opinion , at the time when the policy incepts. It also means the replacement cost of your vehicle in similar condition in the market. (Please also refer to the Evaluation of Motor Car Value in separate section)

  • If I do not wish to renew my car insurance policy, when do I have to notify you?
    If we do not receive renewal confirmation from you before expiry, we would assume you are not prepare to renew the policy and the policy will be lapsed automatically after expiration date.

  • What is the reasonable market value of the car at the time of its loss or damage?
    Reasonable market value means the replacement cost of the vehicle with same make / model and similar condition.

  • Can I have more than one car in the same policy? Do I benefit by doing so?
    Yes, you can have more than one car under the same policy. You would normally have a discount for the 2nd car. If you insured more than one car at the same time, more than one car discount will be offered to all car insured.

  • Do I need to name my driver at the time of buying the policy?
    Yes, the information of driver is one of the critical underwriting factor for Motor Insurance. So, the unnamed driver will be subject to additional excess if it involve motor accident.

  • Is the car insurance operational, when my driver is driving the car?
    Unless your policy is limited to named driver only, otherwise any driver with relevant liscene and is authorized by the policyholder is covered by the policy. Regular driver will be recommended to name in the policy.

  • Can I add more drivers in between the policy?
    Yes, additional drivers can be added to a policy anytime during the policy period. General speaking, named driver is limited to 2 only. The third or more driver will be subject to additional premium.

  • Can I have more than one driver in one policy?
    Normally, when we quote, policy provides for two named drivers. Policyholders can request for more and normally with a maximum of four persons and subject to additional premium will be charged.

  • If I change my driver, do I need to intimate the insurance company ?
    If you have named the original driver in the policy, then you need to intimate the company regarding the change in the driver.

  • Why do I need to give so much information ? Who will have access to my personal information ?
    Personal information is collected only for the purpose of processing your insurance. Access to your information is limited to people involved in processing this information for sales, customer service or claims service. We are in compliance with the data privacy ordinance in Hong Kong. We have also have an appointed Data Compliance officer and in case of any issue, you can always contact the data compliance officer.
  • What is the refund procedure?
    Upon receiving your written cancellation notice and returned policy documents, we will canel your policy immediately. The refund check will be sent to you directly via your insurance agent / brokers. General speaking, there will be no refund of premium if the policy has effected more than 8 months or more.

  • What is your cancellation procedure including refunds? Secondly what happens if I have already paid in full prior to cancelling my policy?
    Our cancellation procedure requires you to send the Certificate of Motor Insurance along with a covering letter to our Office. Once we receive the Certificate, we will then cancel your policy and calculate the refund from the date we receive the certificate. This is provided no claim (that would normally affect No Claims Discount) has arisen since inception or last renewal date. Normally, no premium refund will be made for policy effected 8 months or more.

  • Will I get a refund if I cancel my policy in between?
    It would depend on how many months the car has been on cover. General speaking, there will be no refund for policy effected 8 months or more.

  • What if I forget to tell you about some information or I have erroneously provided incorrect information?
    It is important that you provide accurate information at the time of purchase. The quotation and subsequently when the quotation is accepted, the policy is provided by Falcon Insurance based on the information provided by you in the application. Incorrect / inaccurate information could impact the coverage and therefore, the claims being paid under the policy. However, it is the policy of Falcon insurance to check if the information is material and if it materially affects the status of the policy before declining the claim. This is however at the sole discretion of Falcon Insurance only and will be governed by the terms and conditions of the policy.

  • If I have more than one car, do my third party limits go up?
    The policy limit applies to each car and not accumlated with the no. of policy.

  • What is parking damage excess?
    The amount of excess that you would need to pay, on any claims for damage, laibility etc., howsoever caused when the car was parked

  • How to choose insurance sum insured in the later years on renewals?
    It could be referred to the second hand Car / Non brand new vehicle under "Evaluation of Motor Car Value".

  • What is the geographical area my policy is operative in?
    Normally policies are issued for Hong Kong only. Extensions are avialable for Guangdong Province, China if specifically agreed with insurer.

  • Can I drive to China with this motor policy?
    No, unless specially agreed with insurer and normally subject to additional premium.

  • How do I get insurance for other geographical regions?
    Most of the Motor Insurance in Hong Kong could extend cover to Guangdong Province of China subject to additional terms and premium.

  • What is NCD ?
    NCD stand for No Claims Discount which is a significant and almost unique feature of motor insurance for granting a progressive discount on the renewal premium if the previous year has been claim-free.

  • How does NCD work ?
    This is a practice of granting a progressive discount on the renewal premium if the previous year has been claim-free. The customary scale of discounts varies. With private cars, one claim-free year earns a 20% No Claim Discount (NCD), the second year 30% and so on, rising to a maximum of 60% after five claim-free years. With other classes of vehicles, the discount is likely to be only 10% per year, rising to a maximum of 30%. With private cars, a single claim will not necessarily destroy an entitlement to next year’s discount. For four or more years’ entitlement (i.e. 50% or 60% NCD), a single claim during the year reduces the discount on renewal to 20% or 30% respectively. Lesser entitlements coupled with a single claim in the year, or higher entitlements (i.e. 50% and 60%) coupled with two or more claims in a year, mean that there will not be a discount at renewal, so that one will have to be built up again from the ground as if the insured was a first time purchaser.

  • How can I protect my NCD?
    For comprehensive policy, if you have had less than 2 claims within a policy year and the total amount claims ed in a year is less than HK$50,000 or 15% of insred value whichever is the less, you will be entitled your existing No claim Discount at renewal.

  • If I have more than one driver, will the NCB of all drivers get impacted, if I claim?
    Yes. NCD applies to the car not to the individual driver.

  • What is the declaration? Why is it so important in the context of insurance?
    Declaration like a warranty or guarantee from an proposer / insured. It is an absolute undertaking by the insured to do, or to refrain from doing, some specified thing(s), or an absolute affirmation as to the truth and completeness of information supplied. As only the Insured could know the information supplied is true and correct, so declaration is important for the protection of Insurer's interest.

  • Why should I pay parking damage excess? It's not my fault.
    Excess is for the purpose of minimizing administrative costs for small claims or raising the awareness on the Insured to take reasonable care to the vehicle as they would bear part of the damage.

  • What is a general excess?
    An excess that you would need to be responsible for any damage to your car howsoever caused.

  • What is consequential loss?
    Some costs will be involved consequentially after an accident happen e.g. additional car rental cost.

  • How do I change my personal details if there is a change in them ?
    You should provide written notice on the details of change to us or through your agent/broker.
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