Motor Insurance Updates

As part of the Private Motor Policy Migration exercise, the Non-Qnect Private Motor Policies will be eliminated and fully turned into Qnect in the short-term forthcoming. Upon any policy renewal, or endorsement made during the policy period, it is compulsorily required to issue a new policy via Qnect with the following scenarios:

• Change of vehicle
• Change of cover type
• Change or add named drivers

Further, in case of one-click renewal and if a new policy is issued via Qnect, this renewal policy can be entitled to the existing loading and discount applied in the current year subject to the clean claims record in the past two years.
 
During the Private Motor Policy Migration transition period, our Underwriting Team and Agency Manager strive to provide the best support.

The Motor Insurers’ Bureau of Hong Kong (MIB) decided to financially assist the public by stopping collecting the following two Levies for a 12-month period between 1 October 2021 and 30 September 2022: 

• 0% (currently 1%) for the First Fund Scheme; and
• 0% (currently 2%) for the Insolvency Fund Scheme.

 
The MIB Levies rate should apply to gross premiums receivable for new risks attaching on or after 1 October 2021. These cover the following:

1. Premiums for policies renewed for periods starting on or after 1 October 2021;
2. Premiums for new policies effected for periods starting on or after 1 October 2021;
3. Additional premiums for endorsements made for new risks attached to periods starting on or after 1 October 2021.

For refunds due to cancellations and returns of policies effected before 1 October 2021, the current levy rates shall apply.
 
For further details, please visit MIB’s official website: http://www.mibhk.com.hk/eng/index.php.

To fulfil the current MIB Levy Rate practices, the Change of Vehicle function in Qnect will be disabled and replaced with the following steps to apply for the change of vehicle with effect from 28 September 2021:
 
Step 1:

• Cancel the existing policy and select “Cancel by QBE”.
• Pro-rata premium is refundable subject to the minimum retained premium and clean claims record in the current insurance period.

Step 2:

• Create a new policy for the new vehicle.
• The duration of the policy period can be chosen from 3 months to 12 months and to be charged pro-rata.

If the duration of the new policy is less than 3 months or other special requests, please contact us to handle manually.