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Driving in the Greater Bay Area: Ping An, Taiping poised to offer one-policy motor insurance coverage for Hong Kong, Guangdong
- Four major insurers plan to introduce a new type of policy covering the city and Greater Bay Area as they expect traffic to surge under a forthcoming scheme
- The new scheme will open up travel across the Hong Kong-Zhuhai-Macau Bridge to an estimated 450,000 Hong Kong motorists
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Four major Hong Kong insurers including the local units of Ping An Insurance (Group) and China Taiping Insurance plan to introduce a new “one-stop” motor insurance policy covering the city and Greater Bay Area as they expect cross-border traffic to surge under a forthcoming travel scheme.
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Zurich Insurance and Asia Insurance are also preparing to introduce tailor-made policies for the “quota-free scheme” for motorists travelling to southern Guangdong province via the Hong Kong-Zhuhai-Macau Bridge, company executives told the Post. Drivers will be able to buy just one policy covering their journey, rather than separate cover for Hong Kong and mainland China.
Several smaller insurance companies are also planning to offer the new type of policy, according to the regulator.
The travel scheme, first announced in December, will enable an estimated 450,000 private car owners in Hong Kong to travel to Guangdong province for business or sightseeing without the constraints of the previous quota system which only allowed 19,500 cars to cross the border on the mega bridge.
Motorists will be able to apply to drive to Guangdong and stay for up to 30 days per trip, but not for more than 180 days in one year. Further details are due to be announced by the end of March, with the scheme to be implemented later this year.
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Under the existing system, private motor travel across the 55km (34-mile) bridge has been largely limited to political leaders or people with big business operations in Guangdong.
02:35
Mainland China to open all borders with Hong Kong and Macau, travel tours to resume
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