Though better known for its banking products and services, HSBC also offers a competitive range of car insurance policies for Australian drivers. Issued by Allianz, HSBC motor insurance provides three levels of cover to suit most cars. There are also a range of discounts available to help you save money on your premium. You also have the freedom to choose your preferred repairer and each policy is backed by a 24/7 claims service.
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HSBC car insurance cover options
- Comprehensive insurance. HSBC comprehensive motor insurance covers your vehicle for loss or damage as the result of an accident, theft, fire, storm or vandalism. It also comes with new car replacement available on vehicles up to two years old. Child seats, baby capsules, emergency repairs and personal items are also included in cover as is up to $20 million of legal liability cover when the use of your vehicle causes damage to someone else’s car or property or results in death or bodily injury.
- Third party fire and theft insurance. HSBC third party fire and theft motor insurance provides up to $5,000 cover for your vehicle in the event of loss or damage caused by fire or theft. You also receive cover for towing costs and a rental vehicle after theft, while $20 million legal liability cover offers protection when you accidentally damage someone else’s vehicle or property. The policy also covers your legal liability in the case of death or bodily injury resulting from the use of your vehicle.
- Third party property damage insurance. This policy provides basic and affordable cover. It offers up to $20 million of legal liability protection when your vehicle causes accidental damage to someone else’s car or property or if you are responsible for causing death or bodily injury. It also includes $5,000 for damage resulting from a no-fault accident with an uninsured motorist.
HSBC car insurance levels of cover
- Covers accidental loss and damage
- New for old replacement on vehicles up to two years old
- Choose your preferred repairer
- Rental car for up to 30 days after theft
- $20 million legal liability cover
- Up to 65% no-claim bonus
- Safe driver and restricted driver discounts
- Flexible premium payment options
- Claims support 24/7
- Agreed or market value cover
- $20 million legal liability cover
- Choose your preferred repairer
- Rental car for up to 30 days after theft
- Towing costs
- Uninsured motorists extension
- Discounts available
- Flexible premium payment options
- Claims support 24/7
What won't HSBC cover?
In the following circumstances, HSBC will not pay your car insurance claim:
- Your vehicle was being driven by an unlicensed driver.
- Your vehicle was being driven by someone the insurer declined to cover.
- Your vehicle was being driven by someone under the influence of alcohol or drugs.
- Your vehicle was being used while load or passenger limits were exceeded.
- Your vehicle was being driven while in an unsafe or unroadworthy condition.
- Your vehicle was being used to carry passengers for hire, fare or reward.
- Your vehicle was involved in any form of motor sport.
- Your vehicle was being used in connection with the motor trade.
- It is due to a deliberate, intentional or malicious act by you, by anyone else named in the policy schedule or by anyone acting with your consent.
- It is for loss of use of your vehicle.
- It is due to the lawful seizure of your vehicle.
- It is for tyre damage as a result of braking, punctures, cuts or bursts.
- It is for loss or damage after an accident, theft or breakdown where you have failed to take reasonable steps to safeguard your vehicle.
- Your vehicle was stolen when you left the keys in the vehicle unattended.
- It arises due to the failure of your car’s computer equipment.
- It is for loss or damage caused by a cyclone, flood or bushfire in the first 72 hours of cover.
HSBC car insurance excess
You may need to pay an excess when you make a claim on your HSBC car insurance policy. Any excess amounts that apply to cover will be shown in your policy schedule and may include the following:
- Basic excess. This is the amount you must pay on each claim and it comprises three elements:
- The minimum basic excess, which is the minimum amount due for each claim.
- The voluntary excess, which applies when you choose a higher excess in order to reduce your premium.
- The imposed excess, which may be applied to your policy in the event that insuring your vehicle poses a high level of risk.
- Age excess. This excess is payable if you make a claim for an accident that occurred when your vehicle was being driven by someone under 25 years old.
- Undeclared young driver excess. You must pay this excess if you make a claim for an accident when your vehicle was being driven by someone under the age of 25 who is not listed as a driver on your policy.
- Inexperienced driver excess. You will need to pay the inexperienced driver excess when you make a claim for an accident and your vehicle was being driven by someone over 25 years of age who has not held a licence for at least two consecutive years leading up to the incident.
- Theft excess. This excess must be paid when you make a claim for loss or damage caused by theft or attempted theft.
- Driver excess. An excess may apply to specific drivers listed on your policy.
- Unnamed driver excess. The unnamed driver excess applies when your vehicle was being driven by someone not listed on your policy. This excess amount is $2,500.
- Restricted driver excess. This $2,500 excess is payable when you have chosen the restricted driver option, but at the time of an incident your car was being driven by someone under 25 years of age.
How to save money on your HSBC car insurance policy
Keep the following tips in mind when looking for ways to save on your HSBC motor insurance policy:
- Adjust your excess. You can choose a higher excess in return for a cheaper premium.
- Choose the restricted driver option. Restricting cover to drivers over 25 years of age will result in cheaper premiums.
- No-claim discount. A maximum no-claim bonus of up to 65% is available.
- Safe driver discount. Depending on your claims history, you may also be able to access an additional safe driver discount.
Making a claim
You’ll need to phone the insurer as soon as possible after an incident to provide notification of your claim. Claims can be made 24 hours a day, 7 days a week by calling the claims support line provided in your policy schedule.
As well as your policy number and details of your claim, you may also need to provide the following supporting information:
- Details of other people involved in the incident, for example other drivers and witnesses
- A police incident report number
- Proof of ownership of your vehicle
- Photographic evidence of the loss or damage
Questions you might have
HSBC car insurance offers flexible and competitive cover for you and your set of wheels. See how it stacks up against a range of other car insurance products to decide whether it’s right for you.
