HSBC Car Insurance

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.

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. more info button HSBC third party fire and theft motor insurance provides 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.

HSBC car insurance levels of cover

• Comprehensive insurance
• Third party fire and theft insurance
• Third party property damage insurance

What won't HSBC cover?

In the following circumstances, HSBC will not pay your car insurance claim:

Is this cover right for me?

HSBC has a number of eligibility requirements. For example, your vehicle will need to be roadworthy and registered with the relevant transport authority in Australia. The underwriter of this insurance, Allianz, specifies that the likely financial situation its products are suited to is as follows: "Persons who are able to pay premiums in accordance with the chosen premium structure, and any excess in the event of a claim in accordance with the chosen excess option."

It's important to read HSBC's Product Disclosure Statement (PDS) to determine if this car insurance will meet your needs and circumstances.

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.
• 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.

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.
• 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

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Questions you might have

• Is flood damage covered?

  Yes, HSBC comprehensive car insurance provides cover for loss or damage caused by flood, but no cover is available in the first 72 hours after you purchase your policy.

• How can I pay my premium?

  You can pay your premium as an annual lump sum or in monthly instalments by direct debit from your nominated bank account or credit card.

• Does it cost more to pay my premium in instalments?

  No, there is no additional cost if you choose to pay your premiums by the month.

• Does HSBC cover my car for its agreed or market value?

  HSBC offers both agreed and market value cover for your vehicle.

• Is there a cooling-off period?

  Yes, a 14-day cooling-off period applies, allowing you to cancel cover in the first 14 days after purchasing your policy and receive a full refund.

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.