Vehicles meeting the new standards must produce 75% lower emissions than conventional environmentally friendly vehicles.
Hong Kong (PRWEB) February 01, 2013
The Environmental Protection Department (EPD) of Hong Kong, announced new qualifying standards to determine which models of environmentally friendly cars are eligible to receive reductions in the First Registration Tax (FRT).
Vehicles meeting the new standards must produce 75% lower emissions than conventional environmentally friendly vehicles. The agency justifies the tougher requirements given that recent technological advancements, such as those utilized in hybrids, have already made this figure achievable.
Such technologies can also yield enhanced performance features such as faster acceleration and fuel efficiency. The government hopes that the new amendments made will narrow the number of vehicles that can enjoy tax deductions to only those that have the best environmental footprint.
Kwiksure believe that hybrid vehicle owners will be likely to follow the footsteps of most owners of brand new cars, opting for comprehensive motor insurance coverage. Most insurers calculate motor insurance premiums mainly based on relative statistics and driver history. In general, insurers typically view hybrid owners as safe drivers and as less likely to be involved in collisions.
On this basis, one would therefore anticipate that premium rates for hybrids would cost less than normal cars. However, as Hybrid vehicles only hit the Hong Kong market in recent years, they only denote a small proportion of the region's motor market share. In light of this, many insurance providers may in fact charge a higher premium for potential risks yet to manifest.
Therefore, Kwiksure recommends new hybrid car owners to seek impartial advice from independent insurance consultants before deciding on an all inclusive package that includes insurance upon a new car purchase. This will allow owners to compare insurance companies side by side and obtain a more competitive insurance quote.
Kwiksure is wholly owned and operated by Pacific Prime Insurance Brokers Limited and has been providing Hong Kong car owners with motor insurance advice and policies for over 10 years. Today, Kwiksure also has other general insurance products available such as medical insurance.