There has been an increasing number of electric vehicles popping up in the market recently. This may be because owners are seeing the long-term cost benefit and environmental impact of getting an electric vehicle.

In terms of costs, electric vehicles are cheaper to run. Although gasoline prices and electricity prices vary depending on specific cities and countries, there is a trend in which the cost of fuel for electric vehicles is significantly less than those for gasoline and diesel-fueled engines. In Australia, the cost of electricity required to charge an electric vehicle is around 40% less than the cost of petrol for a similar-sized vehicle driving the same distance. A consumer report from the United States found that an electric vehicle is expected to cost around 60% less to fuel than comparable internal combustion engines. It is also cheaper to maintain, with electric vehicle owners paying half as much as gasoline or diesel-fueled car owners to repair and maintain their vehicles. One reason is that there are fewer parts and less frequent need for servicing. The biggest benefit of electric vehicles is that they are better for the environment since they run on electricity and do not cause harmful air pollutants that gasoline and diesel-fueled engines emit from exhaust emission.

The Future of Electric Vehicles

As a way to reduce their carbon emissions, many governments around the world are introducing new schemes and initiatives to make it more affordable for people to buy and use electric cars. Some governments are even aiming to have all new cars sold to be electric vehicles in the near future. Here in Hong Kong, the government has just announced the first Hong Kong Roadmap on Popularisation of Electric Vehicles which aims to attain zero vehicular emissions before 2050 with the gradual introduction of a series of initiatives.

The measures meet the target for carbon neutrality by reducing the impact of fuelled-propelled private cars while making the environment for electric vehicles in Hong Kong more attractive. For example, the government plans to increase EV charging stations, promote training for technicians on EV maintenance, and more. With these initiatives, the future of electric vehicles in Hong Kong is set.

InsureMyTesla: Mileage-Based Insurance Program for Tesla Owners

An important deliberation before or after buying a Tesla is insurance. One option for Tesla owners is InsureMyTesla, a mileage-based insurance program by Liberty Insurance. As Tesla’s designated partner in Hong Kong, Liberty Insurance leverages Tesla’s expertise and provides coverage that is specifically for Hong Kong Tesla owners. Since Tesla is the manufacturer of these vehicles, they are aware of the specific needs of the car, from what kind of services that owners may need to what is necessary for maintenance.

With this close relationship and partnership with Tesla, Liberty Insurance can make sure that InsureMyTesla has the most updated coverage that directly addresses concerns of Tesla car owners. As part of the comprehensive coverage for Tesla motor cars, new Tesla owners that are registered for the first time can claim for a ‘New For Old Replacement Vehicle’ when their vehicle must be replaced after sustaining a total loss in an accident or theft. The insurance premium also covers replacement costs for the private electric charger or accidents^[1] caused by the direct usage of a designated charger. Other attractive coverages include replacement of key, 24-hour Emergency Service, Mobility Service, Theft of personal effects due to a break-in, and more.

Another distinguishing benefit of InsureMyTesla that differentiates it from other car insurance is that their insurance is mileage-based. What this means is that while first-time owners of a new Tesla pay an insurance premium based on the average mileage of general users in Kong Kong, existing owners are assessed with prices that reflect their annual driving range. This ensures that owners are making full use of what they are paying. Save money in the long run with Liberty Insurance’s mileage-based insurance program, InsureMyTesla.

As a trusted partner of Tesla Hong Kong and a leading insurance provider in Hong Kong, Liberty Insurance has got your needs covered. Get in touch with us for more information about InsureMyTesla or have your questions answered directly by our customer support team.