I got a new car (Hyundai Tucson L) and I’m going to pick it up this Saturday.
I’d like to have extra insurance besides the mandatory one, ideally covering my car from the moment I take it out of the dealer.
The thing is that there are so many options and insurance companies that I’m starting to get lost.
What kind of insurance you recommend? Why?
Any insurance company recommended?
Mine is with South China Insurance and I had similar needs. Bought the car new with a loan. I asked for max coverage. I only had to use it once for a fender bender that was my fault (well not entirely, but you know). They paid mine and the other party’s damages without any fuss and my rates still went down the following year. Other than that I just pay the bill every year, no complaints.
If I remember correctly, the connection was made through the dealer whom I trusted and had a good relationship with. Have you asked yours?
Yes, I did.
But I’d like to check other options too. I’m not sure I need all the coverage they offer.
I think any of the insurance companies can customize it to what you need. I wanted a zero hassle policy and so far its been that.
I also noticed that while different companies may have the same kind of insurance (e.g. damage of third party vehicle), their max pay is different (e.g. 300k vs 500k).
Does it make sense to pay a higher premium for that?
I have no idea how much a car accident could cost, as I never been in one in Taiwan.
I wanted coverage for if the car was totaled and I had to cover the balance of the bank loan, so it was relatively easy to line it up against that.
My repairs were to the rear door, quarter panel, and ground effects (not sure what that’s called). I want to say the bill was 40k? The damage wasn’t large, but covering those three areas I was pretty shocked that the price was so low. I had the work done at the dealership to factory spec, so no need messing around trying to find reputable shops, cheapest price, insurance company approved repair centers, etc. They just did the work and worked with the insurance company directly for payment. I don’t know what the bill was for the other guy, I never saw it, all handled by the insurance companies.
I do have a sense that by going with them, and the established relationship they have with the dealer, that it made things more seamless.
Don’t hit a Ferrari.
Wife has Fubon Insurance for the 2 scooters.
Website allows to choose between motorcycle/scooter and auto.
Just search for 產險 under any insurance firm.
The car I had my incident with was a relatively late model AMG sedan. Another reason why I didn’t want to skimp.
I’m more worried that they may hit me. 
We found similar websites of different companies with these options too.
I guess my question is more about which plan to choose and what makes sense in Taiwan.
For example, what should be the max damage value we should aim for? With or without deductible? Does it makes sense to get theft insurance? How about vandalism and nature damages?
Usually the sales person will have factored in insurance kick back as part of their “commission” and the vehicle will come insured to the wazoos, it’s generally a good bargaining tactic to go with their insurance plan and get a better deal on the car as the sales person can get a bigger cut from the insurance than from the car. Get a copy of their recommended plan and then take it to another insurance company and get an explanation on what’s essential and what’s fluff.
I found insurance in Taiwan to be a PITA but cheap! In my home country there’s basically 3 options ~ third party, third party fire&theft or comprehensive, in Taiwan there are infinite possibilities! Whatever you do, do not go with only the basic compulsory insurance!
I’m insured with Tokio Marine, dealer arranged it when I bought my car and they’ve treated me well in several accidents which weren’t my fault. I subsequently went to their ZhongHe office, 服務據點 (tmnewa.com.tw) , after an accident and got an understanding of the insurance details from one of their on site lawyers. I don’t know if every location has lawyers, will be helpful or will speak English. I loaded up on the third party options and reduced my property damage side as the car is not new, I have something like 20~30KK for third party property and medical, can’t remember the exact details but total cost is around 12K/year. There are around 15 detailed items on the policy, there will be more for a new vehicle so plan to spend an hour there in discussions and if you’re not confident in your mandarin bring someone to help translate that has some knowledge of cars and insurance and won’t be a PITA advisor telling you to just buy the cheapest one(!), the policies are worded in horrible legalize and not always obvious what’s being covered. Don’t tell people in your office what you paid as they’ll likely insist that you got ripped off and should just buy the cheapest one…Pay something that’s affordable to you and matches your risk acceptance profile, for a new car that could be in the 30~50K a year bracket.
Make sure you fully understand what you’re paying for, at the high end that could be a “free” full respray after 2/3 years on a new vehicle, will have free towing so don’t ever bother with changing a wheel, just get a tow, may have onsite assistance in the event of an accident, just call 'em up and they’ll deal with police etc., will have a 50/100K red envelope clause, if you put someone in hospital the insurance company give you the cash sweetener to pass to them to ease the rest of the process etc., etc, etc.
Congrats on the new car, enjoy!
A valid worry with Taiwan’s accident “rules”! Generally responsibility for accidents is split between parties here, unless it’s very, very clear cut there will not be 100% against one party, there are also many horror stories on how blame is assigned due to some of Taiwan’s weird traffic rules…
Let’s say you are in a fender bender with a Ferrari, a coming together during a lane change or whatever, final traffic adjudicator assigns blame as 90/10 in your favor, wahey, pay up Ferrari man!
You car costs 100,000 to repair so Mr Ferrari gives you 90% ~ 90,000.
Mr Ferrari’s car cost 1,000,000 to repair so you give Mr Ferrari 10% ~ 100,000…that 30K on insurance is not looking so expensive now…
Thanks for the reply! Lots of good tips there!
Yep. They gave me that yesterday and I’m doing the evaluation as you mentioned.
I heard about them. I’ll take a look.
Thank you! I’m excited to get it, too!
Wow! These Taiwanese laws are crazy!
Still have to give him $10000 for his fault and bear the costs of your repairs.
As I said, don’t run into a Ferrari. Or get hit by one. I always give expensive cars a lot of space. I don’t need that trouble.
Or be properly insured and avoid being bullied by them! Other option is to have little or no viable assets in Taiwan, a common tactic and all the more reason to be properly insured!
Completely agree. Insurance package structures are very complicated and you definitely need an agent that is patient enough to explain things thoroughly, which is a rare breed. It took me a long while before getting the hang of it. A friend who works in this sector defined the current Taiwanese system like Singapore’s 40 years ago. Which is why locals usually buy from friends without bothering to understand the content and just pester them with calls whenever something happens.
I confirm this. Luckily not my personal experience, but I learnt it from a friend whose car got hit by another car that was running a red light. The blame was split 70-30 and my friend did not even seem bothered by the outcome.
More than with the insurer I would bother with who the agent is. Find one whom you can trust and who is not bothered by explaining things clearly. Not the typical “sign here and let me treat you bubble tea” kind.
Thanks!
Luckily, we found not one, but two agents willing to explain the details to us.
Good thing is that we can cross the info and confirm if we are being misled or not.