On December 2, AXA Hong Kong announced the launch of its tailored motor insurance solution for Tesla owners in Hong Kong. This partnership marks the motor insurance leader's entry into the growing electric vehicle market thanks to a comprehensive protection and one-stop service for Tesla owners.
Motor insurance is a flourishing market in Hong Kong, with an increase in gross written premium by 6.3% year-on-year in 2014 according to the Office of the Commissioner of Insurance. The AXA Hong Kong's offer named "Insure My Tesla", is a tailored motor insurance product for Tesla's customers which protects drivers on and off the road, including:
- Electric vehicle specific coverage: for instance, in case of the accidental damage to the Wall Connector (Tesla home charger), the solution is covering the full replacement cost.
- Tesla's professional repair and maintenance services: during the first year, Tesla's premium paintless body repair, and replacement of tyres and rims due to accidental damage are covered.
- Lifestyle protection: additional lifestyle expenses reimbursement, such as pet care, home contents care, or home nursing and psychological treatment which is incurred whilst customers are hospitalised.
As a market leader in motor insurance, AXA Hong Kong is delighted to partner with Tesla to offer differentiated and innovative insurance plans tailored for Tesla customers, demonstrating our commitment to provide customer-centric solutions. In 2014, AXA Hong Kong outperformed the market with a significant growth. This exclusive partnership further expands our distribution network, and strengthens our leadership position in the motor insurance market. By working with Tesla, we establish a strong foothold in the electric vehicle market, an exciting segment that offers significant growth potential.