HK Insurance Authority opens Northbound travel scheme for motorists

This will allow eligible Hong Kong private cars to travel through HQMB without needing regular quotas.

The Insurance Authority (IA) of Hong Kong and the government of Guangdong announced the commencement of the Unilateral Recognition policy for cross-boundary motor insurance.

Under the scheme, private car owners or drivers from Hong Kong who enter Guangdong can obtain a Unilateral Recognition policy from Hong Kong insurers, beginning 1 July.

This policy includes coverage for the statutory third-party liability motor insurance required for the Mainland. This means that car owners no longer need to purchase separate insurance policies for each location, making travel between Hong Kong and Guangdong easier.

The IA was able to tag 16 Hong Kong-based insurers that would launch the Unilateral Recognition products, entailing the firms to offer convenient and comprehensive insurance services for motorists.

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The Guangdong and Hong Kong governments launched the scheme allowing eligible Hong Kong private cars to travel between the two regions via Hong Kong-Zhuhai-Macao Bridge (HZMB) without needing regular quotas.

While cross-boundary vehicles require statutory motor insurance covering both regions, the Unilateral Recognition policy allows Hong Kong car owners to only obtain a Hong Kong statutory motor insurance policy compliant with Cap 272. 

This policy's coverage can include Mainland Compulsory Traffic Accident Liability Insurance for Motor Vehicles, and policyholders may choose to add Mainland Commercial Insurance for more protection.