Typhoon Hato teaches Hong Kong’s luxury car owners a lesson in vanity
Here’s five cars that make better sense for driving in storm-lashed Hong Kong
Typhoon Hato destroyed a lot of vehicles on August 23. But it was the viral images of expensive, high-end cars battered and flooded by the storm’s force that made some drivers question the wisdom of owning luxury vehicles in storm-lashed Hong Kong.
A particularly harrowing image for admirers of opulent cars was that of a half-submerged Lamborghini Gallardo in a Heng Fa Chuen car park, its sleek exterior covered in mud and debris dredged up by Hato.
The forlorn state of the hapless supercar sparked online debate among observers as to where storm-ravaged vehicles stand with regards to insurance payouts.
Car insurance broker Kwiksure says it received “a lot of” of coverage enquiries and 30 claims within two days of the typhoon.
The company said there are two hidden factors insurers take into account when assessing cases of storm-damaged vehicles: depreciation and extra deductions.
Hong Kong’s overpriced new cars largely lose you money as soon as you receive the keys
“The Lamborghini is not insured with us, but it seems to be a 2013 Gallardo Coupe [that] cost HK$2.53 million when brand new,” says Kwiksure’s Neil Raymond. “If the owner has comprehensive insurance, we believe the [supercar’s] reasonable market value at accident time [depending on the individual surveyor report] is around HK$1.5 million to HK$1.6 million.” In other words, this Lamborghini lost about a HK$1 million in four years before it got wet. Hong Kong’s overpriced new cars largely lose you money as soon as you receive the keys.
