It dominated TVB News for weeks: Hong Kong's One-for-One Replacement Scheme has ended. For anyone looking at EV insurance in Hong Kong right now, the market just shifted significantly — here's what you need to know.
The rush to beat the deadline was real.
Old vehicle permits needed to qualify — which traded at HK$6,000–10,000 just a few years ago — were reported at HK$50,000 by the time the Budget announcement landed. The Transport Department confirmed it received a large volume of applications right up to the wire and is still processing them...-
152,000+ EVs on HK roads as of January 2026
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16.8% of all HK vehicles now electric
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2035 deadline to end new petrol car registrations
Why did the scheme end?
The Government’s position is straightforward: EVs no longer need the help. Numbers grew from roughly 28,000 in 2021 to over 150,000 today. Pre-tax EV prices have dropped more than 20% in recent years, and there are now 551 Transport Department-approved EV models from 20 different economies available in Hong Kong. The subsidy did its job.
What hasn’t gone away is the direction of travel. The updated Hong Kong EV Roadmap, announced on 12 February 2026, reconfirms the 2035 target to stop all new registrations of fuel-powered private cars (including hybrids), with zero vehicular emissions before 2050. The updated version adds 28 concrete measures, including a territory-wide fast-charging network and a pilot for ChaoJ — the next-generation charging standard being developed jointly with mainland authorities to bridge the gap between Hong Kong and Guo Biao (GB/T) charging infrastructure.
✅ The full FRT waiver for electric commercial vehicles, motorcycles and tricycles remains in place until 31 March 2028. If your business operates a fleet, that window is still open — and worth acting on.
The policy timeline at a glance
- 2018 — One-for-One Replacement Scheme launchedUp to HK$172,500 FRT waiver for eligible owners
- 12 Feb 2026 — Updated EV Roadmap published28 new measures; ChaoJ charging pilot confirmed
- 25 Feb 2026 — Budget confirms no extensionFRT concessions for private EVs to end 31 March
- 31 March 2026 — Scheme endsFRT concessions for electric private cars lapse
- Now → 31 March 2028 — Fleet window still openFull FRT waiver continues for commercial EVs, motorcycles & tricycles
- 2035 target — No new petrol car registrationsEVs to become the default; zero vehicular emissions goal by 2050
What does this mean if you already own an EV?
Thousands of drivers made the switch in the final weeks of the scheme. Many are now insured for the first time on an EV — and may not have looked closely at whether their policy is actually designed for one.
EV insurance in Hong Kong is not the same as insuring a petrol car. Repair costs are higher because battery packs, sensors and ADAS systems are expensive to fix. Insurers are still building Hong Kong-specific data on EV claims, typhoon exposure and flood risk — which can produce sharp premium differences between otherwise similar drivers depending purely on which insurer you choose.
The detail in the policy matters too. Does your cover include battery damage? Charging-related breakdown? New-for-old replacement if the car is written off in the first year? These benefits exist in the Hong Kong market — but they are not standard across all policies, and the gaps can be significant.
⚠️ If you caught the last wave of the One-for-One Scheme and have just registered a new EV, now is exactly the right time to check whether your motor insurance is actually fit for an electric vehicle — not just a recycled petrol-car policy…
Getting the right EV insurance in Hong Kong
The end of the One-for-One Scheme marks a turning point, not a full stop. With 2035 on the horizon, EVs are heading for the mainstream regardless of subsidies — and the insurance market is evolving quickly to match.
As independent brokers, Navigator compares motor policies across multiple Hong Kong insurers. We can tell you where cover genuinely differs, where you may be overpaying, and which policy fits how you actually drive.
