HSBC Auto Insurance Review (2022)

In our HSBC auto insurance review, we'll explain why HSBC no longer offers auto insurance to new customers. While existing HSBC customers can receive auto insurance, new customers will need to explore other options. Need coverage fast? Save up to 20 percent on your next policy by comparing quotes online.

UPDATED: Sep 28, 2022Fact Checked

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Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

Full Bio →

Written by Mathew B. Sims
Editor-in-Chief Mathew B. Sims

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

Full Bio →

Reviewed by Daniel Walker
Licensed Auto Insurance Agent Daniel Walker

UPDATED: Sep 28, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

UPDATED: Sep 28, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Sep 28, 2022Fact Checked
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HSBC

Average annual rate for good drivers:

$1,000

A.M. Best rating:

Complaint level:

High

Pros

  • HSBC has been in business since 1865

Cons

  • There are a lot of conflicting reviews online

The Bottom Line

As an HSBC bank customer, you’ll have auto and home insurance options. However, new customers won’t be able to get auto insurance. There are other ways to find affordable car insurance.

Those who do have HSBC auto insurance will have access to HSBC car insurance claims and other services related to auto insurance coverage.

HSBC is a worldwide banking corporation that got into auto insurance a few years ago. However, the corporation has since suspended selling auto insurance to new customers. When an HSBC customer buys a car, they can also purchase HSBC auto insurance through the company’s affiliate.

HSBC Rates

The bank provides auto insurance as well, through its Home and Auto Security Plan. The Home and Auto Security Plan is not available in all states. According to the Insurance Information Institute, each state has a unique minimum requirement for car insurance.

Let’s look at what you could pay for auto insurance in the states where HSBC branches are located.

Average Auto Insurance Rates of States with HSBC Bank Auto Insurance
States with HSBCAverage Annual Auto Insurance RatesAverage Monthly Auto Insurance Rates
Virginia$859$72
Illinois$895$75
Oregon$932$78
Pennsylvania$986$82
Washington$985$82
California$1,004$84
Maryland$1,145$95
Connecticut$1,191$99
Delaware$1,248$104
Florida$1,293$108
Washington, D.C.$1,364$114
New York$1,384$115
New Jersey$1,405$117
Get Your Rates Quote Now

According to the National Association of Insurance Commissioners (NAIC), you could pay less than $1,500 per year or less than $120 per month for full coverage auto insurance. The cheapest states for auto insurance are Virginia, Illinois, and Oregon.

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HSBC Coverage Options

The Home and Auto Security Plan offers coverage for home, legal expenses, health care, and auto insurance.

For cars, the plans can cover the following:

  • Unlimited emergency towing
  • Roadside service
  • Emergency locksmith service
  • Deductible reimbursement
  • Theft reward benefits

Policyholders will also receive emergency medical expenses and transportation benefits and ambulance and paramedic expense reimbursement.

Frequently Asked Questions

#1 – Is HSBC a reputable bank?

HSBC is a reputable bank. It’s been in business since 1865. However, there are a lot of conflicting reviews online.

#2 – What is the most reliable car insurance company?

According to Investopedia, Amica Mutual, USAA, Progressive, and Erie Insurance are the most reliable insurance companies.

#3 – Is HSBC the worst bank?

No. According to The Fiscal Times, Bank of America is the worst bank.

Free Auto Insurance Comparison

Enter your ZIP code below to view companies that have cheap auto insurance rates.

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Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

Full Bio →

Written by Mathew B. Sims
Editor-in-Chief Mathew B. Sims

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

Full Bio →

Reviewed by Daniel Walker
Licensed Auto Insurance Agent Daniel Walker

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