HK Insurance on 458, excess at 10% car value

Just bought my 458 Italia and discovered that my insurance policy makes for a 10% car value insured as deductible and excess. For first year, due to new for old, I see a reason to get comprehensive. However, can someone shed lights on if 10% car value is a normal practice? If so, it gives a lot of disincentive to buy 3rd party as you would only get money back for the 1st dollar post the 10% amount. Then again, it is scary not to get comprehensive as accidents are matters you can't foresee. My car is not on a loan so 3rd party is possible. Can owners enlighten?

 

I was asked to insure the full amount. On one hand, i do agree that 90% comp is what they will cover. e.g., if my car is worth 4.5 million, the excess is 450K HKD. that's a 10% deductible and excess which to me seems like a huge incentive to NOT GET COMPREHENSIVE INSURANCE and self insure. Why? Cos 450K excess is not a small sum. Of course, no one knows when accident comes and if they do come it is when you least expect it. However, by exercising prudence, I am sure I would be more motivated to avoid moral hazard but in some ways, if I get hit, anything below 450K would have to be paid by myself. Now at a premium of 60K, I see little incentive to comprehensively insure the car. After all, 450K is considered to be a medium impact accident and most accidents may amount to less than half a mil and honestly, for anything going beyond a 1/2 mil, the car is considered seriously damaged and impacted and insurance will only cover the 1st dollar beyond 450K. Now to me, it's not a small amount. In doomsday scenario, you total the car, first year is new for old sans depreciation but for year two, all compensation will deduct depreciation so if the car is totaled, you only get back insured value minus depreciation.

My point being, if deductible is in the range of 10% or 450K (in my case), it seems a bit high to me. Knock on wood, I have been careful and would not dare think about an accident of that scale but then again it is not unheard of if you have a serious side impact. It is however scary, to go uninsured except 3rd party on such a valuable car and precious car (to me). So at the end of the day, I think most will still do 10%. 10% is quite common from Chartis, QBE or ZURICH. Not many companies specialize in Ferraris and Chartis does Ferraris in HK and QBE as well. Lambo uses a different company but most would be in the 10% range.