• Best Car Insurance Policies in Singapore

    Owning a car can be an expensive affair. It’s bad enough that cars are a depreciating commodity. Not only does it cost you thousands of dollars to purchase but constant fuel and maintenance charges can also add to its price tag. With life being as unpredictable as it is, we go out of our way to protect that which we care about the most. We get life insurance policies with a host of benefits and additional riders to enhance coverage. Why should we not do the same for our cars?

    Having car insurance in Singapore is a legal requirement, but many of us just get the first insurance policy we come across only to fulfil the prerequisite of holding a car insurance policy. We only truly know what our policy has to offer and what it doesn’t when we meet with an accident and try to make a claim. Suddenly, we are told certain parts are not under the purview of the insurance policy or that maintenance or repair work can only be performed at these network of garages or that we didn’t file the right paperwork in time.

    Not having an insurance policy can leave you with hefty fines and up to 3 months imprisonment. You need to get a policy that provides you with the maximum benefits within your price range. You should be aware of certain benefits such as No claim Bonus or a third party cover and take into account the premiums you can afford. What makes the cut for best car insurance policies is how the policy can give you the best cover for its price. Below, we present to you our pick of the best car insurance policies in Singapore, based on the premiums and benefits available. Read on to find the right car insurance policy for you.

    Best car insurance policies in Singapore

    Here are some of the top car insurance policies that we think give you the best perks for the premiums paid:

    Aviva Car Insurance Policy

    This car insurance policy from Aviva is a comprehensive policy that provides cover in case of loss or damage to your car, provides personal liability cover and even refunds a portion of the premium paid if the policy is cancelled within 23 months of acquiring the policy.

    Advantages

    You will get the following benefits on the Aviva Car Insurance Policy:

    • Free cancellations and high refunds: The policy provides free cancellation for up to 14 days of acquiring the policy. From the 15th day onwards, a portion of the premium will be charged. For example, policies cancelled on the 15th day to the 29th day will receive a refund of 95% of the total premiums paid. Even if you feel the need to cancel your policy after 23 months, you still get a portion of your premiums paid albeit only 5%.
    • Spare parts: The policy provides you cover for vehicles that are either lost, stolen or are damaged. The policy even fits your car with suitable alternative accessories if the accessories or spare parts required are not available from the manufacturer.
    • Accident recovery: In cases of accidents where your car is rendered unfit to be made roadworthy on the spot, the policy provides for accident recovery where you can have your car taken to the nearest approved repairer.
    • Totalled car: If your car is stolen and not recovered or if the total damages to your car tally up to more than 70% of the COE and GST of your car and provided it has been under 2 months since you purchased the car, the policy will replace your car with a new car of the same model having the same make and specifications.
    • Excess waived: If the driver of your car is involved in an accident where the accident is caused by an uninsured driver, then the excess that you would normally be subject to pay will be refunded by the policy.

    Disadvantages

    Here are some components where the policy doesn’t do too well:

    • Limitations on cover: The policy will only provide cover for damaged tires due to cuts or bursts provided that your car is also damaged by the incident. The cover provided for accessories such as stereo equipment is limited to only S$500 if the equipment fitted is not provided by the manufacturer.

    AIG Auto Insurance Policy

    This car insurance policy from AIG provides you with a comprehensive insurance policy that can even replace your car if the damage is beyond a certain limit. The policy offers you extensive cover that allows you to drive worry free. The claim experience of the policy is also hassle free.

    Advantages

    You will get the following benefits on the AIG Auto Insurance Policy:

    • Choice of packages: The policy offers you three plan options to choose from. They are, AutoValue, AutoPlus, and AutoPlan. The AutoPlus option comes with the most comprehensive cover.
    • Large network of garages: AIG boasts of a large network of garages that can be used to repair your car. The AutoValue plan allows for service and repairs to be carried out only in authorised garages whereas the AutoPlus policy allows for the car to be serviced or repaired at either authorised garages or at the manufacturer’s garage. The AutoPlan is the most comprehensive and covers costs when your car is repaired at any garage.
    • Replacement car: If your car is stolen and not recovered or if the total damages make no economic sense to repair and provided it has been under 3 years since you purchased the car, the policy will replace your car with a new car of the same model having the same make and specifications.
    • Waiver of excess: While most car insurance policies will require the customer to pay an excess, the AIG Car Insurance Policy will provide you a waiver on the excess on car repairs. The waiver provided is up to S$1,000 for those policies with 50% NCD and up to S$500 for policies that have less than 50% NCD.
    • Unlimited covers: The policy also comes with certain hard to beat benefits such as unlimited third party liability cover for accidents that were caused due to the negligence of your passengers. The policy also keeps passenger protection in mind and offers your passengers a personal accident cover for $10,000 each and gives you a personal accident cover of up to S$50,000.

    Disadvantages

    – Here are some components where the policy doesn’t do too well:

    • Cover provided comes with eligibility criteria: The cover mentioned are applicable to the plan type acquired. For the AutoValue and AutoPlan options, basic overs such as 24 hour roadside assistance is not available. Even the cover provided for AutoPlus policy is stringent to certain conditions such as the car should be under 3 years old to enjoy service at the manufacturer’s garage as well. Cars over 3 years old can only be serviced at authorized AIG garages.

    AXA Car Insurance Policy

    This car insurance policy from AXA is a comprehensive policy that provides cover in case of loss or damage to your car, provides personal liability cover and even provides for repatriation of the car if the accident occurs outside Singapore but within the geographical locations covered by the policy.

    Advantages

    You will get the following benefits on the AXA Car Insurance Policy:

    • Comprehensive cover: The policy provides you comprehensive over for vehicles that are either lost, stolen or are damaged due to an accident or fire. The policy also provides cover for your legal liability in case you are involved in an accident that causes death or bodily harm to other people or causes damage to other people’s property.
    • Spare parts: The policy provides you cover for vehicles that are either lost, stolen or are damaged. The policy even offers cover for parts such as windshield which are normally provided in other car insurance policies as optional cover that require you to pay an additional amount.
    • Accident recovery: In cases of accidents where your car is rendered unfit to be made roadworthy on the spot, the policy provides for accident recovery where you can have your car taken to the nearest approved repairer. The cover provided for such expenses is up to S$500.
    • Geographical recovery: If your car is involved in an accident and is unfit to drive then the policy will arrange for repatriation of the car and arrange for you and your passengers to be picked up and returned to Singapore provided the accident is within the geographical area that the policy covers and the nature of the accident is covered by the policy.

    Disadvantages

    Here are some components where the policy doesn’t do too well:

    Limitations on cover: The policy will not provide any cover for losses arising out of any delay in the claim settlement process. These delays could include non-availability of spare parts or in the delivery of spare parts.

    Etiqa Car Insurance Policy

    This car insurance policy from Etiqa is a comprehensive car insurance policy that offers a slew of benefits ranging from large network of garages and workshops to easy claim settlement processes allowing you to focus on the road and drive worry free.

    Advantages

    You will get the following benefits on the Etiqa Car Insurance Policy:

    • Spare parts: The policy provides you cover for vehicles that are either lost, stolen or are damaged. The policy even offers cover for parts such as windshields complimentary for authorized workshops and S$100 excess for repairs carried out in any workshop.
    • No Conditions for network garages: The policy imposes no restrictions on use of motor workshops. This means that if your car is damaged, the repairs and service work can be undertaken at any garage that is capable of carrying out the repairs. This gives you more convenience in having your car fixed as soon as possible
    • Comprehensive cover: The policy is a comprehensive car insurance policy and provides cover for personal accident. The cover provided is up to S$20,000 for the insured. The policy also offers cover for medical expenses to the tune of S$200.
    • Accident recovery: The policy offers towing service if your car has met with an accident and is unsafe to drive or unable to be driven. The cover provided for towing services is up to S$200.
    • Wide range of optional cover: The policy offers a No Claims Discount protector at a nominal premium.

    Disadvantages

    Here are some components where the policy doesn’t do too well:

    • Limitations on cover: The policy will only provide free cover for windshield if repairs are carried out in an authorised garage. Repairs carried out at other garages incur an excess of S$100. Furthermore, the free windshield cover is only limited to one claim. If one claim has been made, then the policyholder must purchase the windshield cover as an add-on at a nominal premium.

    HL Car Protect360 Car Insurance Policy

    This car insurance policy from HL Assurance is a comprehensive insurance policy with geographical limits extending up to West Malaysia. The policy offers cover for accessories as well as the policyholder’s authorised drivers. The policy’s comprehensive cover including the liability cover means you can focus on driving without any worries.

    Advantages

    – You will get the following benefits on the HL Car Protect360 Car Insurance Policy:

    • Spare parts: The policy provides you cover for vehicles that are either lost, stolen or are damaged. The policy even offers cover for parts such as windscreens including rear windscreen, side windscreens and quarter windscreens. The policy also provides cover for all accessories that come as standard fitting from the manufacturer.
    • Comprehensive cover: The policy is a comprehensive car insurance policy and provides cover for personal accident. The cover provided is up to S$20,000 for the insured. The policy also offers cover for medical expenses to the tune of S$1,000.
    • Accident recovery: The policy offers a 24 hour minor roadside assistance service as well as a 24 hour emergency towing assistance service.
    • Replacement cover: The policy provides you cover in cases where you damage your car through an accidental overturn or collision, damages caused by fire, external explosions, damages caused by riots or theft or falling objects and against natural disasters like floods, typhoons, earthquakes and so on.
    • Hassle-free claims: The policy offers you a hassle free claims process that allows you to make claims with ease.

    Disadvantages

    Here are some components where the policy doesn’t do too well:

    Limitations on cover: The policy will provide free cover for windshield provided you pay for the first S$100 of the repair or any other amount that is specified as excess.

    Compare Best Car Insurance Coverage & Limits

    Product Cover for Personal Accident Cover for medical expenses Excess limits
    Aviva Car Insurance Policy Cover of up to S$20,000 Cover of up to S$1,000 Up to S$500
    AIG Auto Insurance Policy Cover of up to S$20,000 Cover of up to S$300 Up to S$600
    AXA Car Insurance Policy 0 for the Essential policy 0 for the Essential policy Up to S$800
    Etiqa Car Insurance Policy Cover of up to S$20,000 Cover of up to S$200 Up to S$600
    HL Car Protect360 Car Insurance Policy Cover of up to S$20,000 Cover of up to S$1,000 Up to S$375

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    How to choose the best car insurance policy for you

    Here are some tips on how to choose the right car insurance policy for you:

    • Don’t just go by the premiums: Many a times, people just look at what it’s going to cost them and settle on a policy that has an affordable premium. They should in fact avoid choosing the first policy that comes across them and rather focus on comparing policies with the key features in mind. The policy should aim to provide cover for your vehicle and personal liability.
    • Don’t rule out riders: When comparing policies, it is important to take into account what optional add-ons or riders a policy provides. These riders can greatly improve the scope of coverage of your policy and must not be neglected. Also when comparing, it is ideal to make the comparisons on at least 3 insurance comparison websites to get a clear picture of which policy is better.
    • Don’t be afraid to negotiate: If you never ask, how do you expect to receive. You should not shy away from approaching your current insurance provider at the time of purchasing a new car insurance policy. In a bid to retain customers, many insurance providers throw in extra benefits especially if you have a proven track record of being a responsible driver.
    • Protect your NCD: NCD is also known as No Claim Discount. A good policy should offer you an NCD benefit. The policy should provide you with an NCB for every policy year that you don’t make a claim. The discount is often given in the form of discounts to your premiums and can add great value to your car insurance policy.
    • Check the claims settlement ratio: Before you settle on an insurance policy, you must check whether the policy provider has a good track record of settling claims. There’s no point in opting for a policy that offers all the benefits under the sun but ties up your claim in red tape and finds ways to deny a claim.
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