AIG is undoubtedly one of the best-known insurance companies in Singapore - so much so that the odds are, if you've owned a car in Singapore, you've bought car insurance from AIG. But just because AIG car insurance is so widespread does not necessarily make it the best. Read the following review to find out if AIG really offers you the best value for your money in the Singapore car insurance market.
What Makes AIG's Car Insurance Plan Stand Out?
AIG's three car insurance plans, the AutoValue, AutoPlan and AutoPlus, each address the needs of concerns of different kinds of drivers while providing a fairly well-rounded package of features. The AutoValue plan is targeted toward the budget driver; it is the most bare-bones of the three and comes with the cheapest price tag. The AutoPlan, which is priced between the AutoValue and AutoPlus plans, is the best fit for drivers who want flexibility when it comes to workshop choice. Unlike the other two, the AutoPlan places no restrictions on where you must get your car repaired after an accident, making it a good choice for drivers of continental or luxury vehicles with hard-to-attain parts. Finally, the relatively luxe AutoPlus plan offers its policyholders premium features such as a higher personal accident benefit of up to S$50,000, 24-hour towing and roadside assist service and unlimited access to a courtesy car if your vehicle is being held in a workshop for repairs.
Other highlights include AIG's extension of the personal accident benefit to all passengers in your car as well as its cover for your car keys and locks. With any AIG car insurance plan, you'll also get a S$800 cover for your lock and keys, and AIG will also cover the cost of a locksmith in case you accidentally lock your keys in your car. AIG also sets itself apart from many other insurers on the market with its recent incorporation of telematics technology into its car insurance schemes, offering policyholders the opportunity to save up to 15% on their premiums based on the quality and safety of their driving behavior using AIG's On the Go App. As such, AIG, along with other innovators NTUC Income and Etiqa, are frontrunners in finding creative ways to leverage modern-day technology to help consumers save money.
Drawbacks to AIG
Unfortunately, while AIG's car insurance plans undoubtedly cover the bases and give customers a variety of options to address different needs, they tend to cost significantly more than alternatives on the market without offering better or even equivalent value for your money. If you are in the market for a cheap car insurance plan that offers you great bang for your buck, we think you can get better value with an insurer such as FWD or Aviva.
AIG plans are also somewhat inflexible, lacking extensive customization options to let you tailor your plan specifically to your needs. For example, if you want the highest coverage possible and maximum peace of mind but also would prefer the option to repair your 5-year-old BMW at a workshop of your choice, you'll have to make a compromise: the AutoPlus plan has the best benefits, but only the AutoPlan will allow you unrestricted flexibility to choose your own workshop for repairs. Furthermore, AIG's coverage for medical expenses (up to S$300 per person) is quite low compared to what is offered by many other insurers.
Features and Benefits Included in AIG's Car Insurance Plan
|Flood damage coverage?||Yes||Yes||Yes|
|Cover for loss or damage||Up to the market value of your car|
|24 hr claims procedure enquiry hotline||Yes||Yes||Yes|
|Repair/replace vehicle after accident?||No||Will pay for a brand new car of the same make and model within 3 years of car purchase|
|Can you choose your own workshop?||No||Yes||For cars 3 years old or newer, you may use dealer or AIG workshops; cars above 3 years must be sent to AIG workshops|
|Medical expenses||Up to S$300|
|Towing costs||Up to S$500 per accident||Up to S$300 per accident||Up to S$500 per accident|
|24-hour roadside assistance||No||No||Yes|
|Unlimited coverage for third party death or injury||Yes||Yes||Yes|
|Coverage for third party property damage||Up to S$5,000,000|
|Loss of use benefit while car is repaired||Get a replacement car for up to 10 days by paying an extra S$94.16 for a 1500cc-1600 cc car or an extra S$115.56 for a 1800-2000 cc car||Included in plan for as many days as you need|
|Personal accident benefit for Driver||Up to S$20,000 for policyholder||Up to S$50,000 for policyholder|
|Personal accident benefit for Passengers||Up to S$10,000 for each passenger|
|Replacement of car lock and keys||Up to S$800|
|NCD Protector||Unavailable||Available for AutoPlus and AutoPlan policyholders with 50% NCD when you renew your policy|
How Does AIG Car Insurance Compare Against Other Insurers' Plans?
We compared car insurance premiums from 10 major Singapore insurers and found that AIG offers one of the more expensive car insurance premiums in the market for the average driver of a compact sedan like the Toyota Corolla Altis or Honda Civic. The following quotes are based on the driver profile of a 45-year-old single male with 5 years of driving experience and a 0% NCD. Please remember as you are shopping for a car insurance plan that premiums you receive may differ depending on your driver profile and vehicle.