MSIG Car Insurance: Strong Accident Benefits For a Fair Price
MSIG Car Insurance: Strong Accident Benefits For a Fair Price
- Premiums cost below average for drivers with 50% NCDs
- Offers rare car loan protection benefit
- Personal accident and medical coverage extends to passengers and named drivers
- Not very competitive for female drivers or new/young drivers
- No accessories coverage
- Personal accident coverage for MotorMax is below average
Table of Contents
MSIG's car insurance plans provide rare and useful coverage that can be a steal for the average safe driver. However, because premiums are priced the same for women and men, women will find their premiums to be less competitively priced compared to other insurers. Furthermore, new or young drivers will need to pay a premium to access MSIG's unique benefits.
|MSIG Insurance Quick Facts|
|Insurer Rating (S&P): A+|
|Claims Initiative of the Year - Insurance Asia Awards (2020)|
|CSR Initiative of the Year - Insurance Asia Awards (2020)|
What You Need to Know About MSIG MotorMax Insurance
MSIG's MotorMax car insurance plans are a great option for safe drivers who want extensive financial coverage against expensive mishaps. MSIG's car insurance plan has 2 tiers: MotorMax and MotorMax Plus. Each tier has increasing levels of coverage and pricing. MSIG MotorMax only provides Comprehensive plans online, so drivers of older cars who need Third Party, Fire and Theft (TPFT) or Third Party Only (TPO) plans will have to find an alternative insurer.
With effect from 1 April 2022, MotorMax Plus will be available for all electric vehicle models. Any previous blocking of Toyota vehicles will also be removed on the same day, so you can receive quotes for the vehicles accordingly.
The most important aspect of MSIG's motor insurance plans is that they provide the legally required coverage for your car. That is, MSIG provides S$5 million of property damage coverage, unlimited third party liability coverage (for death or injury to the other person) and up to the market value coverage for your car if it's damaged or lost.
What Is the Cost?
Clearly targeted towards safe drivers, MSIG MotorMax is priced at or below the average of basic Comprehensive policies for drivers who have reached a 50% NCD. New drivers, on the other hand, will typically see premiums that are above the market average. For instance, the male drivers of a sedan who have a 50% NCD can expect to pay premiums that are 5-11% below average. Women and safe drivers of luxury cars and SUVs expect to pay just below the market average. This is in comparison to young drivers in their 20's who will pay premiums that are 19-25% above the market average for comprehensive plans or drivers with 0% NCD who will pay slightly above the market average.
MotorMax Plus, the premium version of the MotorMax plan costs around S$30 above average when comparing across all the comprehensive plans on the market. However, when comparing the Plus plan to other higher tier Comprehensive plans, we find that MotorMax Plus is fairly competitively priced. For instance, drivers with 50% NCDs will pay 5-11% below average premiums compared to other top-tier comprehensive motor insurance plans. In a similar pattern to MotorMax, new drivers will end up paying slightly above average.
What Are the Benefits?
MSIG's MotorMax plan provides a comfortable assortment of benefits that can be useful to the average driver. For instance, in addition to the legally required third party and comprehensive damage and loss benefits, MSIG offers S$20,000 of personal accident coverage for your driver and your passengers and S$1,000 of medical coverage for the policyholder, passenger and/or authorised driver. While the personal accident and medical benefits may not be the highest on the market, the fact that they're extended to your passengers is a rather rare feature, since other insurers may require you to pay extra to include this coverage.
You'll also have access to an Auto Assistance helpline, which will provide emergency towing, roadside assistance and other car accident-related requests. Lastly, you'll also have emergency medical evacuation and repatriation if you get into an accident within the geographical limits (i..e. West Malaysia, parts of Thailand that are 80km of the border between Thailand and West Malaysia).
|Accidental Loss/Damage||Market Value||Market Value|
|3rd Party Liability (Death)||Unlimited||Unlimited|
|3rd Party Liability (Damage)||S$5 Mn||S$5mn|
|Medical Expenses (Driver & Passenger)||S$1,000||S$1,000|
|Death & Personal Accident (Driver)||S$20,000||S$100,000|
|Death & Personal Accident (Named Driver)||S$20,000||S$100,000|
|Windscreen||Unlimited (S$100 Excess)||Unlimited (S$100 Excess)|
|Young Driver Excess (25 and under)||S$3,000||S$3,000|
MSIG's MotorMax Plus provides all the benefits that MotorMax provides and more. Most impressive is its S$100,000 car loan protection benefit, which will pay the outstanding loan on your vehicle if you were to pass away after a car accident. The only other insurer who offers that is Etiqa, for an additional cost. MSIG's Plus plan also offers a new for old replacement if your car is less than 12 months old when it gets into an accident that is irreparable as well as a transport allowance benefit (S$50 per day up to 10 days) if your car is at the auto shop for more than 3 days.
Personal accident benefits increase from S$20,000 to S$100,000, which means MSIG has one of the highest personal accident benefit limits on the market, right along with Aviva and Great Eastern (slightly higher at S$120,000). Noticeably missing is the car accessory coverage that is offered by most car insurance plans— even as add-ons. Thus, MSIG will be a better choice for safe drivers whose main priority is to protect themselves and their loved ones from the high expenses that come with severe car accidents.
Where Does MSIG MotorMax Car Insurance Fall Short?
As noted with the pricing, MSIG is less competitive if you are a new driver. Furthermore, it's lack of car accessory coverage makes it less optimal for drivers who value things like their stereo and entertainment systems. Furthermore, while the pricing equity between men and women can be viewed as a positive, it may make MSIG's car insurance plans less attractive to female drivers, who will find cheaper rates from several other insurers.
MSIG MotorMax also doesn't offer TPFT or TPO plans, at least online, so owners of older cars will have to find another insurer.
How MSIG MotorMax Fares Against the Competition
MSIG's closest competitors will be Etiqa—the only other insurer to offer a car loan coverage benefit—and Great Eastern, who has similar personal accident and medical coverage.
When it comes to Etiqa and MSIG, MSIG is cheaper than Etiqa for the average driver by around 22%. However, Etiqa may be the cheaper option for drivers in their 20's. Besides price, MSIG's personal accident benefits are lower but extends the coverage for more than just the named driver. Etiqa also offers more customisation options, like a free car seat benefit, a roadside and top-up assistance package and the option to upgrade to any workshop.
That being said, the largest difference between the two insurers is that MSIG offers S$100,000 of car loan coverage in its Plus plan, while Etiqa offers this benefit for an additional cost and caps its limit at S$80,000. Thus, younger drivers who want to pick and choose benefits may fare better with Etiqa while MSIG may be a better choice for safe drivers who want to maximise coverage against severe accidents.
|Benefit Limits||MSIG||Etiqa||Great Eastern|
|Accidental Loss/Damage||Market Value||Market Value||Market Value|
|3rd Party Liability (Death)||Unlimited||Unlimited||Unlimited|
|3rd Party Liability (Damage)||S$5 Mn||S$5 Mn||S$5 Mn|
|Medical Expenses (Driver & Passenger)||S$1K||S$1K||S$1K|
|Personal Accident (Driver)||S$20K-S$100K||S$50K||S$120K|
|Young Driver Excess (25 and under)||S$3,000||S$2,000||S$2,500|
When it comes to Great Eastern's Drive and Save Plus, MSIG's MotorMax plans are almost 50% cheaper. Even when comparing Drive and Save Plus plans to MotorMax Plus for a more apples to apples comparison, we find that Great Eastern is still 33% more expensive despite only a 20% increase in personal accident benefits. Because Great Eastern offers S$120,000 of personal accident coverage for both the driver and the passengers, the higher cost can be worth it for people who want to maximise personal accident and medical coverage for themselves and passengers. On the other hand, if you are looking for greater value and aren't looking to maximise only one benefit, MSIG may be the better option.
Before You Buy: Exclusions & T&Cs
You will lose your coverage if your car is driven by anyone who is not an Authorised Driver and without a valid driver's license. Moreover, a person under the influence of drinking or doing drugs will automatically lose the right to make any claim. Furthermore, if your car is used for anything other than what's specifically stated on the certificate of insurance or policy, then you will risk a denied claim. For instance, this includes using your car to operate delivery or passenger transport services.
Other Exclusions Include:
- Your car is being driven by someone who is not insured and doesn't hold valid documentation
- You are under the influence of liquor or drugs
- You're not registered under the Road Traffic Act
- Your car was confiscated (or attempted to be confiscated) by an authority
- Your car, its accessories (declared and/or undeclared) or spare parts was/were procured through fraudulent or illegal means
Finally, if any accident, loss, damage, death, injury, or legal liability arises directly or indirectly from strikes, riots, war, or willful or negligent acts, you will not be insured. Always make sure you read the insurance policy wording carefully to understand what you will and will not be covered for. This way you can make an informed decision about the best policy for you.
Being a Policyholder: Claims, Contact & More
If you get into a car accident, you will need to let MSIG know immediately, especially if you need towing or emergency assistance services. If there was an injury, then you should call the police and take photos of damage or injuries (if you are able). You'll need to file a police report in the event of a hit and run, non-injury that involves government vehicles, government property damage, foreign vehicle damage or if you hit a pedestrian or cyclist. If the damage is minor, you'll have 24 hours to bring your vehicle to MSIG's authorised workshops. To file a claim, you'll have to go to a workshop to report an accident. Similarly, if you need to make a windscreen claim, you can go to a workshop or contact their windscreen specialist, Glass-Fix Pte ltd.
|Emergency Assistance||+65 6827 7660|
|Customer Service||+65 6827 2708|
|SMS Enquiry||+65 9158 1660|
|Claims Information||Guide and Forms|
|Mailing Address||4 Shenton Way #21‑01 SGX Centre 2, Singapore 068807|
Is MSIG MotorMax Right For You?
MSIG's car insurance plan may be a good fit if you're a safe driver who often has passengers in your car and want maximum assurance that the most severe ramifications from a car accident will be covered. While it's pricing is attractive to safe, experienced drivers, its premiums may fail to impress young and new drivers. That said, its features may be worth considering despite the cost, especially if you want to take advantage of the rare car loan coverage and driver/passenger medical and personal accident coverage
Our reviews are based on a thorough analysis of all the car insurance plans available to purchase online. We created a baseline profile, which was a married 45-year-old male driving a new Toyota Corolla Altis 1.6 with 5 years of experience and a 50% NCD. To find the average pricing for the average sedan and SUV, we averaged the policy premiums for 4 most popular sedan models (Honda Civic, Mazda 3, Hyundai Elantra and Toyota Corolla Altis), 3 most popular SUV models (Nissan Qashqai, Honda HR-V and Toyota Harrier) and 3 most popular luxury models (BMW 530, Mercedes E200 and Audi A6) on the Singapore market. We also collected the same quotes for female drivers. To find out how competitive the prices were, we compared ase plans without any add-ons. This is because each insurer provides different benefits and there is not enough data to assume that the average driver chooses particular benefits.
For the benefits, we looked at how many benefits are included in the base plan as well as how much the extra add-ons would cost to add. We also looked at the type of benefits offered to find out which driver profile would benefit the most from which plan. Lastly, for claims, we looked to see whether emergency assistance was offered, whether you can file the claim online and other customer service conditions.