AIG Car Insurance Review (2022): Lean-but-Robust Car Insurance

Alevin Chan
Last updated Jul 21, 2022

The AIG Car Insurance offers two viable options for necessary vehicle coverage. Here’s what you need to know about this lean-but-robust car insurance plan. 

Did you know that Singapore has one of the lowest car theft incidents in the world, with an estimated figure of 1 per 100,000 vehicles?

In other words, it is statistically unlikely for the average driver to be a victim of vehicle theft – as long as they’re driven within Singapore. That said, is it worth much to pay for insurance cover against it?

That seems to be the inspiration behind AIG Car Insurance, which comes in two variants – one focusing on collisions only, and another taking a more conventional approach. 

How do these plans work, and which one should you choose?

  • Pros and cons of AIG Car Insurance
  • Key features of AIG Car Insurance
  • Important exclusions to note
  • How AIG Car Insurance benefits you
  • Plan tiers, premiums and latest promotions
  • How to claim

Pros and cons of AIG Car Insurance

ProsCons
Covers up to market value of vehicle including standard accessories and spare partsDoes not allow own workshop
Up to S$1,000 of excess waiver when you share in-car camera footage Vehicle theft coverage only included in the higher-tier plan
Up to S$500 of accident towing benefitNo personal accident cover
Loss-of-use benefit of S$50 per day (add-on)
Lower premiums when you opt for low mileage plan

Related articles:
What to Look for in a Car Insurance When Driving to Malaysia
Buying Car Insurance For Your Electric Vehicle (EV): 5 Things To Note
Singlife Car Insurance (Review): For Best Results, Go For The Highest Tier Plan


Key features of AIG Car Insurance

#1: Covers up to the market value of your vehicle

In the event of a collision damage, fire damage, or theft (for the Complete plan), your AIG Car Insurance policy can cover your vehicle’s full market value. Standard accessories and spare parts installed by the manufacturer are also included under this benefit. 

#2: Up to S$1,000 in-car camera excess waiver

AIG Car Insurance offers up to S$1,000 in excess waiver if you share the in-car camera footage of the accident. This can help reduce any out-of-pocket costs arising from your claim. 

Note that you can enjoy the full benefit only if you are not at fault, otherwise, this benefit will be reduced by 50%. 

#3: Base plans include towing benefits of up to S$500

This plan comes with towing benefits worth a maximum of S$500 per policy year in case your vehicle suffers serious damage in an accident. The benefit is available ‘round the clock and included in both plans by default. 

#4: Loss-of-use cash compensation as an optional add-on

As one of AIG’s more useful add-ons, this benefit makes up for the inconvenience of not being able to use your car due to accidental damages.

You can receive S$50 cash compensation for up to seven days while your vehicle is undergoing repairs in the workshop; this reimburses the cost of alternative modes of transportation. 

Important exclusions to note

Take note of the following exclusions for AIG Car Insurance:

  • Driving under the influence of alcohol, drugs, or medication
  • Suicide or suicide attempts
  • Use of vehicle outside the geographical area
  • Use of vehicle for criminal activities, or in relation to fraudulent activities
  • Vehicular modification not accepted unless declared and accepted by AIG
  • Use of vehicle for carrying goods other than samples during trade or business

For the full list of exclusions, refer to the policy documents. 

Plan tiers, premiums and latest promotions

What AIG Car Insurance plan tiers are available?

This car insurance plan is available in two plan tiers – Collision Only and Complete. You may also avail optional add-ons to beef up your car insurance plan. 

Below is a summary of both plans’ key benefits. 

Collision OnlyComplete
Own damage and fire due to collision with another vehicle: Up to market value

Property damage: S$5 million

Bodily injury: Unlimited

Authorised workshops and towing: Covered

In-car camera excess waiver: Up to S$1,000

Authorised driver: Own household only

Windscreen and windows: Not covered

Theft: Not covered

Acts of God: Not covered

Riots, strikes, and civil commotions: Not covered
Own damage, fire, and theft: Up to market value

Property damage: S$5 million

Bodily injury: Unlimited

Authorised workshops and towing: Covered

In-car camera excess waiver:
Up to S$1,000

Authorised driver: Own household only

Windscreen and windows: Covered with S$100 excess

Acts of God: Covered

Riots, strikes, and civil commotions: Covered

Here’s the list of optional add-ons for AIG Car Insurance.

ItemBenefit
Windscreen and windowsCovered with S$100 excess
Glass/sun/moon roofCovered with S$100 excess
Loss of use cash compensationS$50 per day, up to 7 days
NCD Protector for drivers with 50% NCDFirst claim during the policy year will not reduce NCD
Authorised driver extensionIncludes any driver
Solar filmIf windscreen or window is also damaged
Canvas topCovered with S$350 excess

For the full details, refer to the policy documents for Collision Only plan and Complete plan.

How much does AIG Car Insurance cost?

Collision OnlyComplete
S$926.56S$1,129.89

The premiums above were quoted for a single male driver in his mid-40s, driving a Honda Civic 1.5 Vtec with 5% safe-driver discount and 50% NCD. 

Since there’s only a slight difference in premiums between the Collision Only plan and the Complete plan, it may be better to sign up for the latter. Doing so covers your vehicle against a wider range of risks, including damage to windscreen and windows.

AIG Car Insurance promos

SingSaver Exclusive Promotion: Get up to S$350 Petrol Vouchers when you purchase an AIG Car Insurance policy (Collision Only and Complete plans). Valid till 30 August 2022. T&Cs apply.

Plus, receive up to S$10 Cash Bonus when you apply for an AIG Car Insurance policy now. Valid till 11 September 2022. T&Cs apply.

How can you benefit from AIG Car Insurance?

AIG Car Insurance offers a lean-but-robust option for cover against most common risks, but does not protect you from the unlikely risk of vehicle theft. 

This is especially apparent in the Collision Only plan, which only covers damage to the vehicle as a result of collision with another vehicle. Loss of the vehicle due to theft is not covered. 

If this isn’t enough,  you may opt for the Complete plan, which offers a more conventional coverage (vehicle theft included). There are also optional add-ons to further boost your coverage at the cost of jacking up your premiums.

How to claim?

You may submit your claim at any AIG-approved reporting centre. Claims must be submitted within 24 hours of the accident, or by the next working day.

Important things to remember

  • If anyone is injured, contact the police or emergency services immediately
  • Do not move the damaged vehicles unless absolutely necessary
  • Do not accept assistance from unauthorised tow-trucks or workshops. Contact AIG at 6338 6200 if you need towing services. 
  • Do not admit culpability, negotiate, or make any offer or settlement to third parties

What to do in an accident

  • Take photos of the accident scene and damage to all vehicles involved
  • Exchange particulars and contact details with the other driver(s)
  • Bring your vehicle to an AIG-approved reporting centre, and submit your claim

Note: The content of this article is presented for information purposes only. Always speak to a certified financial adviser or qualified person before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.


Read these next:
10 Best Car Insurance Plans in Singapore (July 2022)
Should I Include A New Named Driver Under My Car Insurance?
7 Facts You Need to Know About Car Rental Insurance in Singapore
Singtel Car Protect Review: Straightforward and Affordable Car Insurance Plan

Alevin Chan July 21, 2022 93162