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AIG Car Insurance Review (2024): Lean-but-Robust Car Insurance

Alevin Chan

Alevin Chan

Last updated 12 January, 2024

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?

Table of contents:

 


Pros and cons of AIG Car Insurance

Pros Cons
Covers up to market value of vehicle including standard accessories and spare parts Does 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 benefit No personal accident cover
Loss-of-use benefit of S$50 per day (add-on)  
Lower premiums when you opt for low mileage 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 Coverage for third-party property damage of up to S$5,000,000

Accidents are sometimes unavoidable, and if you happen to cause damage to a third party, AIG will compensate any death or bodily injury to any person, and up to S$5,000,000 for any damage to property.

#3: 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%. 

#4 Unlimited windscreen/window cover

This plan also covers you in the event your windscreen or window is damaged due to an accident, with no cap on the claim limit. However, you are required to pay an Excess of S$100 (excluding GST) for every claim made.

#5: 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. 

#6: 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. 

#7 Quality repairs at AIG Authorised workshops

You won't have to worry about whether any repairs made are of standards, as AIG's authorised workshops are reliable and trustworthy, allowing you to have a peace of mind.

#8 Fast claims

It can be frustrating when the claim process can take months for them to be approved and credited to your bank, but with AIG Car Insurance, you won't face such issues. They pride themselves in speedy claim approvals within 1 working day, with an approval rate of 99.99% of own damage motor claims.

AIG Car Insurance Promotion: Get the Best Price with SingSaver Exclusive Discount! Use promo code AIGSS5 to get 5% discount and up to S$128 PayNow (min premium $600).Valid till 29 February 2024. T&Cs apply. Also receive $50 worth of Shell e-vouchers when you register AIG's On the Go app (Fullfilment by AIG). Valid till 29 Feb. T&Cs apply. Additionally, buy now to receive:

  • A S$20 petrol voucher. Promotion ends 31 Mar 2024. T&Cs apply.
  • An exclusive chance to win a year's worth of  FREE PETROL worth $5,200! Promotion ends 31 Mar 2024. T&C apply.

 


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 Only Complete
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.

Item Benefit
Windscreen and windows Covered with S$100 excess
Glass/sun/moon roof Covered with S$100 excess
Loss of use cash compensation S$50 per day, up to 7 days
NCD Protector for drivers with 50% NCD First claim during the policy year will not reduce NCD
Authorised driver extension Includes any driver
Solar film If windscreen or window is also damaged
Canvas top Covered 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 Only*
Complete*
S$737.88
S$810. 61

Based on the profile of a 30 -year-old married male driver, with 5 years of driving experience who has made 0 claims, with an NCD of 50%. He drives a Toyota Corolla Altis 1.5 (sedan) that was registered in 2018.

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

AIG Car Insurance Promotion: Get the Best Price with SingSaver Exclusive Discount! Use promo code AIGSS5 to get 5% discount and up to S$128 PayNow (min premium $600).Valid till 29 February 2024. T&Cs apply. Also receive $50 worth of Shell e-vouchers when you register AIG's On the Go app (Fullfilment by AIG). Valid till 29 Feb. T&Cs apply. Additionally, buy now to receive:

  • A S$20 petrol voucher. Promotion ends 31 Mar 2024. T&Cs apply.
  • An exclusive chance to win a year's worth of  FREE PETROL worth $5,200! Promotion ends 31 Mar 2024. T&C 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

AIG has also won the best customer service week for the year of 2022 – 2023, so you can rest assured knowing that you'll enjoy a seamless claims process!

StraitsTimes_Singapore-BCS_Logo_AIG_22-23-02

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.

 


 

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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