This flexible auto insurance plan is suitable for both regular and not-so-regular drivers, as well as those looking to protect their vehicles in storage.
While some auto insurers believe in bundling as many useful benefits the average driver would need as possible into an all-rounded plan, Etiqa takes a different approach.
Instead, the insurer simply includes only essential benefits in its base plans and provides several other attractive and useful benefits as optional add-ons, one of which even allows you save up to 30% in cash rebates yearly (more on that below).
This way, drivers can customise their auto insurance plans to a greater degree than they might find at other insurers, helping them to control their premiums in the process.
However, this degree of flexibility may not be suitable for everyone. For example, a young, new driver anxious about high premiums may be tempted to skip certain add-ons, not realising their importance.
In this guide, we’ll take a closer look at how Etiqa Private Car Insurance works.
Pros and cons of Etiqa Private Car Insurance
|Relatively low premiums, especially for younger drivers||Coverage from base plans rather narrow|
|Authorised workshops offer 9-month repair warranty||Most useful benefits found only as add-ons|
|Extra 5% discount for being demerit-free||Opting for your own car workshop can be expensive|
|Covers travel to West Malaysia and Thailand (within 80km of Malaysia’s border)|
|Free child’s car seat cover, unlimited windscreen cover with S$100 excess|
|Drive Less Save More add-on allows you to save up to 30% yearly in cash rebates|
Key features of Etiqa Private Car Insurance
#1: Base plans offer limited benefits, but useful add-ons allow customisation
One thing to note about Etiqa Private Car Insurance is that the base plans actually offer very limited benefits. On their own, the three plans mainly focus on damage or loss due to accidents, theft or fire - along with some personal accident and third-party liability cover. That’s about it.
Other useful benefits such as medical and dental expenses, loss of use, and emergency assistance like towing, are offered as add-ons, which you have to choose when purchasing your plan.
Such a structure allows for a greater degree of customisation, but it also means you’ll need to consider your insurance needs more carefully in order to properly customise your plan.
As mentioned above, Etiqa also offers a unique add-on called Drive Less Save More, which allows drivers can save up to 30% yearly in cash rebates depending on how much they drive that year.
This add-on is completely free and any cash rebates will be credited directly to their TiqConnect eWallet. Do note that this add-on is only valid for new businesses only.
#2: Attractive perks for drivers
Etiqa offers a few attractive perks for drivers, ranging from freebies to warranties and even cross-border coverage.
Drivers with young children can opt for free child seat cover of up to S$300. Additionally, you can get an extra 5% premium discount for staying demerit-free. Windshield clams are unlimited, but there’s an excess of S$100 per claim.
If you want to drive into Malaysia and Thailand, know that your vehicle is covered in West Malaysia, and as far away as Thailand (although only within 80km of the Malaysian border).
Also, repairs carried out by Etiqa’s authorised workshops come with a nine-month warranty.
#3: Low-priced plan for those storing their vehicles
If you’re mainly looking to protect just your vehicle and the personal belongings inside (perhaps you’re planning on storing your prized sports car), this plan will help you do so without having to spend too much on premiums.
Specifically, the Third-Party, Fire and Theft plan protects your vehicle against damage or loss against fire and theft, while also extending some personal liability cover.
This is useful if, say, your vehicle parked at your condo carpark exploded due to sabotage or a fire, and now the MSCT is suing you for damages.
The Third-Party Only plan, on the other hand, only offers personal liability cover. This may be useful in case your vehicle is involved in an accident while being moved between storage locations by another driver.
Important exclusions to note
Take note of these exclusions if you’re considering signing up for an Etiqa Private Car Insurance policy. For the full list of exclusions and other important information, read the policy wordings here.
Your policy doesn’t insure you against:
- mechanical, electrical or electronic breakdown, failure or breakage to your car
- damage and/or loss to tyres unless other parts of the car are damaged in the same accident
- loss of or damage to accessories and fittings that are not installed by the manufacturer, and spare parts that are not in/on the car at the time of damage, loss or theft, unless otherwise endorsed into the policy (basically, everything you spruced up your car with)
- any damage and/or loss if your claim is lodged after fourteen (14) days of the loss or accident
- any loss arising out of delay in claims settlement due to non-availability or delay in delivery of spare parts.
For whom is Etiqa Private Car Insurance best suited?
Etiqa Private Car Insurance offers pretty comprehensive coverage, alongside attractive perks and useful services that are available as add-ons.
As such, this plan is best suited for drivers who are clear about their auto insurance needs and seek a degree of customisation in their policy to help control premiums.
If you don't drive your vehicle regularly, its Drive Less Save More add-on should prove useful as it allows you to save up to 30% in cash rebates yearly.
Plan tiers, premiums and latest promotions
What plan tiers are available for Etiqa Private Car Insurance?
The following table contains a summary of the Etiqa Private Car Insurance policy. Be sure to study the policy in its entirety before making a purchase.
|Comprehensive||Third-party, Fire and Theft||Third-party|
|Accidental loss or damage by fire or theft, including spare parts||Up to market value||Up to market value||n/a|
|Accidental loss or damage by other insured event, including spare parts||Up to market value||Up to market value||n/a|
|Towing services||Up to S$200||Up to S$200||n/a|
|Death or bodily injury to third-party||Amount found legally liable||Amount found legally liable||Amount found legally liable|
|Loss of damage of property to third-party||Amount found legally liable||Amount found legally liable||Amount found legally liable|
|Your legal costs and expenses||Up to S$2,000||Up to S$2,000||Up to S$2,000|
|Personal accident||Up to S$50,000||n/a||n/a|
|Medical expenses||Up to S$1,000||n/a||n/a|
How much does Etiqa Private Car Insurance cost?
Young, inexperienced male drivers typically get charged high premiums by auto insurance companies, who consider them the riskiest category of drivers.
Hence, we’ve constructed such a profile as a completely unscientific test of how friendly Etiqa is to young drivers. Here are the quotes we got for a 25-year-old male driver with two years’ driving experience, driving a Mazda 3 1.6A.
|Plan||Premium||Cost per month|
|Third-party, Fire and Theft||S$2,968.13||S$247.34|
At a glance, Etiqa’s premiums for private car insurance looks a little cheaper than some other plans for a similar driver profile.
But as pointed out in the previous section, the base plans do not offer much coverage beyond the basics.
Instead, Etiqa has a whole slew of other add-ons - some of them quite useful, like personal accident, towing assistance, etc - which you can bundle together with your plan. With all the add-ons thrown in, the difference for the year can add up to over S$900!
Of the add-ons, the four most important ones to consider getting are:
- Etiqa Package - which contains several useful services that you’ll need in case of an accident
- Gap Cover - which is a rarely offered benefit that can help you mitigate the financial fallout of total loss of your vehicle
- My Workshop - This allows you to send your car for servicing at a workshop of your choice. Useful if you have an established relationship, or want to ensure only authorised dealers work on your car. However, this can be quite expensive - in our test, choosing this option increased our premiums by more than S$500!
- Drive Less Save More - With this, you can save up to 30% in cash rebates yearly depending on how much you drive. Who doesn't love savings right?
What promotions are there for Etiqa Private Car Insurance?
Eagle-eyed readers may have spotted a discount displayed in the quotes screenshotted above.
Indeed, Etiqa is having an ongoing promotion for Private Car Insurance. Here are the details:
How to claim?
In the event of an accident:
Follow these steps to submit your claim:
- Log on to TiqConnect, (If you do not have an account, you can sign up for one, and access is granted instantly)
- Follow the on-screen instructions to submit your claims
- Etiqa Customer Care hotline: 6887 8777
- Email: email@example.com
If you have a No Claims Discount
Be sure to report your accident by the end of the next working day, lest your No Claims Discount is affected.
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.
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