Maybank’s insurance arm Etiqa is one of the many newcomers on the car insurance scene that are giving lao jiaos like NTUC and AIG a run for their money. Literally, because Etiqa can be really cheap especially if you make use of their promotions. Low prices aside, what else do you need to know about Etiqa car insurance? Let’s take a look.
Etiqa car insurance plans
Buying car insurance from Etiqa is a no-brainer because there are only 3 plans. You just need to decide if you want TPO, TPFT or Comprehensive.
|Car insurance plan||Key features||Recommended for|
|Third Party Only (TPO)||Covers third party damage only||Very old cars at the end of their COE lives|
|Third Party, Fire & Theft (TPFT)||Covers third party damage, fire and theft only||Older cars (8 years old and up)|
|Comprehensive||Comprehensive coverage (see below)
Authorised workshops only
|Cars no longer under warranty
Comprehensive coverage includes car repairs at some 30 authorised workshops (you can upgrade for any workshop of your choice), transport allowance while your car is being repaired, medical expenses and third party damage. Of note is their personal accident cover of $50,000, which is pretty high for a basic plan.
However, note that Etiqa doesn’t offer frills like emergency roadside assistance or a replacement for new cars that are damaged beyond repair. So I think it’s better if (a) your car is not brand spanking new and (b) you’re experienced enough to confidently handle a traffic accident without someone coming to hold your hand.
Etiqa car insurance add-ons
Etiqa does not offer a premium version of their Comprehensive plan. You know, the kind that comes with your very own butler and a magic carpet delivered to your house for you to use while your car is under repair.
Props to them for not trying to make you part with more cash than necessary. There are, nonetheless, a few add-ons that you might want to consider:
|Car insurance add-on||Description|
|My Workshop||Add-on for flexibility to choose a non-authorised workshop. However, note the Additional Excess for elderly, young and inexperienced drivers doubles from $2,000 to S$4,000|
|NCD Protector||Protect your No Claim Discount of 50% (good for one claim only)|
|Sun/Moon Roof||Add more to cover damage to sun/moon roof (up to S$2,000)|
|Solar Film||Add more to cover damage to solar film (up to S$1,000)|
I know what you’re thinking. “Wah lao, sun roof also must get insurance ah?“ Most insurers do not offer to cover Sun/Moon Roof and Solar Film separately from your car, so if your sun roof is cracked and you want to claim for repairs, it would affect your NCD. So, opt in for Etiqa’s separate cover to avoid affecting your NCD.
How to get cheaper premiums with Etiqa?
As I mentioned, you can get pretty cheap premiums with Etiqa, especially if you make use of their ongoing promotions. Here’s how:
|Type of discount||Description||Amount|
|NCD (No Claim Discount)||Given in increments of 10% for each year you don’t file a claim||10% to 50%|
|Demerit Free Discount||Get this if you have not claimed car insurance in the past 3 years + show Traffic Police Certificate of Merit||5%|
|Early Saver Promotion||Be one of the first few buyers daily (clock resets at 12 midnight) to get discount||28%|
|Thank Etiqa It’s Friday||Get 5% if you buy a plan on a Friday||5%|
|Flexible excess||Increase your own damage excess for a cheaper premium||Varies|
Why (or why not) choose Etiqa car insurance?
If you’re budget-conscious and don’t mind going with an insurer that’s not so established, Etiqa is definitely one of the insurers you should consider as it has some of the most competitive rates around.
Buying car insurance with Etiqa is fuss-free because of the clean user interface and the fact that there’s only one comprehensive plan with limited add-ons. Coverage-wise, it is suitable for cars that are a few years old, parallel imports, or second-hand cars.
However, you might find the coverage too skimpy for a brand new car or if you’re looking for more coverage and a higher level of service. If you shop around you should be able to find more extensive coverage from Etiqa’s rivals, typically for only slightly higher premiums. Be sure to use the MoneySmart Car Insurance Wizard to find out what options you have.
Have you ever bought car insurance from Etiqa? What was your experience like? Tell us in the comments.
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Tags: Car Insurance