Even if you’re the stoutest of traditionalists when it comes to car insurance, you might have heard of this shiny young upstart called FWD who is offering an awesome-sounding Lifetime NCD on your premium.
So what’s the deal with FWD car insurance – does it live up to the hype?
FWD car insurance plans at a glance
|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 Classic||Comprehensive coverage (see below)||Budget-conscious drivers who nonetheless want good coverage|
|Comprehensive Executive||Similar to Classic but higher benefits & PA coverage||Families|
|Comprehensive Prestige||Similar to Classic but the highest benefits & PA coverage||Families with young children|
Unlike some insurers, FWD doesn’t try to do the whole a la carte thing to try to drive prices as low as possible (with correspondingly low coverage).
Instead, FWD’s comprehensive car insurance plans (Classic, Executive and Prestige) contain all the coverage you would want as a typical kiasu Singaporean. That includes car repairs, transport allowance while your car is being repaired, replacement car for completely wrecked cars <1 year old, medical expenses, third party damage, roadside assistance, etc….
Basically, that means you won’t end up stranded on the PIE cursing yourself, “damn it, why I so giam!? I should’ve paid more for emergency assistance!”
FWD also tries to position itself as a family-oriented insurer due to its bundled personal accident coverage; in reality, most car insurance plans also come with PA benefits. (If PA is crucial to you, you can compare the coverage of different insurers through our MoneySmart Car Insurance Wizard or talk to one of our car insurance experts before you commit.)
What’s the deal with FWD’s Lifetime NCD Guarantee?
Okay, I know you’re impatient to get to the Lifetime NCD part.
Basically you can get Lifetime NCD Guarantee when your NCD hits 50% as long as you get a comprehensive plan with FWD. In other words, that means you get unlimited NCD Protector – your NCD remains at 50% no matter how many claims you make.
Does that mean you can go full GTA and release all your pent-up frustrations on your most hated neighbour’s car? Well… we wouldn’t recommend it. You’ll still get your precious NCD when you renew with FWD, but your new premium could also very well increase.
FWD car insurance add-ons
FWD’s Comprehensive Classic should be pretty much sufficient for most drivers, but you might also want to consider adding on any of these options:
|Car insurance add-on||Description|
|Your Preferred Workshop||Add-on for flexibility to choose a non-authorised workshop|
|NCD Protector||Protect your No Claim Discount of 30% or 40% (good for one claim only)|
|Overseas Booster||Enhanced emergency assistance & coverage while driving in Malaysia and Thailand|
|Young Driver Excess Waiver||Pay more to waive the high excess for young drivers (27 years old and below)|
How to get cheaper premiums with FWD?
FWD’s premiums are already quite affordable, but of course you can lower your premium through the usual means – by tweaking your excess and applying NCD.
|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%|
|Flexible excess||Increase your own damage excess up to max. $2,500 for a cheaper premium||Varies|
Why (or why not) choose FWD car insurance?
FWD may not be the absolute cheapest insurer around, but it definitely is bang for your buck. You’ll be hard-pressed to find this level of coverage at the same price point. Even if you go to another insurer that offers “a la carte” plans, once you’re done picking and choosing the cover you want, your plan might end up being more expensive than FWD’s Classic plan.
Since FWD has already bundled the plan for you, purchasing car insurance and making simple claims through FWD’s well-designed online portal is a breeze. No need to squint at teeny tiny fine print or get lost clicking through innumerable pages.
However, do manage your expectations and don’t fall for all the spin. FWD is certainly not the most extensive when it comes to personal accident coverage, nor does Lifetime NCD necessarily grant you total immunity.
Bearing these caveats in mind, FWD Classic is nonetheless a solid, value-for-money car insurance plan.
Have you ever bought car insurance from FWD? What did you think could be improved? Get a FWD car insurance quote from MoneySmart or compare different car insurance policies with MoneySmart’s wizard.