As one of the longer-standing insurance companies in Singapore, MSIG is a popular brand for car (as well as other types) of insurance. What does MSIG car insurance have to offer that can distinguish it from the competition? Let’s see.
MSIG car insurance plans at glance
|Car insurance plan||Key features||Recommended for|
|MotorMax||Basic level of coverage, MSIG authorised workshops only||Cars no longer under warranty, second hand cars, parallel imports|
|MotorMax Plus||More extensive coverage than MotorMax (e.g. transport allowance, replacement car, loan protection), no restriction on workshops||New cars under warranty, drivers who took out a car loan|
MSIG MotorMax vs MotorMax Plus
MSIG MotorMax is really basic – it covers car repairs (at authorised workshops only), medical expenses, third party damage and roadside assistance. This is for those looking for affordable insurance for an older car and who are not too fussy about coverage. Note that there are several insurers also offering similar basic coverage at competitive premiums – just use MoneySmart’s Car Insurance Wizard to find them.
If you have a new car or are very dependent on your vehicle, consider paying more for MSIG MotorMax Plus as you can get other benefits like loss of use transport allowance and a replacement car if your new car gets completely wrecked. Also, MSIG is one of the few car insurers with car loan protection. In the event of a fatal accident, your debt will not be passed on to your family.
MSIG car insurance add-ons
NCD Protector: If your No Claim Discount (NCD) is 30% or higher, you can add on this protector to maintain your NCD in the event that you have to make a claim.
|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%|
Here’s a clearer illustration of how the NCD protector works and how much you can get:
|No. of claims||NCD at inception date of policy|
|3 or more||0%||0%||0%|
Do note that the NCD Protector benefit is non-transferrable and you’ll need to renew your policy with MSIG to continue enjoying it.
Why (or why not) choose MSIG car insurance?
MSIG auto insurance is definitely a premium product – it’s not cheap. You MUST be willing to pay more for the brand name and level of cover.
If you have a brand new car, consider upgrading to MSIG’s MotorMax Plus for the higher coverage (though pricier). But if you’re looking to insure an older car and are watching your budget, you can shop around for similar plans at cheaper rates.
One unique feature of MSIG is that emergency evacuation back to Singapore is bundled into their plans at all levels. If you often drive to Malaysia, especially for long-distance trips – frequently enough to make you wonder if your current insurance is adequate – you might want to consider switching to MSIG.
What do you think of MSIG’s MotorMax and MotorMax Plus insurance? Tell us in the comments below.