When it comes to car insurance, price isn't the only factor to consider. Choosing the right insurer can affect how much you pay, the benefits you receive, and how smoothly things go when you need to make a claim, or even renewal of road tax.

Singapore's car insurance market is competitive, with both established insurers and newer players offering a range of plans. By understanding how to compare insurance quotes and evaluate insurer features, you can make smarter, more cost-effective decisions.

1. Why Comparing Car Insurance Quotes Matters

Many car owners simply renew with their existing insurer each year, often without checking if better options exist. This can lead to paying more for similar coverage.

By comparing car insurance quotes, you can identify insurers that favor your specific driver and car profile. For example:

  • One insurer may offer better rates for certain car makes (e.g., Honda vs Hyundai).
  • Another may offer lower premiums for specific age groups, such as 35–45 or 50+.
  • Some insurers specialize in low-risk profiles or specific vehicle types.

These differences stem from each insurer's claims history and underwriting strategy. Spending a little time comparing can lead to substantial savings every year, without compromising on coverage.

Thanks to the internet, getting multiple quotes is now faster and easier than ever before. In the past, comparing 7 or 8 quotes meant hours on the phone. Today, online comparison tools streamline the process, helping you save money with minimal effort.

2. Comparing Major Insurers: NTUC Income vs AIG (AIG)

Two of the largest and most well-known car insurers in Singapore are NTUC Income and AIG (formerly AIG). Both have strong reputations, broad product offerings, and extensive workshop networks.

Company Background

  • NTUC Income: A co-operative founded in 1970, offering a wide range of insurance products for Singaporeans.
  • AIG: Over 90 years of global experience, operating in more than 160 countries.

Both companies are financially stable and experienced, giving policyholders confidence in their reliability.

Types of Plans

Both NTUC and AIG offer:

  • Comprehensive coverage with options for Authorized Workshop or Any Workshop plans
  • Third Party Fire & Theft (TPFT) coverage
  • Third Party Only (TPO) coverage

They also underwrite sports and high-performance cars, which some smaller insurers may decline.

Workshop Schemes

  • AIG allows cars under 3 years old (excluding parallel imports) to return to their distributor's authorized workshop for repairs under the Authorized Workshop plan.
  • NTUC requires cars to be repaired at their network workshops, even if still under warranty.

Loss of Use (Courtesy Car)

  • AIG: Provides a replacement car for up to 10 days during repairs.
  • NTUC: Offers a transport allowance (up to 7 days) if you upgrade to the Classic PLUS plan.

NCD Protection

  • Both offer NCD protection for 50% NCD holders at an additional cost (~10% of the premium).
  • Note: NCD protection applies only if you stay with the same insurer.

Waiver of Excess

  • AIG: Automatic waiver ($600 if 50% NCD, $300 otherwise).
  • NTUC: Available with Classic PLUS plan, for an additional premium.

Other Benefits

Benefit NTUC Income AIG.
Windscreen Repair $100 excess $100 + GST excess
Personal Accident $20,000 $50,000
Towing Free up to $200 Free, including for breakdowns
Medical Benefits Up to $300 Up to $300
Payment Options Cash, cheque, credit card, instalments (DBS/POSB/UOB) Similar methods & instalments

Both companies provide comprehensive benefits and a wide support network. Your choice may depend on specific features like Loss of Use benefits or Workshop flexibility, as well as the premium quoted for your profile.

3. Comparing AXA vs AIG – A Theoretical Example

Another common decision for car owners is between AXA and AIG, especially after the first year of ownership.

Windscreen Coverage

  • AXA: $0 excess and free reinstatement.
  • AIG: $100 + GST excess.

Loss of Use

  • AIG: Courtesy car for up to 10 days.
  • AXA: $50/day cash allowance (max $250), minimum 4 days in workshop.

Personal Accident

  • AIG: $50,000 (insured), $10,000 (passengers).
  • AXA: $30,000 (insured only); passengers require add-on.

Towing & Medical

  • Both: Free towing services.
  • AIG: Medical claims up to $300.
  • AXA: Medical claims up to $500.

Waiver of Excess

  • AIG: $600 waiver (50% NCD), $300 otherwise.
  • AXA: Full waiver for 50% NCD holders, 50% waiver otherwise.

Distributor Workshop

  • AIG: Allows repairs at distributor workshops (within warranty period).
  • AXA: Authorized workshops only unless you upgrade to Any Workshop plan.

Named Drivers

  • AIG: Authorized drivers automatically treated as named drivers.
  • AXA: May require adding named drivers with additional premium.

Other Benefits

  • AXA offers special discounts for MPV and off-peak car owners.
  • AIG lets you reduce your premium by setting an age condition.

Both AXA and AIG are reliable, reputable insurers with excellent service standards. The choice often comes down to personal priorities — e.g., whether you prefer cash allowances or courtesy cars, higher medical coverage, or lower windscreen excess.

4. Key Considerations When Choosing an Insurer

When evaluating different car insurance providers, consider these factors:

1. Premium vs Benefits

Don't just look at price — check what's included. Sometimes a slightly higher premium comes with valuable benefits like Loss of Use, lower excess, or better workshop options.

2. Workshop Network

If your car is under warranty, distributor workshop coverage may matter. Otherwise, authorized workshop networks can affect repair quality and convenience.

3. Customer Service & Claims Handling

Established insurers often have smoother claims processes but may have busier hotlines. Consider using a car insurance specialist to navigate claims more easily.

4. Flexibility & Add-ons

Features like NCD protection, waiver of excess, and medical benefits vary across insurers. Tailor your policy to match your usage and risk tolerance.

5. Payment Options

Instalment plans and payment methods can make premium costs more manageable.

Conclusion

Choosing the right car insurance provider in Singapore involves more than just picking the cheapest quote. By comparing insurers based on their coverage, benefits, workshop schemes, and customer service, you can find a policy that fits your lifestyle and offers real value.

Whether you're deciding between NTUC vs AIG, or AXA vs AIG, the best insurer for you is the one that aligns most closely with your driver profile, vehicle type, and personal preferences — all while giving you the protection and service you need when it matters most.