As one of the largest providers of car insurance in Singapore, AXA is well-known to many Singaporeans. Its plans, which offer a diverse array of features and a high degree of customization, are designed to meet the needs of any kind of consumer. But how well do they stack up against the competition? We took a closer look to see if AXA car insurance could be the right fit for you.
What Makes AXA's Car Insurance Plan Stand Out?
By far, the main draw of AXA is the variety of customization options it offers its customers. It offers 7 different car insurance plans, each targeting a different kind of driver with different priorities and needs, as well as 5 optional value-added packs that can be purchased alongside any of the plans to offer address more specific concerns. The cumulative effect of this is that AXA arguably offers among the most fully-featured plans in the market for customers who prioritise coverage and quality-of-life benefits over affordability.
Here's a breakdown of the different car insurance plans available to you with AXA:
- Essential: AXA's cheapest offering to customers on a budget, with bare-bones features that notably do not include personal accident benefit, coverage of medical or dental expenses, or loss of use benefit.
- Peace of Mind: A more fully-featured plan designed to give male customers willing to pay a little more increased coverage; not available for women. Highlights: Delivery of repaired car to your household; coverage for personal belongings.
- For Her:A more fully-featured plan designed to give female customers willing to pay a little more increased coverage; not available for men. Highlights: Phone assistance and roadside support; waived excess after 2 years with no claims filed; daily transport allowance while car is being repaired.
- Flexi: For the driver who wants the ability to get his car repaired at any workshop he chooses after an accident rather than an AXA-authorised workshop. More coverage than the Essential plan but less than the Peace of Mind/For Her plan. More expensive than Essential, Peace of Mind, and For Her plan.
- Essential Plus: Premium version of the Essential plan with additional features. Highlights: daily transport allowance; medical and dental expense coverage; delivery of repaired car; and car protector feature (pay back 110% value of the car in case of total loss). Cannot be purchased online.
- Flexi Plus: Premium version of the Flexi plan with additional features. Highlights: daily transport allowance; delivery of repaired car; car protector feature. Cannot be purchased online.
- Flexi Family: Premium version of the Flexi plan with additional family-friendly features. Highlights: personal accident benefits; coverage of personal belongings; waiver of named Young or Inexperienced Driver Excess; monthly allowance in case of permanent disability resulting from car accident. Cannot be purchased online.
Value-added packs that can be added to any of the above plans to target more specific concerns for a higher premium include:
- Protector Plus: Daily transport allowance, delivery of repaired car, car protector, renewal discount. Can be purchased online.
- Duo Protector: Daily transport allowance, medical and dental expenses, personal accident, monthly allowance in case of permanent disablement, excess reduction for a couple. Cannot be purchased online.
- Overseas Protector: Loss of personal belongings, medical and dental expenses, hotel accommodation, overseas allowance, courtesy car overseas. Cannot be purchased online.
- Family Protector: Loss of personal belongings, medical and dental expenses, personal accident, monthly allowance, waiver of named Young or Inexperienced Driver Excess. Cannot be purchased online.
- Claim Protector: Excess waiver, NCD Protector. Cannot be purchased online.
It is also worth mentioning that our study of car insurance premiums for different kinds of cars found that AXA tends to offer among the cheapest premiums in the market for luxury sedans like the Mercedes E-Class and BMW 5-series. One caveat to this is that these highly competitive prices were based on AXA's Essential plan, which does not allow you to choose your own workshop for car repairs after an accident. If you own a luxury vehicle, you may want to consider a plan that does offer that flexibility, such as AXA's more expensive Flexi Plan.
Drawbacks to AXA
While AXA's car insurance offerings are undoubtedly quite comprehensive, there are some important drawbacks to choosing AXA that you should be aware of.
AXA tends to be a little less affordable than other insurers' plans. While AXA's premiums can be relatively competitive particularly for its Essential plan, the Essential plan lacks several features that tend to be included even in other insurers' cheapest plans. In particular, the Essential plan does not include coverage of medical expenses, personal accident, or loss of use, three features that are often built into other insurers' budget plans at no extra cost. For that reason, we think that customers in the market for a highly affordable plan might be better served with a different insurer that does not skimp on these important features.
While AXA's plans are highly customizable, the bundling of features into pre-made plans and value-added packs can result in a somewhat clumsy customer experience. Though some features can be included individually on an ad-hoc basis, others will require you to buy a pack or a plan that includes them, which could result in you paying for more features than you need. For example, if you wanted a plan that included coverage for the loss of personal effects and the ability to choose your own workshop, you would be required to shell out either for the Flexi Family plan or for the traveller-oriented Overseas Protector or family-oriented Family Protector value-added packs, all of which might come with features that you don't actually need.
Features and Benefits Included in AXA's Car Insurance Plan
|Features||Essential Plan||Peace of Mind Plan||For Her Plan||Flexi Plan|
|Flood damage coverage?||No||Yes, and will pay out an additional 10% above vehicle market value and waive vehicle damage excess|
|Can you choose your own workshop?||No||No||No||Yes|
|Excess waived if accident-free for first two years||No||No||Yes||No|
|Option to change excess levels to zero excess (for a higher premium) or double excess (for a lower premium)||Yes||Yes||Yes||Yes|
|NCD Protector Feature||For an extra fee|
|Unlimited coverage for third party death or injury||Yes||Yes||Yes||Yes|
|Coverage for third party damage||Up to S$5,000,000|
|Personal accident benefit for Policyholder||Pay S$14.45 for up to S$50,000|
|Personal accident benefit for passengers||Pay extra S$37.45|
|Medical expenses||No||Up to S$1,000 for you, named drivers and immediate family members|
|24-hour phone and roadside support||Pay extra S$107||Pay extra S$107||Yes||Pay extra S$107|
|Towing costs||Up to S$500||Up to S$500||Up to S$500||Up to S$500|
|Delivery of repaired car back to your house||No||Yes||No||Yes|
|Personal belongings||No||Up to S$3,000||No||No|
|Accessories||Pay extra S$96.30 to cover for up to S$2,000|
|Daily transport allowance while car is repaired (loss of use)||No||No||S$50 a day for up to 10 days||No|
|Courtesy car in Singapore||Pay extra S$83 for replacement car to drive for up to 10 days while car is in workshop|
|Additional personal accident cover||Available for higher premium||Available for higher premium||Available for higher premium||Available for higher premium|
How Does AXA Car Insurance Compare Against Other Insurers' Plans?
We compared car insurance premiums from major insurers for the Honda Civic 1.6 to see how AXA's car insurance premiums stack up against the competition. For the driver profile of a 45-year-old single male with 5 years' driving experience and a 0% NCD, we found AXA's Essential plan offers one of the cheapest premiums. Keep in mind as you are shopping for car insurance that premiums you are offered may differ depending on your driver profile and vehicle.