What is it, Who Offers it, and How to Choose the Right One for You

© ZUUonline SG

Even if you are an experienced rider, you cannot predict what will happen when you are on the road. You might be having fun as you weave along lanes with your motorbike, but the works can happen. This is where motorcycle insurance becomes essential. Luckily in Singapore, there are various forms of motorcycle insurance you can take to protect yourself.

Load Error

What is motorcycle insurance in Singapore?

Motorcycle insurance Singapore is a policy that protects you financially in the event of an accident, theft, or damage to your motorcycle. Liability coverage is included in motorcycle insurance if you are at fault for another person’s injuries or property damage. 

In Singapore, it is mandatory to have a good insurance plan for your motorcycle. The policy should be a third-party liability for injuries and death as a result of a motorcycle accident. According to the Singapore Motor Vehicles Act, riding your motorbike without a proper motorcycle insurance plan can attract a penalty of S$1,000 or/and a jail sentence of three months.

What are the available types of motorcycle insurance in Singapore?

It is vital to point out that motorcycle insurance is similar to car insurance in Singapore. There are three available options: Third-party, fire and theft, Third-party only, and comprehensive cover. The ideal motorcycle insurance policy depends on one’s biking lifestyle.  Don’t just go for the cheapest but ensure you are aware of what each insurance covers.

Third-party only

Third-party insurance is a type of liability insurance that protects you from claims made by others. On the other hand, you are nonetheless liable for any harm or losses you create, regardless of the cause. This is the bare minimum of motorcycle insurance, as well as the most e coverage. Third-party insurance covers injuries to a passenger or another motorcycle rider, as well as damage to a person’s motorcycle or property.

This coverage is designed to assist you in covering the costs of damages to other people, cars, and property caused by an accident that was determined to be your fault. It is for those who just wish to be covered against third-party claims.

Third-party, fire, and theft

You get everything insured in a “Third-Party, Fire & Theft” motorcycle insurance plan, plus protection for your motorcycle in the event of loss or damage due to fire or theft. If you park your motorbike in an area with a high risk of theft and stolen cars, this is the best alternative. Even if the fire seems unlikely, your motorcycle runs on petrol, so there is always a possibility of fire. The policy will help you cover the cost of repairs in case of fire or replacement. The plan is for those who want an in-between with additional coverage for theft and fire scenarios.

Comprehensive cover

As the name suggests, this policy is the most comprehensive insurance policy for your motorcycle, offering the highest coverage level. Comprehensive motorcycle insurance Singapore often covers all protected by TPO and TPFT plus damage caused by an accident and personal injuries. This insurance is designed to cover you completely in the event of an unanticipated event. For those concerned about not being adequately insured and who do not have any other type of insurance, such as life insurance, this will be an ideal choice.

Factors considered when taking a motorcycle insurance Singapore

Different insurance companies offer motorcycle insurance, but various factors are affecting the pricing of the policies.

    Age

If you are young, your insurance premiums will be more expensive than for an older rider. This is because of experience and the fact that some young riders can be reckless with speed.

    Motorcycle type

The type of bike you ride determines the premiums you will pay. If you have a sports bike, you will pay more than someone with a street bike because sportbikes are built for speed. With a sportbike, you are likely to ride fast, and thus, chances of an accident are high, which is why insurers price premiums expensively.

    Year of motorbike registration

Older bikes attract higher premiums. Old bikes are more likely to break down, so insurers increase premiums to offset the increased risk of a loss. In many cases, insurers limit the insurance coverage available to older bikes, as consumers are less willing to pay high premiums for an old bike. 

    Non-claim Discount and past claim history

If you have more claims submitted, your insurance will be expensive. You get an NCD if you have not made any claim under your policy for a year. This is valid if you stay with your insurer.

Who is offering motorcycle insurance in Singapore?

FWD Insurance

FWD insurance offers TPO, TPFT, and comprehensive motorcycle insurance, and it is among the cheapest. You get S$500,000 damage cover, unlimited coverage for injury or death, loss cover at market value, and towing cover of up to $50.

Budget Direct Insurance

Budget Direct offers the best insurance in Singapore for safe riders with a 20% NCD for those looking for cheap comprehensive insurance. Notably, premiums are 31% more affordable, with discounts for bikes of up to 200cc or more than 400cc. There is unlimited injury or death coverage and up to S$500,00 third part damage and loss or damage to bike at market value.

Direct Asia insurance

Direct Asia also offers one of the cheapest motorcycle insurance for safe riders whose bikes are between 201cc and 400cc with premiums 10% cheaper than average. The advantage is you can customize your plan, and there is the alternative of choosing your workshop. 

NTUC Income Insurance Singapore

NTUC Income Insurance is the best motorcycle insurance in Singapore for riders below 30 years looking for cheap plans. Its comprehensive covers are 14% more inexpensive for 25-year olds with class 2B licenses. The benefits of NTUC Income are suitable for riders looking for a TPFT plan. Unfortunately, riders looking for a reward for safe riding with discounted premiums will not benefit from NTUC’s plans since they cost more for riders with 20% NCD.