Top Motorcycle Insurance Providers in Singapore

Regardless of whether you own a car or motorcycle, it is always good to insure yourself and your loved ones. This is particularly so if you are a major bike enthusiast.

Weaving in and out of traffic and overtaking cars during traffic jams is no doubt an exhilarating feeling. However, riding a motorcycle comes with its own risks and getting into an accident can be a painful and even costly affair.

Do you need motorcycle insurance?

Just when you think you have saved up enough to buy your dream motorbike in Singapore, there is the mandate to purchase a valid insurance policy for your motorcycle. The insurance policy should cover at least third-party liability for death and bodily injuring arising from usage of the motorbike. 

Under the Singapore Motor Vehicles (Third-Party Risks and Compensation) Act, riding a motorcycle without valid insurance coverage can result in a fine of up to SGD1,000 and/or serve a jail term of up to three months.

Types of motorcycle insurance available

Motorcycle insurance is very much like car insurance, in which there are three options available: Third-party only, Third party, fire and theft, and comprehensive coverage.

The appropriate motorcycle insurance coverage for you really depends on your biking lifestyle. At the same time, you will want to ensure that you are fully aware of what each insurance coverage includes and not just opt for the cheapest one available.

Third-party only

Third-party motorcycle insurance can be viewed as a form of liability insurance to protect yourself against third-party claims. This is the minimum motorcycle insurance coverage that you can get and is also the most basic insurance coverage.

Third-party insurance generally covers you for:

• Third-party injury to your pillion rider or a person on another motorcycle
• Damage to another person’s motorcycle
• Damage to another person’s property.

While this insurance coverage can help to defray some of the cost you need to pay for damages to other people, vehicles or property, do note that you are still responsible for your own damage or losses.

Third Party, Fire and Theft

Third party, fire, and theft provides that same coverage as third-party only insurance. On top of that, it also covers your motorcycle in the event that it gets damaged, destroyed in a fire, or worst case scenario, stolen.

Essentially, third party, fire and theft covers you for:

• Same coverage under third-party only insurance
• Damage arising from a result of fire
• Damage arising from a result of an attempted theft
• Stolen motorbike

Comprehensive coverage

Comprehensive coverage, as its name suggests, is the highest level of insurance coverage you can purchase for yourself and your motorcycle. Essentially, this insurance coverage covers both third-party liabilities as well as you and your motorcycle.

• Comprehensive motorcycle insurance policies generally cover:
• Same coverage under third party, fire and theft
• Damages incurred to your motorcycle from a result of an accident
• Personal injuries sustained resulting from an accident

What affects motorcycle insurance premiums?

The cost of motorcycle insurance premiums can vary a lot and depends on various factors such as your age, the type of bike that you own and your riding experience. 

As such, it is recommended to get a quote directly from the insurance providers to have a sense of the premium you can expect to pay for your motorcycle insurance. 

Here are some of the common factors that affect the cost of motorcycle insurance premiums.

Age

The younger you are, the higher your motorcycle insurance premium is likely to be. This is because insurance providers expect younger riders to be relatively inexperienced and may possibly ride recklessly. 

Type of bike

Most insurance providers tend to categorise motorcycles by their engine capacity range. As such, if you happen to own a bike with a more powerful engine capacity, you can naturally expect to pay a higher premium. 

Motorcycles with powerful engines are statistically more likely to be ridden in an unsafe way, increasing the likelihood of accidents and resulting in more damages.

Past claim history and No claim discount (NCD)

The longer you have a motorcycle insurance policy without making a claim, the higher the no claims discount (NCD) you can get from your insurance provider. This can help you to save on your motorcycle insurance premiums. Think of it as a small reward for being a safe rider on the roads.

Currently in Singapore, the maximum NCD that you can get is 20% after 3 consecutive years of safe riding without any claims. However, do bear in mind that the NCD is only valid as long as you stay with your existing insurer. 

Year of bike registration

The newer your bike, the higher the motorcycle insurance premiums are likely to be. This is partly attributed to the fact that the parts are likely more expensive to replace.

Type of usage

Not surprisingly, the purpose of you getting a motorcycle – be it for work such as food delivery services or for personal use – can have an impact on your motorcycle insurance premiums as well.

Motorcycle insurance premiums for a bike that you use for commercial purposes are likely to be higher as compared to one used for personal purposes. If you are using your bike for commercial purposes, chances are that you will be riding very often and this may increase the possibility of you getting into an accident.

Where can I purchase motorcycle insurance?

There are plenty of insurance providers in Singapore that provide motorcycle insurance. However, do not simply jump straight into purchasing the first insurance policy that has the lowest insurance premiums.

Understand the level of insurance coverage that you require based on your biking lifestyle and get quotations from various insurance providers. 

It may also be helpful to get recommendations and advice from friends on the type of insurance coverage that they purchase as well the premiums that they are paying. This can give you an idea on the amount of premiums that you can expect to pay depending on how you intend to use your bike as well as the type of bike that you own.

Here are some motorcycle insurance providers to help you find the best insurance plan for your needs and budget

Insurance Provider	FWD Insurance
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Motorcycle Damage/Loss – market value + excess Emergency Assistance Towing Cost One-Time Transport Cover
Pricing	Contact to request for quotation
Website	https://www.fwd.com.sg/
Address	6 Temasek Blvd, #18-01 Suntec Tower Four, Singapore 038986
Telephone	65 6820 8888
Operating Hours	Mon – Fri: 9am – 6pm

 

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Insurance Provider	NTUC Income
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Motorcycle Damage/Loss – market value + excess Emergency Assistance Towing Service
Pricing	Contact to request for quotation
Website	https://www.income.com.sg/
Address	53 Ang Mo Kio Ave 3, #03-18/19 AMK Hub, Singapore 569933 75 Bras Basah Road, Income Centre, Singapore 189557 3 Gateway Drive, #02-40B, Singapore 608532 2 Tampines Central 6, #01-01 Income at Tampines Point, Singapore 529483 900 Woodlands Drive #05-06, Woodlands Civic Centre, Singapore 730900 11 Bedok North Street 1, #01-32 [email protected] Bedok, Singapore 469662 63 Jurong West Central 3, #B1-51/52/53 JP2, Jurong Point Shopping Centre, Singapore 648331
Telephone	65 6789 9595
Operating Hours	Mon – Fri: 8.30am – 6.30pm

 

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Insurance Provider	Direct Asia Insurance
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Motorcycle Damage/Loss – market value Emergency Assistance + excess Towing Service
Pricing	Contact to request for quotation
Website	https://www.directasia.com/
Address	20 Anson Rd, #08-01, Singapore 079912
Contact	Telephone: 65 6665 5555 Email: [email protected]
Operating Hours	Mon – Fri: 8am – 8pm

 

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Insurance Provider	Markel
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Accessory Coverage Funeral Expense Roadside Assistance Customised Road Mapping Service
Pricing	Contact to request for quotation
Website	http://www.markelinternational.com/
Address	138 Market Street, #04-02 CapitaGreen, 048946
Telephone	65 6388 3000
Operating Hours	Mon – Fri: 9am – 6pm

 

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Insurance Provider	Budget Direct Insurance
Speciality	Additional discounts if bike usage is limited to only in Singapore Covers people who owns vintage bikes
Pricing	Contact to request for quotation
Website	https://www.budgetdirect.com.sg/
Address	190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924
Contact	b: 65 6221 2111 Email: [email protected]
Operating Hours	Mon – Fri: 8am – 8pm Sat: 8am – 3pm

 

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Insurance Provider	Etiqa Insurance
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Motorcycle Damage/Loss Coverage Motorcycle Theft Protection Towing Service Legal Cost
Pricing	Contact to request for quotation
Website	https://www.etiqa.com.sg/contact/
Address	16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581
Contact	Telephone: 65 6887 8777 Email: [email protected]
Operating Hours	Mon – Fri: 8.30am – 5.30pm

 

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Insurance Provider	AXA Insurance
Speciality	Provides coverage for secondhand motorcycles Affordable rates
Pricing	Contact to request for quotation
Website	https://www.axa.com.sg/
Address	8 Shenton Way, #24-01 AXA Tower, Singapore 068811
Telephone	65 6880 4888
Operating Hours	Mon – Fri: 9am – 5.30pm

 

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Insurance Provider	HL Assurance
Speciality	Affordable rates Competitive NCD discount
Pricing	Contact to request for quotation
Website	https://www.hlas.com.sg/
Address	11 Keppel Rd, #11-01 ABI plaza, Singapore 089057
Telephone	65 6702 0202
Operating Hours	Mon – Fri: 9am – 6pm

 

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Insurance Provider	AIG Insurance
Speciality	Only Comprehensive coverage available Affordable rates
Pricing	Contact to request for quotation
Website	https://www.aig.sg/personal
Address	78 Shenton Way, #09-16 AIG Building, Singapore 079120
Telephone	65 6419 3000
Operating Hours	Mon – Fri: 9am – 5pm

 

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Insurance Provider	Ensure Insurance
Speciality	Option to include up to 4 additional riders No additional charges or premiums on sport bikes Option to pick own workshop for repair works
Pricing	Contact to request for quotation
Website	https://ensureinsurance.sg/
Address	38 Toh Guan Road East #01-57, Enterprise Hub, Singapore 608581
Contact	Telephone: 65 6515 5988 Email: [email protected]
Operating Hours	Mon – Fri: 9am – 6pm

 

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Insurance Provider	g&m Pte Ltd
Speciality	Covers all classes of motorcycles Includes coverage for motorcycles used for food delivery services
Pricing	Contact to request for quotation
Website	https://www.gnm.com.sg/
Address	8 Shenton Way, #13-03 AXA Tower, 068811
Telephone	65 6220 9266
Operating Hours	Mon – Fri: 9am – 6pm

 

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Insurance Provider	Sompo Insurance
Speciality	Affordable rates Covers motorcycles used for commercial purposes e.g. food delivery
Pricing	Contact to request for quotation
Website	https://www.sompo.com.sg/
Address	50 Raffles Place, #05-01/06 Singapore Land Tower, Singapore 048623
Contact	Telephone: 65 6461 6555 Email: [email protected]
Operating Hours	Mon – Fri: 8.30am – 5.30pm

 

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Insurance Provider	MSIG Insurance
Speciality	Affordable rates Covers motorcycles used for commercial purposes e.g. food delivery
Pricing	Contact to request for quotation
Website	https://www.msig.com.sg/
Address	4 Shenton Way, SGX Centre, Singapore 068807
Telephone	65 6827 7602
Operating Hours	Mon – Fri: 8.45am – 5.30pm

 

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Insurance Provider	HKL Lim Motorsport
Speciality	Provides complete support on claim submission Scrap services and motorcycle repairs
Pricing	Contact to request for quotation
Website	https://www.hkllimmotorsport.com.sg/
Address	Blk 1008 #01-24, Bukit Merah Lane 3, Singapore 159722
Contact	Telephone: 65 6275 6656 Email: [email protected]
Operating Hours	Mon – Fri: 9.30am – 7.30pm Sat: 9.30am – 6pm Closed on Sundays

 

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Insurance Provider	Tokio Marine Insurance Group
Speciality	Comprehensive insurance plans Trusted commercial partners Additional benefits on premium insurances Exclusive repair workshops available
Pricing	Contact to request for quotation
Website	https://www.tokiomarine.com
Address	20 McCallum Street #07-01 Tokio Marine Centre Singapore 069046
Telephone	Telephone: 65 6592 6100 Email: [email protected]
Operating Hours	Mon – Fri: 8.45am – 5.45pm

 

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Insurance Provider	Farmers Insurance Group
Speciality	3rd Party Damage Coverage 3rd Party Injury/Death Liability Collision Coverage Safety Apparel Roadside Assistance Trip Interruption Coverage
Pricing	Contact to request for quotation
Website	https://www.farmers.com/motorcycle/

 

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Insurance Provider	QBE Insurance
Speciality	Extension coverage options available Affordable rates
Pricing	Contact to request for quotation
Website	https://www.qbe.com/sg/personal-insurance/motor
Address	1, #29-10 Raffles Quay, South Tower, 048583
Telephone	65 6224 6633
Operating Hours	Mon – Fri: 8.30am – 5.30pm

 

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Insurance Provider	Liberty Insurance
Speciality	Offers all ranges of insurance coverage options Covers motorcycle, accessories and spare parts
Pricing	Contact to request for quotation
Website	https://www.libertyinsurance.com.sg/motorcycle
Address	51 Club St, Singapore 069428
Contact	Telephone: 65 65423 789 Email: [email protected]
Operating Hours	Mon – Fri: 8.30am – 5.30pm

 

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Insurance Provider	Allianz
Speciality	Comprehensive coverage that includes basic liability, accident and physical damage Includes legal protection
Pricing	Contact to request for quotation
Website	https://www.allianz-asiapacific.com/
Address	12 Marina View, #14-01 Asia Square Tower 2, Singapore 018961
Telephone	65 6297 8802
Operating Hours	Mon – Fri: 9am – 5.30pm

 

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Insurance Provider	EQ Insurance
Speciality	Provides coverage for motorcycles used for commercial purposes
Pricing	Contact to request for quotation
Website	https://www.eqinsurance.com.sg/
Address	5 Maxwell Road #17-00 Tower Block MND Complex Singapore 069110.
Telephone	Telephone: 65 6223 9433 Email: [email protected]
Operating Hours	Mon – Fri: 8.30am – 5.30pm

 

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Editor’s Note:

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