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.Â
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.Â
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.Â
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.Â
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.Â
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.Â
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.Â
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 |
|
Pricing |
Contact to request for quotation |
Website |
|
Address |
6 Temasek Blvd, #18-01 Suntec Tower Four, Singapore 038986 |
Telephone |
65 6820 8888 |
Operating Hours |
Mon – Fri: 9am – 6pm |
Insurance Provider |
NTUC Income |
Speciality |
|
Pricing |
Contact to request for quotation |
Website |
|
Address |
|
Telephone |
65 6789 9595 |
Operating Hours |
Mon – Fri: 8.30am – 6.30pm |
Insurance Provider |
Direct Asia Insurance |
Speciality |
|
Pricing |
Contact to request for quotation |
Website |
https://www.directasia.com/ |
Address |
20 Anson Rd, #08-01, Singapore 079912 |
Contact |
Telephone: 65 6665 5555 |
Operating Hours |
Mon – Fri: 8am – 8pm |
Insurance Provider |
Markel |
Speciality |
|
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 |
Insurance Provider |
Budget Direct Insurance |
Speciality |
|
Pricing |
Contact to request for quotation |
Website |
|
Address |
190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924 |
Contact |
b: 65 6221 2111 Email: help@budgetdirect.com.sg |
Operating Hours |
|
Insurance Provider |
Etiqa Insurance |
Speciality |
|
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
|
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
AXA Insurance |
Speciality |
|
Pricing |
Contact to request for quotation |
Website |
|
Address |
8 Shenton Way, #24-01 AXA Tower, Singapore 068811 |
Telephone |
65 6880 4888 |
Operating Hours |
Mon – Fri: 9am – 5.30pm |
Insurance Provider |
HL Assurance |
Speciality |
|
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 |
Insurance Provider |
AIG Insurance |
Speciality |
|
Pricing |
Contact to request for quotation |
Website |
|
Address |
78 Shenton Way, #09-16 AIG Building, Singapore 079120 |
Telephone |
65 6419 3000 |
Operating Hours |
Mon – Fri: 9am – 5pm |
Insurance Provider |
Ensure Insurance |
Speciality |
|
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: enquiry@ens.com.sg |
Operating Hours |
Mon – Fri: 9am – 6pm |
Insurance Provider |
g&m Pte Ltd |
Speciality |
|
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 |
Insurance Provider |
Sompo Insurance |
Speciality |
|
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: emailus@sompo.com.sg |
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
MSIG Insurance |
Speciality |
|
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 |
Insurance Provider |
HKL Lim Motorsport |
Speciality |
|
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 |
Operating Hours |
|
Insurance Provider |
Tokio Marine Insurance Group |
Speciality |
|
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 |
Operating Hours |
Mon – Fri: 8.45am – 5.45pm |
Insurance Provider |
Farmers Insurance Group |
Speciality |
|
Pricing | Contact to request for quotation |
Website |
https://www.farmers.com/motorcycle/ |
Insurance Provider |
QBE Insurance |
Speciality |
|
Pricing | Contact to request for quotation |
Website |
https://www.qbe.com/sg/personal-insurance/motor |
Address | Â 1, #29-10 Raffles Quay, South Tower, 048583 |
Telephone |
65 6224 6633 |
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
Liberty Insurance |
Speciality |
|
Pricing | Contact to request for quotation |
Website |
https://www.libertyinsurance.com.sg/motorcycle |
Address | 51 Club St, Singapore 069428 |
Contact |
Telephone: 65 65423 789 |
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
Allianz |
Speciality |
|
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 |
Insurance Provider |
EQ Insurance |
Speciality |
|
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 |
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
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