Best Motorcycle Insurance In Singapore (2024)

Motorcycle insurance is as important as any other safety gear. Whether the motorcycle is for a daily commute or weekend leisure, the insurance cover will relieve you of pressure and anxiety while on the road. The insurance provides a financial shield in case the worst happens.

Motorcycle insurance will come in handy when you least expect it, and you can’t leave it to chance. If you just passed your driving test and purchased your first motorcycle, you are in the right place. In this article, we look at the best motorcycle insurance in Singapore and the benefits of each.

Why do you need motorcycle insurance?

Before you start enjoying that ride on your new motorcycle, you must insure it. The government requires that every motorcycle have insurance coverage. Robust motorcycle insurance not only keeps you on the right side of the law, but also gets you the following benefits:

Covers your liability

In the event of damage to another person's motorcycle, the insurance cover can help you pay for the cost of repairs. If you are new to motorcycle riding, opt for higher liability coverage as the likelihood of an accident may be higher.

Covers the pillion rider 

A good motorcycle insurance policy will cover the medical needs of your passenger in the event of an accident. It will help pay the bills for the medical care that the guest passenger requires if an accident happens.

Personal injury protection

The insurance cover can provide you with medical cover and personal injury protection. Such a plan will pay for your bills and help you remain financially stable even after an accident. An insurance policy with more comprehensive benefits may also pay for childcare, lost wages and other expenses.

Collision and comprehensive coverage

Collision and comprehensive coverage take care of damage to your motorcycle and own property. In most instances, comprehensive insurance covers you against accidental damage and non-collision occurrences such as theft, fire, storms, and others.

Breakdown coverage

Breakdown coverage helps you cover repairs, such as for your engine and transmission, among others.

Roadside insurance and towing

Roadside insurance and towing finance the cost of towing your motorcycle to the nearest repair shop. It may cover things like a dead battery, flat tires and mechanical breakdown.

Related to this topic: 
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Personal Accident Insurance: What Does It Cover and Should You Buy One?
Personal Accident Insurance Claims: A Simple 4-Step Guide

Singapore's best motorcycle insurance

The best motorcycle insurance depends on several factors. The main considerations to check when selecting an insurance policy are the price and the coverage offered. Your motorcycle premiums may depend on the following:

• Age of the rider. Young riders are charged more as they are less experienced and that increases the chance of an accident happening.
• Premiums for a sports bike are higher than for a normal street bike.
• The premiums for newer bikes are usually more expensive.
• Bikes for commercial use will pay more for insurance than for personal use.
• The more claims you submit, the higher your insurance premiums will be.

Motorcycle coverage can include the following:

• Third-party motorcycle insurance coverage
• Third-party fire and theft coverage

Here are some of the best deals that you can check out for motorcycle insurance: 

NTUC Income 

At the top of the best insurance cover is NTUC Income motorcycle insurance. It’s one of the most affordable and comprehensive motorcycle insurance policies. It covers collision damage and non-collision events such as fire, theft, and accidents.

If you're new to riding and looking for a low-cost option, NTUC Income is the way to go. Here is a summary of the benefits that come with the insurance cover.

FWD 

FWD insurance offers the best coverage at a relatively low price. It includes benefits such as 24-hour roadside rescue, taking care of towing expenses, and a one-time transport offer at the same low cost. And if you are a safe driver, you are eligible for a no-claim discount of 20%. Here is a summary of the benefits of this cover:

Budget Direct Insurance

Safe drivers get more benefits from Budget Direct Insurance policies. Bikes with a 20% no-claim history get 6%–13% cheaper premiums. In addition, they offer a 5% discount on premiums if you only ride your bike in Singapore.

Budget Direct Insurance offers custom-made insurance plans, and you can include an extra person in the cover. The cover has add-ons such as personal accident and 24-hour roadside assistance. You can reach out to the team for help at any time as they operate 24/7. Below is a summary of what you can expect from this insurance.

Direct Asia

Direct Asia offers insurance coverage at higher premiums and is most suitable for expensive motorcycles. If you want the best cover for your motorcycle and you are not afraid to splurge, then visit Direct Asia Insurance.

For instance, if your motorcycle breaks down within Singapore, you will be reimbursed for S$100 for towing and S$300 for travel outside of Singapore. They also offer the highest no-claim discount at 30%. Check out the benefits in the summary below.

Do you need both motorcycle insurance and personal accident insurance?

In addition to motorcycle insurance, you can also consider getting personal accident insurance cover. Most motorcycle insurance policies cover bike damage and any damage to third parties, while personal accident insurance focuses on protecting you in the event of an accident.

Depending on the injuries, you can get reimbursement for medical expenses or a lump sum cash payout.

A personal accident cover provides you with a financial shield in the event of accidental injuries, disability or death. Sign up for the best personal accident cover deals and stay protected while riding your motorcycle.