7 Best Motorcycle Insurance in Singapore [2023]

The Singapore Deposit Insurance Corporation (SDIC) is a statutory board under the Ministry of Finance. We promote depositors’ confidence in the banking system by insuring deposits in member banks up to S$50,000 in the event of a bank failure.u003cbru003e

Deposit insurance covers all deposits including:u003cbru003e- time depositsu003cbru003e- savings depositsu003cbru003e- current account balancesu003cbru003eAt any licensed bank in Singapore, including foreign banks with operations here. The principal and interest owing to you are covered, up to a maximum of S$50,000 per depositor per bank. Deposits made using aliases are also insured. Joint accounts are insured up to S$50,000 for each account holder.u003cbru003e

Your deposits are insured up to S$50,000 in total per bank, including interest owing to you. This is regardless of the number of accounts you hold with the bank, or how they are titled. For example, if you have two joint accounts with a bank totaling S$100,000, and one individual account for S$40,000, your total coverage would still be $50,000.u003cbru003e

The following are not insured:u003cbru003e- Investments such as shares, bonds and unit trusts;u003cbru003e- Deposits placed with overseas branches of Singapore banks;u003cbru003e- Insurance products such as endowment policies and annuities;u003cbru003e- Structured products and other deposit-like products such as callable deposits, certain types of nontraditional deposits and capital protected deposits;u003cbru003e- Accounts maintained by businesses, charities, clubs, societies, associations and statutory boards. These are typically covered by other schemes such as the Singapore Government Securities Deposit Protection Scheme or the CPF Investment Scheme; andu003cbru003e- Certificates of deposit issued by commercial banks in Singapore to businesses for amounts exceeding S$50,000 per certificate.u003cbru003e

If your bank fails, you will be compensated for your insured deposits within seven working days. For more information on what to do if your bank fails, please see our FAQs.u003cbru003e

Deposit insurance is mandatory for all banks operating in Singapore. They contribute to the Deposit Insurance Fund (DIF) on a quarterly basis, based on their deposits liabilities. The DIF is used to pay depositors of failed banks.u003cbru003e

The Singapore Deposit Insurance Corporation (SDIC) was set up on 1 February 2006 as a statutory board under the Ministry of Finance. We promote depositors’ confidence in the banking system by insuring deposits in member banks up to S$50,000 in the event of a bank failure.u003cbru003e

The Policy Owners’ Protection Scheme (PPPS) is a life insurance scheme administered by the Monetary Authority of Singapore. The PPPS provides compensation to policyholders of failed life insurance companies licensed by MAS. Under the PPPS, each eligible policyholder is compensated for his/her policies up to a maximum sum assured of S$250,000 per company.u003cbru003e

The following types of life insurance policies are covered under the PPPS:u003cbru003e- Whole life;u003cbru003e- Term life;u003cbru003e- Endowment;u003cbru003e- Universal life; andu003cbru003e- Linked investment plans

The following are not insured:u003cbru003e- Health insurance;u003cbru003e- Motor vehicle insurance;u003cbru003e- Travel insurance;u003cbru003e- Reinsurance policies; andu003cbru003e- Investment-linked policies including unit trusts, bonds and shares.u003cbru003e

The PPPS is funded by a levy on the premiums collected by life insurers licensed by MAS, as well as from investment income earned on the funds set aside to pay policyholders of failed insurers.u003cbru003e

A motorcycle insurance policy is an insurance policy that provides coverage for your motorcycle in the event of an accident, theft, or other damages. The motorcycle insurance policy can include damages to your motorcycle, medical expenses, and more.u003cbru003e

Motorcycle insurance typically covers the following:u003cbru003e- Damages to your motorcycle caused by an accident, theft, or weather;u003cbru003e- Medical expenses incurred as a result of an accident;u003cbru003e- Personal belongings that are damaged or stolen from your motorcycle; andu003cbru003e- Roadside assistance in the event of a breakdown.u003cbru003e

The following are not typically covered by motorcycle insurance:u003cbru003e- Damages to your motorcycle that are intentional or due to negligence;u003cbru003e- Medical expenses that are not related to an accident;u003cbru003e- Personal belongings that are not related to an accident; andu003cbru003e- Roadside assistance that is not related to a breakdown.u003cbru003e

The cost of motorcycle insurance varies depending on the coverage you choose, the type of motorcycle you have, and other factors. However, the average cost of motorcycle insurance in Singapore is about $200 per year.u003cbru003e

When choosing an insurance company, it is important to consider the following factors:u003cbru003e- The type of insurance you need;u003cbru003e- The coverage you need;u003cbru003e- The cost of the policy; andu003cbru003e- The reputation of the insurance company.u003cbru003e

Most insurance policies will cover bodily injury if you are involved in an accident. However, the amount of coverage may vary depending on the policy.u003cbru003e

An excess is the amount of money you have to pay before your insurance company will start to pay out on a claim. For example, if you have an excess of $100 and you make a claim for $500, you will have to pay the first $100 and the insurance company will pay the remaining $400.u003cbru003e

If you need to make a claim, you should contact your insurance company as soon as possible. You will need to provide details about the accident or incident, as well as any documentation that is relevant.u003cbru003e

A claim discount is a reduction in the premium that you have to pay for your insurance policy if you do not make any claims during the policy period. For example, if you have a claim discount of 10%, and your premium is $100, you will only have to pay $90 if you do not make any claims during the policy period.u003cbru003e

A no claim bonus is an additional discount that you may be eligible for if you do not make any claims during the policy period. For example, if you have a no claim bonus of 10%, and your premium is $100, you will only have to pay $90 if you do not make any claims during the policy period.u003cbru003e

A no claim discount (NCD) is a discount that you may be eligible for if you have not made any claims on your insurance policy. The NCD can be used to lower the cost of your insurance premiums.u003cbru003e

If you have a complaint about your insurance company or the service you have received, you can contact the insurer directly or lodge a complaint with the Consumer Association of Singapore (CASE).u003cbru003e

No, it is not advisable to get the cheapest motorcycle insurance. You should compare the different policies available and choose one that offers the coverage you need at a price you can afford.u003cbru003e

If you cancel your policy, you will not be able to make any claims on it. You may also be required to pay a cancellation fee.u003cbru003e

There are three main types of motorcycle insurance policies:u003cbru003e- Third Party Onlyu003cbru003e- Third Party, Fire and Theftu003cbru003e- Comprehensiveu003cbru003eu003cbru003eEach type of policy has different coverages and benefits. You should compare the different policies to see which one is right for you.u003cbru003eu003cbru003eu003cbru003eThird Party Only insurance covers damages that you cause to another person or their property. It does not cover any damages to your own motorcycle.u003cbru003eu003cbru003eu003cbru003eThird Party, Fire and Theft insurance covers damages that you cause to another person or their property, as well as fire damage or theft of your own motorcycle.u003cbru003eu003cbru003eu003cbru003eComprehensive insurance covers damages that you cause to another person or their property, as well as fire damage, theft, and other types of damage to your ownu003cbru003e

Comprehensive motorcycle insurance is a type of insurance that covers damages that you cause to another person or their property, as well as fire damage, theft, and other types of damage to your own motorcycle. It is the most comprehensive type of motorcycle insurance available.u003cbru003e

The main benefit of comprehensive motorcycle insurance is that it provides the most comprehensive coverage for your motorcycle. It covers damages that you cause to another person or their property, as well as fire damage, theft, and other types of damage to your own motorcycle.u003cbru003e

The main drawback of comprehensive motorcycle insurance is that it is usually more expensive than other types of motorcycle insurance. This is because it provides more coverage than other types of insurance.u003cbru003e

The cost of motorcycle insurance depends on a number of factors, including the type of motorcycle you have, the amount of coverage you need, and the deductible you are willing to pay. You should compare different policies to see which one is right for you.u003cbru003e

A deductible is the amount of money you have to pay out-of-pocket before your insurance company starts to pay for your claims. For example, if you have a $500 deductible and you make a claim for $1,000, you will have to pay $500 and your insurance company will pay $500.u003cbru003e

Third party fire theft (TPFT) is a type of motorcycle insurance that covers damages that you cause to another person or their property, as well as fire damage or theft of your own motorcycle.u003cbru003e

The main benefit of TPFT insurance is that it provides coverage for fire damage or theft of your own motorcycle. It also covers damages that you cause to another person or their property.u003cbru003e

The main drawback of TPFT insurance is that it does not cover any damage to your own motorcycle. This means that if your motorcycle is damaged in an accident, you will have to pay for the repairs yourself.u003cbru003e

– Liability coverage: This type of coverage protects you if you are found at fault for an accident that causes injury or damage to another person.u003cbru003eu003cbru003e- Collision coverage: This type of coverage pays for damage to your motorcycle if you are involved in an accident with another vehicle.u003cbru003eu003cbru003e- Comprehensive coverage: This type of coverage pays for damage to your motorcycle from events such as fire, theft, or vandalism.u003cbru003eu003cbru003e- Medical payments coverage: This type of coverage pays for medical expenses if you are injured in a motorcycle accident.u003cbru003eu003cbru003e- Uninsured/underinsured motorist coverage: This type of coverage protects you if you are in an accident with a driver who does not have insurance or does not have enough insurance to cover the damages.u003cbru003eu003cbru003e- Roadside assistance coverage: This type of coverage pays for services such as towing or flat tire repair if you have a breakdown.

– Custom parts and equipment coverage: This type of coverage pays for damages to custom parts or equipment on your motorcycle.u003cbru003eu003cbru003e- Trip interruption coverage: This type of coverage pays for expenses such as hotel stays or transportation if you have to interrupt your trip due to a covered incident.u003cbru003eu003cbru003e- Rental reimbursement coverage: This type of coverage pays for the cost of renting a motorcycle if yours is damaged in an accident.u003cbru003eu003cbru003e- Emergency roadside assistance coverage: This type of coverage pays for services such as towing or flat tire repair if you have a breakdown.u003cbru003eu003cbru003e- Coverage for additional riders: This type of coverage pays for the medical expenses of additional riders who are injured while riding on your motorcycle.u003cbru003e

Liability coverage protects you if you are at fault for an accident. Collision coverage pays for damage to your motorcycle if you are involved in an accident with another vehicle.u003cbru003e

Comprehensive coverage pays for damage to your motorcycle from events such as fire, theft, or vandalism. Collision coverage pays for damage to your motorcycle if you are involved in an accident with another vehicle.u003cbru003e

Medical payments coverage pays for medical expenses if you are injured in a motorcycle accident. Uninsured/underinsured motorist coverage protects you if you are in an accident with a driver who does not have insurance or does not have enough insurance to cover the damages.u003cbru003e

Roadside assistance coverage pays for services such as towing or flat tire repair if you have a breakdown. Emergency roadside assistance coverage pays for services such as towing or flat tire repair if you have a breakdown and need help immediately.u003cbru003e

Custom parts and equipment coverage pays for damages to custom parts or equipment on your motorcycle. Rental reimbursement coverage pays for the cost of renting a motorcycle if yours is damaged in an accident.u003cbru003e

Trip interruption coverage pays for expenses such as hotel stays or transportation if you have to interrupt your trip due to a covered incident. Roadside assistance coverage pays for services such as towing or flat tire repair if you have a breakdown.