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7 Best Motorcycle Insurance in Singapore [2023]

Motorcycle Insurance Singapore

Best Motorcycle Insurance Singapore
Best Motorcycle Insurance Singapore

Motorcycle insurance is not something you want to leave up to chance. There are many motorcycle accidents every year, and motorcycle insurance will protect you financially if the worst should happen. If motorcycle insurance Singapore is new for you or this is your first time shopping around, here are some of the top motorcycle insurance providers in Singapore that may be worth considering.

1) NTUC Income

NTUC Income - Motorcycle Insurance Singapore
NTUC Income – Motorcycle Insurance Singapore
Key ServiceCan have up to 4 pax of additional rider
Address53 Ang Mo Kio Ave 3, 03-18/19 AMK Hub, Singapore 569933
Websitehttps://www.income.com.sg/motorcycle-insurance?gclid=EAIaIQobChMIz8KmkazW9AIVkTArCh2WyAqGEAAYASAAEgL1QvD_BwE
EmailContact
Phonecsquery@income.com.sg
Operating HoursMon – Fri
8.30am – 6.30pm

You’re always on the road, but you also want to find out what the most affordable motorcycle insurance in Singapore is that can cover and protect you. The most cost-effective insurance for motorcyclists under the age of 30 is provided by NTUC Income, which is half the usual rates for 25-year-olds.

It also includes Orange Force, which is a 24/7 emergency response unit that ensures the security and assistance of riders. NTUC Income has certain perks for drivers who are under the age of 22 as well. These are discussed during consultation to ensure exclusivity.

Key Differentiators:

  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability
  • Motorcycle Damage/Loss

Customer Review:

There is security at the entrance to the income centre. Need to bring your identity card plus post-appointment date and time in order to enter. For the Insurance matter best to see is Ms. Lacey, a professional Customer service officer that can give good advice.

Jyeo Teow Hee

2) Farmers Insurance

Farmers Insurance - Motorcycle Insurance Singapore
Farmers Insurance – Motorcycle Insurance Singapore (Credit: Farmers Insurance)
Key ServiceCollision Coverage
AddressLocation
Websitehttps://www.farmers.com/
Email Location
Phone Location
Operating Hours Location

Customers at Farmers Insurance may benefit from some excellent rates. It covers motorbike insurance, as well as home and life premiums. The bundle also gives riders a discount! Farmers Insurance provides medical payment and reimbursement, motorcycle equipment replacement, and home repair in the event of a loss.

Key Differentiators:

  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability
  • Collision Coverage
  • Safety Apparel

Customer Review:

I bought my car insurance through Cheap Car Insurance 6 years ago from a friend’s recommendation. They can always source the best deal for me and help me to save money and time. They have been providing good service to me these years. I would highly recommend car owners to try their service.

Steve Siu

3) Etiqa

Etiqa - Motorcycle Insurance Singapore
Etiqa – Motorcycle Insurance Singapore (Credit: Etiqa)
Key ServiceLegal Cost
AddressOne Raffles Quay, #22-01 North Tower, Singapore 048583
Websitehttps://www.tiq.com.sg/product/motorcycle-insurance/?gclid=EAIaIQobChMI3f-hxbXW9AIV_p1LBR3GMgalEAAYASAAEgJhCPD_BwE
Email
Phone+65 6887 8777
Operating HoursMon – Fri
9am – 6pm

Etiqa takes extreme care of its riders. They enable the motorcyclist to choose from a variety of premium features. Etiqa helps them decide which perks best suit their budget by guiding them through the options.

With their own packages created, the riders feel completely safe since Etiqa provides them with tailored insurance with the highest premiums. They also provide security plans digitally, which has convinced many people to consider them one of Singapore’s finest motorcycle insurance providers.

Key Differentiators:

  • Legal Cost
  • Provides customised insurance with the finest premiums
  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability

Customer Review:

My second time buying a policy online with Etiqa Insurance. The system is great and very easy to use. Touchpoints are excellent too.

Ms Lim

4) Markel

Markel - Motorcycle Insurance Singapore
Markel – Motorcycle Insurance Singapore (Credit: Markel)
Key ServiceCovers funeral Expense
Address138 Market St, 04-02 CapitaGreen, Singapore 048946
Website138 Market St, 04-02 CapitaGreen, Singapore 048946
Emailhttps://www.markel.com/
Phone+65 6388 3000
Operating HoursMon – Fri
9am – 6pm

For four decades, Markel has been acknowledged as Singapore’s best motorcycle insurance. Motorcyclists can select premiums that include all types of bikes. According to the package chosen, Markel provides up to 35% NCD. Anti-lock brakes and anti-theft alarms are included in discounts.

Key Differentiators:

  • Funeral Expense
  • Roadside Assistance
  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability

5) Direct Asia Insurance

Direct Asia Insurance - Motorcycle Insurance Singapore
Direct Asia Insurance – Motorcycle Insurance Singapore (Credit: Direct Asia Insurance)
Key ServiceEmergency Assistance + excess
Address20 Anson Road, #08-01, Singapore 079912
Websitehttps://www.directasia.com/
Emailcustomerservice@directasia.com
Phone+65 6665 5555
Operating HoursMon – Fri
9am – 7pm

Direct Asia Insurance provides a wonderful premium to safe riders. Direct Asia Insurance raises the maximum NCD benefit from the usual 20% to 30%.

This is a fantastic bargain with plenty of incentives to encourage safe driving. They also include towing coverage in the case of accidents, so we consider them one of the best motorcycle insurance companies in Singapore.

Key Differentiators:

  • Emergency Assistance + excess
  • Towing Service
  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability

Customer Review:

Apart from very competitive rates, their service is excellent _ even during COVID lockdown. Subsequent to selling my first vehicle they transferred the NCD quickly and efficiently and sent my rebate. I highly recommend this firm for vehicle insurance.

Martin Hoffman

6) FWD Insurance

FWD Insurance - Motorcycle Insurance Singapore
FWD Insurance – Motorcycle Insurance Singapore (Credit: FWD Insurance)
Key ServiceFree 24-hour roadside assistance
AddressFWD Singapore Pte Ltd, 6 Temasek Boulevard, #18-01, Suntec Tower Four, Singapore 038986
Websitehttps://www.fwd.com.sg/motorcycle-insurance/
Emailcontact.sg@fwd.com
Phone+65 6820 8888
Operating HoursMon – Fri
9am – 10pm

Sat
9am – 1pm

FWD Insurance provides the greatest quotations for premium price and return on investment. They have one of the lowest motorbike insurance premiums in Singapore, so call them to get a quote.

Although the carriers’ costs have risen, their premiums are still far lower than those for comparable coverage in the past. These coverages include liability protection and market value replacement for property damage or loss. A free 24-hour roadside assistance program is also available, even if you don’t spend extra money on coverage. When it comes to emergency and immediate needs, this is unquestionably one of the finest motorcycle insurance available in Singapore.

Key Differentiators:

  • Free 24-hour roadside assistance
  • 3rd Party Damage Coverage
  • 3rd Party Injury/Death Liability
  • One-Time Transport Cover

Customer Review:

Had some issues with the auto-renewal of policy via credit card The customer service and help are given by Grace is awesome! Without a dedicated servicing agent, I was worried about purchasing policies in FWD. However, the prompt response and assistance give me peace of mind. Thank you!

Terence Teo

7) Sompo

Sompo - Motorcycle Insurance Singapore
Sompo – Motorcycle Insurance Singapore (Credit: Sompo)
Key ServiceCoverage for third-party Property Damage
Address38 Toh Guan Road East, #01-57,  Enterprise Hub, Singapore 608581
Websitehttps://www.insuremybike.sg/?gclid=EAIaIQobChMIo_39w7DW9AIV2A0rCh3VBAHZEAAYAiAAEgJN0fD_BwE
Emailsompo@ens.com.sg
Phone+65 6515 5988
Operating HoursMon – Fri
9am – 5.30pm

Sompo Motorcycle Insurance protects you and your bike against third-party claims for death or bodily harm, property damage, and the loss or damage of your motorcycle due to fire, theft, or accident.

Sompo Insurance offers you third-party property damage insurance, ensuring that you are adequately protected in the event of an accident.

Key Differentiators:

  • Can have up to 4 pax of additional rider
  • Coverage for third-party Property Damage
  • Offers repair option

Customer Review:

I have a Sompo personal accident for my family. I made a claim via the apps, submit the docs via apps too, and 2 weeks later I got a cheque. Very quick and efficient. Thank you Sompo!

G Wijaya

Motorcycle Insurance Singapore

Motorcycle insurance Singapore is important to take into consideration when buying a motorcycle. From motorcycle liability, motorcycle roadside assistance, and motorcycle accident protection; this article has covered all the bases of what you need to know about motorcycle insurance in Singapore. For more information on motorcycle accidents or any other type of bike injury, call our expert team today!

Looking for more interesting articles to read? Check out some more of our blog posts down below!

u003cstrongu003eWhat is the Singapore deposit insurance corporation?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat does deposit insurance cover?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow much is covered by deposit insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is not covered by deposit insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat should I do if my bank fails?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow is deposit insurance funded?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the background of SDIC?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is policy owners protection scheme?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat types of life insurance policies are covered under the PPPS?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is not covered under the PPPS?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow is the PPPS funded?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is motorcycle insurance policy?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat does motorcycle insurance cover?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is not covered by motorcycle insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow much does motorcycle insurance cost?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow to choose an insurance company?u003c/strongu003eu003cbru003e

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

u003cstrongu003eDo insurance cover bodily injury?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is excess?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow can I make a claim?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is a claim discount?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is no claim bonus?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is a no claim discount?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow can I make a complaint?u003c/strongu003eu003cbru003e

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

u003cstrongu003eIs it advisable to get the cheapest motorcycle insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat happens if I cancel my policy?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are the motorcycle insurance policies?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is comprehensive motorcycle insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are the benefits of comprehensive motorcycle insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are the drawbacks of comprehensive motorcycle insurance?u003c/strongu003eu003cbru003e

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

u003cstrongu003eHow much does motorcycle insurance cost?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is a deductible?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is third party fire theft?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are the benefits of third party fire theft?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are the drawbacks of third party fire theft?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat are some basic coverage of motorcycle insurance?u003c/strongu003eu003cbru003e

– 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.

u003cstrongu003eWhat are some optional coverages of motorcycle insurance?u003c/strongu003eu003cbru003e

– 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

u003cstrongu003eWhat is the difference between liability and collision coverage?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the difference between comprehensive and collision coverage?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the difference between medical payments and uninsured/underinsured motorist coverage?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the difference between roadside assistance and emergency roadside assistance coverage?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the difference between custom parts and equipment coverage and rental reimbursement coverage?u003c/strongu003eu003cbru003e

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

u003cstrongu003eWhat is the difference between trip interruption and roadside assistance coverage?u003c/strongu003eu003cbru003e

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.