It is probably fair to say that nobody relishes the thought of paying their insurance premiums — but your motorbike insurance is, of course, an inevitable part of being a motorcyclist in Singapore. That is just as well, since you do want to be optimally protected. With comprehensive motorbike insurance, you will be covered when you are in an accident, whether a third party is injured, the collision damages public property or another driver’s vehicle, you are injured, or your own motorcycle is damaged. In addition, your insurer will take care of the costs of motorcycle theft or vandalism, as well as those you face if your motorcycle is damaged in an act of nature.
When you look at the benefits excellent insurance coverage confer, you get a different perspective. Suddenly, motorbike insurance is no longer a burden, but your motorcycle insurance provider becomes a welcome and essential partner in allowing you to ride your motorbike without worries.
Having said that, you will still be looking for the best deal on motorbike insurance in Singapore — so let’s explore the costs of this coverage further.
Who Will Pay Most for Motorbike Insurance in Singapore?
The cost of your motorbike insurance in Singapore is influenced by all the same factors that would determine your car insurance payments. Both your motorcycle and your individual characteristics play important roles in the offers you will get from motorcycle insurance providers. You will pay most for your motorbike insurance in Singapore if:
- You are a young and inexperienced motorcyclist. Those who people who do not yet have a proven track record will pay more for their motorbike insurance, as the insurer takes on more of a risk with these clients. That includes drivers in their twenties and motorcyclists who have not had the chance to build up a no claim discount (NCD). Motorcyclists in their forties with an NCD of 50% can expect to have the lowest motorbike insurance premiums, meanwhile.
- You own an extremely high-powered motorbike, with an engine of 400 cc or more. These motorcycles are more expensive to insure both because they have a higher value, and would as such cause more expenses to the insurer if they were to be damaged, and because these motorbikes are seen as higher risk. If you own a more modest motorcycle with an engine of 250 cc or less, your motorbike insurance payments will also be significantly more budget-friendly.
Besides these factors, which will influence the cost of your motorbike insurance regardless of the insurer you decide to partner with, you will also, plainly said, pay more for your motorbike insurance policy if you fail to shop around for the best deal. If you are looking for the cheapest price on your motorcycle insurance in Singapore, you should always get multiple quotes. That’s true for motorcyclists who have been with the same insurance provider for years, too!
Is Motorbike Insurance in Singapore Expensive Compared to Car Insurance?
Avid motorcyclists will also be wondering how their motorbike insurance payments compare to the car insurance premiums drivers pay for their vehicles in Singapore. This is where you can truly see a difference. All the individual factors that influence your motorbike insurance cost will apply if you drive a car, too, of course. However, while an “average driver” — a 35 year old male without a no claim discount — might pay $1,500 for their annual car insurance in Singapore, or even more, if that same person were to need insurance for his motorbike, he would be paying much less. In fact, by driving a modest motorcycle with an engine of 200 cc, his motorbike insurance in Singapore is likely to be less than $500 per year.
With a comprehensive motorbike insurance policy, a Singaporean motorcyclist can gain full coverage for their own bike and medical costs, third party injury, death, and property damage, and theft and vandalism. In addition, there will often be 24-hour roadside assistance and a towing service.
When you shop around for the best motorcycle insurance, especially when you are a mature motorcyclist with safety gear with a proven record as a responsible client, your motorbike insurance does not have to be expensive in Singapore at all — especially when you compare your costs to those of a car owner.
