Do you need motorcycle insurance? Find out the types of motorcycle insurance available in Singapore

If you’re into motorcycles in Singapore, you know that feeling of hitting the open road, the wind in your face, and that sense of freedom—it’s nothing short of exhilarating. But whether you’re a seasoned rider or just gearing up for your two wheeled adventure, there’s one thing you need to address: Do you need motorcycle insurance? Yes, absolutely! It is a crucial part of being a responsible rider.

Let’s explore the various types of motorcycle insurance offered in Singapore and understand how different factors can affect your cost of motorcycle insurance.

Types of Motorcycle insurance coverage in Singapore

Third-party insurance

This type of insurance plan typically includes coverage for liabilities arising from third-party body injuries or death, as well as third-party property damage caused by your motorcycle.

In Singapore, it is a minimum legal requirement to have at least third-party insurance coverage¹ before riding a motorcycle on the road. This coverage ensures that if you are involved in an accident and you are at fault, the insurance will cover the cost of any injuries or damage to the other party involved. However, it will not cover any damages to you or your motorcycle.

Third-party, fire and theft insurance

If you would like additional coverage, the third-party, fire and theft plan provides payout if your motorcycle is accidentally damaged by fire or stolen. This plan is designed for motorists seeking more than the basic plan but aren’t ready to commit to a more comprehensive insurance. This plan provides better coverage compared to the standard third-party insurance.

While it’s a notch above the third-party coverage, it’s essential to note that it does not cover damage to your motorcycle if it was caused by anything other than fire. For example, you’ll not be covered for any damages if you get into an accident on the road. The rising number of accidents² in Singapore highlights the importance of riding carefully on the road and getting adequate insurance.

Comprehensive plan

The comprehensive plan provides many benefits, ensuring your peace of mind throughout the insurance period. You are covered for the loss or damage to your motorcycle, including spare parts and accessories, in various scenarios such as accidents, theft, fire, floods, and natural disasters.

Additionally, comprehensive plans typically offer additional benefits, such as emergency assistance in case of breakdowns or accidents, and roadside towing to a workshop. This comprehensive plan ensures you are well-supported in various situations and no matter where you are on the road.

Do you need a license to buy motorcycle insurance in Singapore?

Yes, you will need a valid riding license to be able to purchase motorcycle insurance in Singapore. It is a standard requirement that a motorcycle rider must possess a valid riding license to be eligible for purchasing motorcycle insurance.

While calculating the insurance premium, your claim history and experience of riding a motorcycle will be taken into consideration. A clean track record in the past may lead to favourable insurance rates.

On that note, safety should always be the priority before hitting the roads. In fact, there are certain things that you can consider after getting your motorcycle license. This includes getting appropriate gear, practice riding, and of course, getting motorcycle insurance for your adventures on the road.

Motorcycle insurance cost based on different factors

Motorcycle type

The insurance premium is also affected by the type of motorcycle you own, mainly the engine power of the two-wheeler. Owners of motorcycles with lower cubic capacity (cc), especially those below 200 cc, are likely to incur lower insurance premiums compared to those with motorcycles having 250 cc and 400 cc engines.

Motorcycles with higher engine power tend to incur higher repair costs in the event of an accident and therefore attract a higher cost of insurance.

Personal or Commercial use

The premium charged on a motorcycle insurance tends to be higher if the motorcycle is used for commercial purposes. Commercial usage of a motorcycle involves using the two-wheeler for delivery of goods and services and food items. If the motorcycle is used for leisure or for traveling to and from work, it is considered as personal usage and the premium is relatively lower for such personal use.

No claim discount (NCD)

The number of claims made for your insured motorcycle³ under the current policy or any prior motorcycle insurance policies also influences the premium charge.

For example, during every policy renewal, insurers typically use the following scale to assess the claims history and determine the motorcycle insurance premium amount for the renewal applicant.

At FWD, we reward our customers for safe riding. Our NCD is computed as follows:

FWD Motorcycle insurance (comprehensive)

Riding experience

Riders with more experience generally garner lower premiums due to their perceived lower risk of accidents. Novice riders, or those with a history of accidents may face higher insurance costs as they’re seen as higher risks.

Optional Protection/Riders

Your insurance premium charge will also be dependent on whether you add on riders to your plan. Some examples of motorcycle insurance add-ons (also known as riders) are:

– Any authorised rider to be insured other than yourself. This implies that the coverage is not only limited to yourself but will also include a person whom you trust to ride your motorcycle.
– Daily transport allowance
– Overseas booster
– Hospitalisation expenses in case of a mishap
– Young rider excess waiver

What is covered under motorcycle insurance?

The major distinction among the 3 motorcycle insurance plans lies in the coverage extended to your own motorcycle in the event of damage from an accident, fire or theft. Let’s dive into the specifics of what each plan covers and excludes:

Ride safely with a peace of mind

FWD Motorcycle insurance offers three types of coverage, suitable for all riders, irrespective of whether you are a seasoned rider or a new motorcycle owner.

FWD Singapore is the only insurer that allows you to retain your 20% No Claims Discount (NCD) accompanied by an extra 5% discount if your current NCD is at 20% and if you have purchased the 2-year motorcycle insurance plan. This also locks-in next year’s premium, thus adding to your cost savings.

Get a motorcycle insurance quote in seconds and get covered today.