Whether your motorbike is your daily commute or your weekend joyride, it’s essential to have the right insurance to protect yourself, your bike, and others on the road. Motorbike insurance is designed to cover the cost of repairs or replacements if your bike is damaged in an accident, stolen, or vandalised. It can also provide liability coverage if you cause an accident that injures someone else.
There are a few different types of motorbike insurance available in Singapore, so it’s vital to understand your options before choosing a policy. Read on to learn more.
Different Types of Motorcycle Insurance Available in Singapore
There are three main types of motorbike insurance in Singapore. These are:
Comprehensive Motorbike Insurance: A fully comprehensive motorcycle insurance policy will cover the cost of repairs or replacements if your motorbike is damaged in an accident, stolen, or vandalised. It will also provide liability coverage if you cause an accident that harmed someone else. Comprehensive Motorbike Insurance is the highest level of protection you can get, and it’s typically the most expensive.
Third Party Only (TPO): TPO motorbike insurance only covers damage and injuries caused to other people. It doesn’t cover you for any damage to your bike. TPO is the most basic level of cover, and it’s usually the cheapest.
Third Party, Fire, and Theft (TPFT): TPFT motorbike insurance covers you for damage and injuries caused to other people, as well as fire damage and theft of your bike. TPFT is a mid-level option, and it’s typically more expensive than TPO but cheaper than comprehensive.
How Much Does Motorbike Insurance Cost in Singapore?
Motorcycle insurance rates may differ from rider to rider even if they buy a similar type of policy. Some of the factors that affect the cost of your motorbike insurance include:
· Your age- Younger riders tend to pay higher premiums because they’re considered a higher risk.
· Your gender- Generally, women tend to pay lower premiums than men.
· Your bike- Motorcycles with larger engines and those considered sports bikes tend to cost more to insure.
· Your riding history (including claims history) – If you have a clean driving record, you’ll typically pay lower premiums than someone with multiple accidents or traffic violations.
· The amount of coverage you need- The more coverage you need, the higher your premiums will be.
· Your deductible- A higher deductible means you’ll pay less in premiums but more out-of-pocket if you need to make a claim.
How to Choose the Right Policy for Your Needs
The best way to get motorbike insurance is to compare quotes from different insurers and choose the policy that best meets your needs. You can get quotes from various sources, including online comparison sites, insurers’ websites, and brokerages.
When comparing quotes, be sure to consider the coverage options, excesses, and available discounts. You should also read the policy documents carefully to understand what’s covered and what’s not.
Remember, the cheapest policy might not always be the best. It’s crucial to find a policy that offers the right level of cover for you at a price you can afford.
How to Make a Claim in Singapore
If you need to claim motorbike insurance, the process will vary depending on the insurer. Typically, most claims can be made online or over the phone.
To make a claim, you’ll usually need to have the following information handy:
· Your policy number
· A police report (if applicable)
· Details of the accident or incident, including dates, times, and locations
· The names, addresses, and phone numbers of any witnesses
· Your contact details
Once you’ve made a claim, the insurer will investigate and determine whether to pay out. If your claim is approved, you’ll usually receive the payout within a few days.