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Motorcycle Insurance: How to Choose the Best One for You?

Even the most experienced riders can’t predict what will happen on the road. Yes, it could be part of the thrill, but the worst could also happen as you’re weaving along the lanes on your motorcycle. That’s when motorcycle insurance comes in. A financial protection against damage or injury resulting from a traffic collision involving your trusty bike. In Singapore, you need at least an insurance policy that covers for third-party liability. What’s that? And what other types of motorcycle insurance are available? Let’s find out!

The 3 main types of motorcycle insurance

#1 Third-Party Only

This is the cheapest and simplest policy available. It’s also the minimum that the law requires as it covers death, injury, loss or damage done by you towards a third party. “Third-Party Only” does not cover you or your motorcycle in an accident.

Why is this important? Well, imagine you’re cruising down East Coast Parkway on a breezy Friday night when you accidentally grazed the bumper of a BMW M5. You’re going to have to cough up the cash for the repairs. That’s when a “Third-Party Only” motorcycle insurance would come in handy. With ePROTECT motorcycle, you get up to S$500,000 coverage for loss or damage to third-party property.

#2 Third-Party, Fire & Theft

In a “Third-Party, Fire & Theft” motorcycle insurance policy, you get everything covered in “Third-Party Only”, plus coverage for your motorcycle in case of loss or damage caused by fire or theft.

This option is suitable if you park your motorcycle in an area which has high risk of theft and stolen vehicles. And even if fire may seem unlikely, your motorcycle does run on petroleum, so the risk is always there. Don’t forget the viral incident that happened in 2019 where a motorcycle burst in flame in the middle of the Woodlands checkpoint. Or when a motorcycle caught fire at Eng Neo Avenue and skidded under a car, burning both vehicles. You just never know.

#3 Comprehensive

Like the name, this is the most comprehensive motorcycle insurance policy that you can get. It provides the highest level of coverage for you and your motorcycle. You get the same coverage as #1 and #2, plus coverage for loss, damage and injury for your motorcycle due to accidents and other insured perils such as natural disaster or vandalism, depending on the policy.

“Comprehensive” motorcycle insurance policy is perfect for those who want to enjoy peace of mind while riding their motorcycle, knowing their bike is fully covered if the worst happens.

#TiqOurWord With ePROTECT motorcycle, you even get coverage for up to S$50 when your motorcycle is towed to a repair centre or a safe place following an accident. Only applicable for “Third-Party, Fire & Theft” and “Comprehensive” policies.

How much does it cost?

As you may assume, the premium increases from “Third-Part Only” to “Third-Party, Fire & Theft” and to “Comprehensive” as the coverage expands within each policy respectively. However, premium amount may be different for different riders even if they buy the same type of policy. Here are some factors that affect the cost of your motorcycle insurance.

#1 Your age

There’s no way around it. The younger you are, the less experienced you are on the motorcycle, the more risk you might bring on the road. Hence, the higher premium you may need to pay.

#2 Type of motorcycle insured

Sports bikes and high-powered engine motorcycles may incur a higher premium cost. This type of motorcycles would most likely go faster on the road and would also cost more to repair. So, a higher premium is required.

#3 Motorcycle usage

A motorcycle for personal use will have cheaper premium than a motorcycle used for business purposes.

#4 Year of registration

The newer the motorcycle, the more expensive the insurance premium needed to cover it.

#5 No-Claim Discount (NCD)

The reward you get for staying safe on the road. Like other motor vehicle insurance, you get a discount during renewal if no claims were made in the previous year.

Get covered, ride away

Motorcycle insurance is important, not just for your motorcycle, but for those around you on the road. Consider ePROTECT motorcycle from Tiq by Etiqa Insurance when you’re making your next motorcycle insurance purchase. Getting insured is fast and easy as everything – from purchasing policy to managing claims – can be done online through our TiqConnect online portal or mobile app available on Android and iOSRide on!


Information is accurate as at 15 June 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.

Tiq by Etiqa Insurance Pte. Ltd.

A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.

With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.

Discover the full range of Tiq online insurance plans here.

This article was originally published on Tiq by Etiqa Insurance. Please refer here to learn more.

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