When comparing motorcycle insurance plans, remember that premiums are only part of the equation. Very often, plans with lower premiums are missing key coverages or come with high deductibles. The result? One serious claim could cost you all the savings you’ve accumulated.
While we can’t deny that price is an important consideration when comparing motorbike insurance, you’ll still need to set the policies down side by side and take a good look at the deductibles and coverage limits. Small differences on paper can make a very big difference in real life.
Similar to car insurance, motorcycle insurance comes with three types of coverage:
- Third Party Only (TPO) – If you only want the bare minimum bike insurance required to ride in Singapore. TPO protects you from liabilities against third-party claims only. With TPO you’re responsible for covering repairs to your bike and are not covered from fire, theft, vandalism, and if you lay your bike down on your own.
- Third Party Fire and Theft (TPFT) – Get the cover of TPO plus additional protection in case your bike is stolen or damaged in a fire.
- Comprehensive – If you love your bike, comprehensive is the best way to protect it. In addition to the above two plans, you get protection from your own crashes, natural disasters, vandalism and towing following an accident. Highly recommended if your bike is new, or you’ve spent good money on getting a brand-new or vintage motorbike.
Note that the type of coverage you get with each policy can vary between insurers. For instance, the coverage limit for bike theft can differ.
Your usage of your motorcycle can be very different compared to how your brother uses his, which can impact the premium you pay. You’ll need to declare your usage before you get your motorcycle insurance. For instance, DirectAsia now covers motorcyclists who use their bikes for food deliveries, as this will not require your bike to be covered under commercial usage.
No-Claim Discount (NCD)
The good news is that you get rewarded for being a safe rider. The question though is, “how much?”
At DirectAsia, we offer the highest NCD amount for motorcyclists – NCD30! Most other insurers offer up to NCD20 for bikers. Moreover, you get the option of protecting your hard-earned NCD status with NCD Protector Plus. This way, if you have an at-fault claim, the NCD Protector Plus will safeguard your NCD status and allow your NCD to advance to the next level the following year.
Since NCD can be a big influencing factor in how much premium you pay, choose an insurer that grants you the greatest amount of price is a concern.
Are you planning to ride your motorbike to Malaysia? If so, read through the fine prints before you purchase a bike insurance. Coverage is especially important when overseas, since being on unfamiliar grounds makes getting help difficult.
Find out whether your insurer can provide you help overseas and the necessary documents you’d need in order to have successful claims.
Planning to share your motorbike with your sibling? Always remember to get a policy that covers the riders that frequently use the motorbike. This is to ensure that any claimable incidents will not be rejected if used by the insured riders. We know that some motorcycle owners do not think twice about letting their friends ride their bikes, but you’ll have to shoulder the consequences of damages to your bike in the case of an accident.
What’s more, an insurer will have the right to reject your claims in such circumstances, as well as cancel your policy, leaving you unable to ride your bike on the roads. Instead of being friendly, think about the safety of your rider and protecting your bike as well!
As with all insurance, getting the right one is better than getting the cheapest ones. Click here to find out more about our motorcycle insurance today!