Best Cheap Motorcycle Insurance 2019

Whether you just got a brand new bike or you are a seasoned rider, we've rounded up the best motorcycle insurance policies on the market to help you find the best plan for your needs.

Table of Contents

Best Motorcycle Insurance: FWD

Consider this if you want great coverage for low prices

Maximum NCD 20%
Young or Inexperienced Excess S$500
Standard Excess S$500

For the majority of riders, the cheapest motorcycle insurance will be FWD. We found that its premiums cost 13% below average compared to other comprehensive plans on the market, in part due to its generous ongoing discounts. However, despite its low premiums, FWD offers a plethora of benefits not typically included in other plans. For instance, 24-hour roadside assistance, towing expenses and a one-time transport cover are all included at no extra cost. Beyond these benefits, riders also receive S$500,000 of liability coverage and market value replacement for accidental loss or damage by fire or theft. Lastly, if you are a safe driver with a 20% NCD, you will also be eligible for FWD's Lifetime NCD. This means that no matter the number of "at-fault" claims you have after getting this benefit, your NCD will not drop.

Promotion

  • 20% off with "BESTBIKE"

Summary of FWD Comprehensive Motorcycle Insurance

BenefitsCoverageExcessExtra Cost
3rd Party DamageS$500,000N/AN/A
3rd Party Injury/DeathUnlimitedN/AN/A
Damage or Loss to Your BikeMarket ValueS$500N/A
Emergency AssistanceYesN/AN/A
Towing ExpenseS$50N/AN/A
One-Time Transport CoverS$50N/AN/A

Cheapest Motorcycle Insurance for Young Riders: NTUC Income

Consider this if you are a young rider on a budget

Maximum NCD 20%
Young or Inexperienced Excess S$500
Standard Excess As shown on schedule or certificate

NTUC Income is the best option for young riders under 30 who are looking for the cheapest motorcycle plans. For instance, Income's Comprehensive plan costs 14% below average for 25-year old riders with a class 2B license. Furthermore, it is also the cheapest option for young experienced riders. 25-year olds who already have their Class 2 license may find Income's plans to cost 50% cheaper than average.

Income's benefits are also good for younger riders. For example, Income provides Orange Force, a 24/7 accident response team, meaning riders can have peace of mind if they need help navigating an accident. Other benefits include a S$50 towing service, up to S$500,000 of 3rd property damage coverage and unlimited coverage for 3rd party injury or death. Furthermore, the young rider excess applies to riders under 22 years of age. This is in contrast to other policies where riders up to 25 years of age will be subject to the additional young rider excess. However, riders who are looking for a wide variety of miscellaneous benefits may not find NTUC to be suitable, since it doesn't offer add-ons that are typically offered by other motorcycle plans.

Summary of NTUC Income Comprehensive Motorcycle Insurance

BenefitsCoverageExcessExtra Cost
3rd Party DamageS$500,000N/AN/A
3rd Party Injury/DeathUnlimitedN/AN/A
Damage or Loss to Your BikeMarket ValueS$500N/A
Emergency AssistanceYesN/AN/A
Towing ExpenseS$50N/AN/A
One-Time Transport CoverN/AN/AN/A

Best Motorcycle Insurance for Safe Riders: DirectAsia

Consider this if you are a safe and experienced rider with a bike who's engine is 201 cc to 400 cc

Maximum NCD 30%
Young or Inexperienced Excess S$500
Standard Excess S$0-S$1,500

If you are an experienced rider riding a bike with an engine capacity between 201 cc and 400 cc and are looking to get rewarded for your safe driving, DirectAsia's Comprehensive Plan can be a good fit. Unlike other motorcycle plans that cap their NCD at 20%, DirectAsia's plan increases the maximum NCD possible to 30%. This means that riders of class 2A bikes who qualify for their 30% NCD will end up paying the cheapest premiums on the market. Furthermore, with their optional NCD protector benefit, you can protect your current NCD even if you make one at-fault claim.

Otherwise, DirectAsia's benefits are fairly standard and include S$500,000 of 3rd party damage, towing, 3rd party injury or death and theft & fire damage coverage. However, it is worth pointing out that its premiums are below average only for Class 2A motorcycles. Otherwise, riders can expect to pay up to 14% above average. Thus, riders of bikes with engine capacities under 201 cc or above 400 cc may not get the cheapest premiums with DirectAsia.

Promotion

  • S$30 worth of Shell fuel

Summary of Direct Asia Comprehensive Motorcycle Insurance

BenefitsCoverageExcessExtra Cost
3rd Party DamageS$500,000N/AN/A
3rd Party Injury/DeathUnlimitedN/AN/A
Damage or Loss to Your BikeMarket ValueS$500N/A
Emergency AssistanceYesN/AS$32.19
Towing ExpenseS$100N/AN/A
One-Time Transport CoverN/AN/AN/A

Best Motorcycle Insurance for Expensive Bikes: DirectAsia

Consider this if you have an expensive bike

Maximum NCD 30%
Young or Inexperienced Excess S$500
Standard Excess S$0-S$1,500

Riders are willing to spend more and want maximum protection for expensive motorcycles may find DirectAsia's Comprehensive plan to be a good option. While its premiums (including all the add-ons) are 20% more expensive than the average plan, the benefits may be worth the extra cost. For instance, DirectAsia offers one of the highest benefits for towing: S$100 within Singapore and S$300 outside of Singapore. Furthermore, it offers a unique new-for-old replacement add-on that can come in handy to owners of expensive motorcycles. It will let you get a replacement model in the event of a total loss without having to pay extra.

Furthermore, unlike other plans which may charge you an excess to use your own workshop, Direct Asia lets you choose where you get your motorcycle repaired at no extra cost. This can be beneficial to riders who have a preferred workshop already or who have an imported bike that requires special attention. Lastly, if you are an experienced, safe driver then you can find some financial benefit with DirectAsia's 30% NCD. It is the highest possible NCD you can get on the market since other insurers cap the maximum NCD at 20%.

Promotion

  • S$30 worth of Shell fuel

Summary of Direct Asia Comprehensive Motorcycle Insurance

BenefitsCoverageExcessExtra Cost
3rd Party DamageS$500,000N/AN/A
3rd Party Injury/DeathUnlimitedN/AN/A
Damage or Loss to Your BikeMarket ValueS$500N/A
Emergency AssistanceYesN/AS$32.19
Towing ExpenseS$100N/AN/A
One-Time Transport CoverN/AN/AN/A

Best Motorcycle Insurance for Older Bikes: FWD TPO & TPFT

Consider this if you want affordable coverage for your older bike

Maximum NCD 20%
Young or Inexperienced Excess S$500
Standard Excess S$500

Riders of older motorcycles (10+ years old) and who can only purchase Third Party Only or Third Party Fire & Theft plans will find FWD to offer the most competitive prices. Regardless of your motorcycle and license class, FWD's premiums are 10-24% cheaper than the market average. The only exception is for young drivers. While FWD's plans cost below average for 25-year old drivers, it is possible to find other insurers on the market, such as NTUC Income, that offer cheaper premiums for young drivers.

In contrast to other plans on the market that only offer basic coverage FWD's benefits for TPO and TPFT plans are comprehensive. For instance, regardless of whether you opt for a TPO or TPFT plan, you will also receive a towing benefit and transport cover (to get you home after an accident). You can also choose to add repatriation, hospitalisation and a daily transportation (an allowance you can use for transportation when your bike is being repaired) add-on. However, despite all the perks, there is a drawback to consumers who want to use their own workshop: FWD has a S$1,000 excess for customers who get their motorcycle repaired at a non-FWD Premium workshop.

  • Promotion: 20% off with "BESTBIKE"

Summary of FWD Comprehensive Motorcycle Insurance

BenefitsTPO CoverageTPFT CoverageExcessExtra Cost
3rd Party DamageS$500,000S$500,000N/AN/A
3rd Party Injury/DeathN/AUnlimitedN/AN/A
Damage or Loss to Your BikeN/AMarket ValueS$500N/A
Emergency AssistanceYesYesN/AN/A
Towing ExpenseS$50S$50N/AN/A
One-Time Transport CoverS$50S$50N/AN/A

How to Find the Best Motorcycle Insurance

There are only five insurers in Singapore offering motorcycle insurance plans, so it can be fairly easy to compare the plans. However, to find the best plan for your needs, you should look at which benefits are the most important for your needs, the level of coverage you want and your budget.

The most important thing you should consider is what kind of plan you need. Motorcycle insurance policies usually come in 3 levels of protection: Third Party Only (TPO), Third Party, Fire and Theft (TPFT) and Comprehensive. TPO is the cheapest plan and typically only covers third party damages and injuries. TPFT is slightly more expensive and covers everything TPO covers and fire or theft damage to your own bike. Comprehensive plans are the most expensive plans but they offer the greatest coverage. Typically it covers everything TPFT plans cover and other miscellaneous benefits. Comprehensive plans are recommended for new bikes (up to 10 years old), while TPO and TPFT plans are recommended for bikes older than 10 years old.

This table shows the cheapest comprehensive motorcycle insurance policies in Singapore

Next, you should consider what benefits are important to you. If you prefer to get your bike repaired at your own workshop, you should consider finding a plan that lets you repair your bike anywhere. On the other hand, if workshops aren't important but you care a lot about medical benefits, then you should look for a plan that offers a hospitalisation or personal accident benefit. Typically, these benefits come at an extra cost, however, this doesn't mean they should be discounted if you believe they will offer you peace of mind. At the same time, budget does play a certain role in any insurance purchase. If you believe you won't be able to afford the premiums, then you should get the plan that you can afford. If you want a plan with a lot of extra perks but can't afford all of them, then you may be better off slimming down your policy to keep only the add-ons that matter most.

Methodology

To find the best motorcycle insurance plans in Singapore, we analysed the 5 insurers on the market by comparing their premiums and benefits across a variety of age groups and motorcycles. We looked at 25, 35, 45 and 55 year old single male drivers with and without a 20% NCD discount. We also chose 3 motorcycles to represent each of the license classes. The Honda CBF 150 was used to calculate premiums for class 2B license holders, the Yamaha WR250X was used to calculate premiums for class 2A license holders and the Honda NC750X was used to calculate the premiums for Class 2 license holders. Beyond price, we also looked at coverage to figure out which basket of benefits would be best for different driver profiles. For instance, when looking to see which plan would be best for drivers of expensive motorcycles, we prioritised flexibility of workshop and repair benefits over medical or authorised driver benefits.

Anastassia Evlanova

Anastassia is a Research Analyst at ValueChampion Singapore, focusing on insurance. She graduated with Honors from Mohawk College with a postgraduate diploma in International Business Management and holds a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

Comments and Questions