FWD's motorcycle insurance is a good option for riders looking for an affordable, high value plan. While its premiums are the cheapest on the market for riders of most ages, it includes a wide range of coverage, including towing and emergency assistance at no extra cost. However, it may not be the best option for budget-constrained riders under 30, as its premiums are less competitive for riders of this age group.
Table of Contents
|Summary of FWD Motorcycle Insurance|
|Premiums 20-30% cheaper than industry average for most riders|
|Offers the option to purchase a 2 year plan if you have a 20% NCD|
|Choice of workshop (your own or FWD's)|
|Option to waive young rider excess|
|Promotion: Use promo code BESTBIKE25 to get 25% discount. Valid until 2 February 2022|
FWD Comprehensive Motorcycle Insurance Highlights
FWD's Comprehensive motorcycle insurance plan can be a good option for riders who are on a budget but don't want to skimp on benefits. Its premiums are 20-30% cheaper than the market average for most riders, regardless of their motorcycle's engine capacity. The core benefits include accidental damage or loss coverage up to the market value of the motorcycle, loss or damage by fire or theft, unlimited legal liability coverage and up to S$500,000 of legal liability coverage for damaging someone else's property. The plan's miscellaneous benefits are plentiful and include towing expenses, one-time transportation cost cover and 24-hour roadside assistance.
FWD's Comprehensive plan also offers a plethora of additional benefits that can make it valuable for safe riders or those looking for customisation. For example, FWD rewards safe drivers with 20% No Claim Discounts (NCDs) in two ways. First, riders with a 20% NCD will be eligible for a lifetime NCD guarantee as long they stay with FWD. Second, riders with a 20% NCD can buy a 2-year policy and lock in their premiums.
In terms of customisation, FWD offers plenty of optional add-ons. For instance, riders who frequently commute between Malaysia and Singapore can add an overseas booster that will cover them for up to S$20,000 in repatriation expenses and up to S$500 for emergency phone, transportation and towing expenses. Alternatively, those who share their bike with others may wish to opt for the "Any Authorised Rider" add-on, which means anyone who rides your bike will receive the same coverage as you. Regardless of what your needs are, FWD's Comprehensive plan stands out in its ability to provide customisable coverage for a variety of consumers.
FWD's Comprehensive plan does have one minor drawback, and that is that its premiums for riders under age 30 are not as competitive compared to other plans. Despite this, it is still worth pointing out that the premiums can be up to 10% below average. So while it may not be the cheapest option for young riders, it may still be of benefit to those looking for comprehensive coverage or are willing to pay extra to waive the S$500 young rider excess.
FWD TPFT & Third Party Only Motorcycle Insurance Plan Highlights
FWD's Third Party and Third Party, Fire & Theft (TPFT) plans are just as competitively priced as the Comprehensive plan, making them good options for the cost-conscious consumer. Regardless of your bike's engine capacity, premiums are 20-30% below average compared to other TPO and TPFT plans. As with the Comprehensive plan, however, premiums for young riders are less competitive, but can still cost 5-10% below average.
In terms of coverage, FWD's Third Party plan offers only liability coverage for hurting someone or damaging their property. The Third Party, Fire & Theft plan offers liability and damage due to fire or theft coverage. However, unlike most other Third Party or TPFT plans on the market, FWD doesn't completely skimp on other benefits. For instance, both plans still have towing expense benefits, transportation coverage after an accident if your motorcycle is not rideable. These plans also offer NCD protections and 2-year purchasing options and the optional benefits. Furthermore, you are still able to add on the optional benefits regardless of the plan you choose. This makes FWD's Third Party and TPFT plans a good option for not only budget-conscious riders, but also riders with older bikes who still want comprehensive protection.
Optional Add-ons & Features
FWD has a total of 5 possible optional add-ons. The additional cost for adding these benefits ranges from being very affordable (less than S$5) to quite expensive (over S$150). However, due to FWD's already low premiums, it is possible to add a cheaper add-on or two and still end up with a competitively priced insurance package.
|Benefit||Coverage Limits||Extra Cost|
|Young Rider Excess Waiver||S$500||S$18.54|
|Overseas Booster||S$20,000 Repatriation||S$10.96|
|S$500 Emergency Phone, Transport & Towing in Malaysia, S. Thailand|
|Daily Transport Allowance||S$20/day for 5 days||S$4.63|
|Any Authorised Rider*||N/A||S$161.84-S$724.75|
|Accident Hospitalisation (Rider & Passenger)||S$2,000||S$55.62|
|*Cost changes based on the insured's age|
Excess & Exclusions
The plan's standard excess of S$500 is neither the highest nor the lowest on the market and will not be applicable if the loss or damage of the bike is due to fire of theft. It will increase to S$1,000 if you choose to get repairs at a workshop of your choice. Authorised riders under the age of 22 will also have an additional S$500 excess, however they can waive this if they choose to purchase the young rider excess waiver.
FWD's policy exclusions are standard among motorcycle insurance policies. This means that you will not be covered for depreciation, wear and tear, or mechanical, electrical and/or structural breakdown. Furthermore, you will not be covered for damage or loss due to negligence or failure to take precautions to safeguard your motorcycle. You will also be liable to pay half of the bike's value up to S$2,500 if it was stolen outside of Singapore. For a full list of general exclusions, please see the list below. You should also refer to your policy contract for the full list of exclusions and policy limitations.
- Using motorcycle as part of motor competition or speed test
- Participating in reckless, illegal or unlawful acts
- Loss or damage caused by war, revolution, strike, riot or civil commotion
- Damage or loss to motorcycle's software and its data
- Loss or damage due to negligence
- Damage to tires or rims unless damage extends to insured parts
- Wear & Tear
- Mechanical, structural and/or electrical breakdown
FWD Claims Information
You can use FWD's claims portal in order to file a motorcycle insurance claim. Alternatively, you can also file a claim by phone or email. FWD also offers a guide if you need help regarding the documents you need to file. If you get into an accident, you should call their emergency assistance hotline for further instructions.
|Customer Service||+65 6820 8888|
|Emergency Assistance||+65 6322 2072|
|Claims Form||Online submission|
|Guide & FAQ||Claims FAQ|
|Claims E-mail||[email protected]|
|Policy Documents||Comprehensive Plan, TPFT Plan, Third Party Plan|
|Mailing Address||FWD Singapore Pte LTd, 6 Temasek Blvd, #18-01 Suntec Tower Four, Singapore 038986|
FWD Motorcycle Insurance Features & Benefits
Getting the right motorcycle policy means you will have adequate protection regardless of what occurs for a price that won't break the bank. Below, we've summarised the features and benefits of FWD's motorcycle insurance plans. If you would like to see how they stack up to other plans on the market, you can read our comprehensive guide to the best motorcycle insurance in Singapore.
|Young Driver Excess||S$500||S$500||S$500|
|Accidental Damage/Loss||N/A||N/A||Market Value|
|Loss or Damage from Fire/Theft||N/A||Market Value||Market Value|
|24-Hour Emergency Assistance||Yes||Yes||Yes|
|Legal Liability for Death/Accident||Unlimited||Unlimited||Unlimited|
|Legal Liability for Damage||S$500,000||S$500,000||S$500,000|
|Towing Expenses (per accident)||S$50||S$50||S$50|
|Transportation Cover (anywhere in Singapore)||S$50||S$50||S$50|