While Income's motorcycle insurance does not offer competitive premiums for a majority of riders, young riders under age 30 may enjoy premiums that can be 20% cheaper than average for the age group. However, Income's benefits are standard and don't deviate far from basic coverage. Unlike other motorcycle plans on the market, there are no optional add-ons, which can leave consumers looking for flexible and customisable options wanting more.
Table of Contents
|Summary of NTUC Income Motorcycle Insurance|
|Premiums for riders in their 20's cost 12%-20% cheaper than the industry average|
|Third Party, Fire and Theft plan tends to cost more than the industry average|
|Can only do repairs at NTUC Income approved workshops|
NTUC Income Comprehensive Motorcycle Insurance Highlights
NTUC Income's Comprehensive motorcycle insurance plan provides basic coverage at average prices, making it an underwhelming plan for most riders. We also found that Income's plans actually cost slightly above average for riders with 20% No Claim Discounts (NCDs). Thus, riders who are looking for a reward for their safe driving with discounted premiums may not find Income to be the most suitable option. However, there is one group that may benefit the most from NTUC Income's plans: riders in their 20's looking for the cheapest premiums on the market. This is because the Comprehensive plan's premiums for this younger demographic are 12-15% cheaper than average, regardless of their motorcycle's engine capacity.
Income's Comprehensive plan may only benefit riders who are looking for simple, no-frills motorcycle insurance plans. It offers the standard S$500,000 of third party damage liability, unlimited third party accidental harm & death coverage and fire or theft loss and damage coverage. Beyond that, it only offers towing benefits and 24-hour emergency assistance services. Furthermore, riders who are loyal to a particular workshop may find Income limiting since they can only use NTUC Income's approved workshops. In summary, while Income's simple coverage may be a good option for young riders looking for a basic plan, it may not offer sufficient coverage or premiums that are competitive enough to entice more value-seeking consumers.
NTUC Income TPFT & Third Party Only Plan Highlights
Income also offers Third Party and Third Party, Fire & Theft (TPFT) plans. In terms of premiums, Income's Third Party Only (TPO) plan is the most competitive out of the 3 plans. In fact, we found that its TPO plan can cost 20% below the Third Party Only plan average. In terms of coverage, Income's TPO plan only offers third party liability coverage for property damage and death/injury. Furthermore, unlike a couple other plans on the market, the TPO plan does not provide any miscellaneous benefits. This means this plan may only be suitable for riders of old bikes looking just for third party only coverage.
Income's TPFT plan is the least competitive plan out of the three available plans, making it difficult to recommend it compared to other TPFT plans. While the plan is cheaper than average for riders in their 20's, it can cost up to 10% more than average for everyone else. Benefits for this plan are market value coverage for loss or damage of your motorcycle by fire or theft, unlimited coverage for third party death or bodily injury and up to S$500,000 of third party liability for damage. Beyond these benefits, there isn't much else except emergency assistance via their Orange Force team. Due to the basic benefits package sold at above average prices, it is hard to recommend this plan to anyone who isn't a young driver looking for simple coverage—for instance, young riders who only use their bike sparingly.
Excess & Exclusions
Income offers a standard excess that you will find on your policy contract and an additional S$500 young driver excess for riders aged 22 and younger or riders with less than 2 years of driving experience (if their motorcycles are registered under a company).
Income has the standard policy exclusions, including no payout for claims that arise from negligence and illegal activities. Furthermore, as is standard with motorcycle insurance policies, you will be liable for 50% of your motorcycle's market value (up to S$2,500) if it is stolen outside of Singapore. Income will also not cover riders who are not named in the policy except in the case of a company-registered vehicle. For more information, please find the list of general exclusions below.
General Policy Exclusions
- Damage done by unauthorised riders
- Damage or loss caused by war, terrorism, riot, civil commotion or rebellion
- Loss or damage to a motorcycle with unapproved modifications
- Driving under the influence of drugs/alcohol
- Deliberate self-harm
- Damage or loss arising from nuclear activity
NTUC Income Claims Information
You have 24 hours after an accident to report any loss or damage. You can submit these claims at NTUC Income's Motor Service Centre (address below), where a staff member will help you through the process. You can also submit a claim at an NTUC Income approved workshop for motorcycle repairs.
Income Motorcycle Insurance Features & Benefits
It is important to compare as many policies as you can to make sure you are getting the best motor bike plan for your needs. While some plans may be a good fit for certain consumers, they may be less suitable for others. Below, we break down Income's benefits. To see how it compares with other motorcycle plans on the market, please read our guide to the best motorcycle insurance policies in Singapore.
|Young/Inexperienced 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|
|Legal Liability for Death/Accident||Unlimited||Unlimited||Unlimited|
|Legal Liability for Damage||S$500,000||S$500,000||S$500,000|
|24-Hour Emergency Assistance||Yes||Yes||Yes|
|Towing Expenses (per accident)||S$50||S$50||S$50|