How Much is Motorcycle Insurance in Singapore

If you are thinking about buying a motorcycle in Singapore, there is a good chance that you are looking at some of the more popular and newer models. Before you purchase a motorcycle there are some things that you should consider. Not only do you need to consider the cost of the actual motorcycle, but you need to think about the price of actually owning it and what that entails. This includes the price of insurance. Here are some things to know about the cost of owning a motorcycle in Singapore.

Certificate of Entitlement Costs

Similar to owning a vehicle in Singapore, if you want a motorcycle you will need to bid on a Certificate of Entitlement before you can ride your motorcycle on the roads. The price for a certificate of entitlement for a motorcycle is cheaper than one for a car. Typically, for a ten-year certificate of entitlement for a motorcycle, you can expect to pay anywhere from S$3000 to S$8000.

In addition, you will have to make a downpayment on your motorcycle before you are going to be able to go anywhere on it. Typically, you can expect to pay at least ten percent to twenty percent of the price of the motorcycle upfront. You can then make a monthly payment until you can pay it off.

Road Tax

Another cost to consider is the road tax. The road tax will be based on the capacity of the motorcycle’s engine.

Motorcycle Insurance

In order to ride a motorcycle in Singapore, you are required to carry an insurance policy. The cost of a motorcycle insurance policy will depend on many factors. The first factor to consider when it comes to the cost of motorcycle insurance is the type of insurance that you are going to need.

In Singapore, you are required to carry a third-party liability policy. This is the very minimum amount of insurance that is required. This type of policy will only cover another person and their property should you be involved in an accident. Essentially, this is the bare minimum insurance policy that you can get in Singapore and be allowed to drive a motorcycle. This type of policy does not offer a lot of protection and it is often recommended that you at least add fire and theft protection as well. This will cover your bike if it catches on fire or it is stolen.

Comprehensive motorcycle insurance policies provide you with more coverage. This type of policy will not only cover the third party if you are involved in an accident, but it will also cover damages to your motorcycle. This type of policy offers the most protection and comes with a higher price tag. If you have a loan on your motorcycle, you will likely have to have this type of coverage for your bike as the bank will require you to carry a comprehensive plan until your loan is paid off. This is how they protect the asset that they made the loan for.

Price for Motorcycle Insurance

Unfortunately, there is no real way to answer how much your motorcycle insurance in Singapore is going to cost. The reason for this is because insurance rates vary greatly based on many different factors. Some of these factors include:

Age: The younger that you are, the higher your premiums are going to be. This is because you are not considered as an experienced driver and typically younger people tend to be more reckless.

Bike Type: Another thing that will affect the price of motorcycle insurance is the type of bike that you have. A sports bike will have higher premiums than a street bike because most of the time a sports bike is something that is bought for speed and higher speeds equal more danger. Additionally, the newer the bike the more you are going to pay, simply because a newer bike is worth more and will cost the insurance company more to replace if it is in an accident.

Usage: if you are using your bike for delivery services or other commercial purposes it is going to cost more for insurance than if you are simply using it personally.