There are a number of factors that affect the cost of motorcycle insurance in Singapore. And while the cost of your premium may vary depending on the company you go with, there are a few general things that will always affect the price.
So, how much is motorbike insurance in Singapore? To answer this, we’ll look at some of the critical factors that determine how much you’ll pay for motorcycle insurance in Singapore. So, whether you’re just starting to research rates or already shopping around, keep these 4 factors in mind!
- Your age and riding experience
Age and motorcycle riding experience are two of the most important factors insurance companies consider when calculating premiums. The older you are, the more experience you have, and the less risky you are deemed to be. Consequently, premiums for older riders are typically lower than for those who are younger.
At the same time, a rider with little or no experience is considered more of a risk, so premiums for these individuals are likely to be higher.
- The value, type, and age of your bike
Another big factor that determines the cost of motorcycle insurance is the bike’s value. If you have a high-value motorcycle, your insurance will be more expensive than if you have a low-value bike.
The type of bike you have also matters. Sportbikes are more expensive to insure than standard bikes.
Also, insurers consider the age of the motorcycle. Generally, the older the bike, the higher the premium because the bike is seen as being more likely to have more costly repairs.
- Amount of liability coverage
Liability coverage is the portion of your policy that protects you from financial damages that may be incurred as a result of an accident.
The higher the liability coverage you select, the more expensive your policy will be. This is because your insurance company is taking on a greater risk by providing you with more protection.
But is that really such a bad thing?
Think about it this way: if you are in an accident and are found to be at fault, the amount of damages you are liable for could be astronomical. If you choose a low level of liability coverage, you’ll have to dig deep into your pockets to pay for the damages.
- Discounts
Motorcycle insurance premiums can be reduced by up to 50% by taking advantage of discounts. The discounts vary according to the company, but most insurers offer a discount for belonging to a motorcycle association, having a safe driving record, and parking the bike in a safe place.
Other discounts may be available if you have other types of insurance with the same company, are a student, or have a good credit score. You can also get a discount if you buy motorcycle insurance online.
So, be sure to ask your agent about all the available discounts.
Wrapping up
It’s clear from this article that the cost of motorbike insurance is defined by several factors that go into calculating premiums. In this post, we’ve explored the four of the most important factors that affect the cost of motorcycle insurance in Singapore.
Well, even by knowing all this, motorbike insurance can still be expensive, but there are ways to lower the cost. One way is to shop around and compare rates. You can also increase your deductible. And finally, you can consider lowering your coverage.