Are you in Singapore and want to ensure your motorcycle? Then it would be best if you had a motorcycle breakdown insurance quotation from a reputable insurance service provider.
The quotation will cater to all your needs. It’s therefore essential to know what to protect your bike against.
When requesting a quotation, kindly note that all motorcycles differ. Therefore, the quotation cannot be similar. Each bike comes with a specific quotation based on certain factors. We’ll discuss them all in this article.
You’ll also learn what to do to receive pocket-friendly motorcycle insurance. Let’s start with what determines a motorcycle breakdown insurance quotation in Singapore.
1. Insurance Cover Type
Your motorcycle breakdown insurance quotation will include the insurance cover type you choose. There are several insurance coverage types for a motorcycle, and each comes with its price.
The kind of motorcycle insurance cover you choose depends on what you want to cover your bike from. You can either choose the following;
a) Third-Party Only (TPO)
If you pick the TPO, the insurance service provider will cover the person you injure during an accident, the property destroyed in an accident, and expenses incurred in your motorcycle accident.
But it will not cover;
• Any damage caused to your motorcycle by fire
• Your stolen motorcycle
• Damaged caused to your bike during an accident
• Any damage caused to your bike when you crash into something other than a vehicle
• Damages from none crashing incidents
• Flood or natural disaster damages
The cost of TPO is less than the other motorcycle insurance types.
b) Third-Party Fire & Theft (TPFT)
In TPFT, the insurer covers your stolen motorcycle or any damage caused by fire, and together will everything else covered in TPO.
Like in TPO, except for the two more factors covered from the list, it does not cover the rest.
The cost is much higher than the TPO but lower than the comprehensive type.
c) Comprehensive (COMP)
It’s the most expensive of all motorcycle insurance types but worth every dime. COMP covers everything covered and not covered in the other two insurance types. That’s why it’s called comprehensive.
When choosing your bike’s cover, consider your needs and budget.
2. Your Bike’s Value
If your motorcycle is robust, new, or expensive, you will pay a higher insurance premium. Cheap, less powerful, and older models attract less premium.
3. Your Age
The motorcycle breakdown insurance quotation will consider your age. Young riders pay higher insurance premiums than older drivers because they do not have enough experience. For such riders, the risk of engaging in an accident is high.
When asking for a quotation, it’s advisable to specify your age above 25 years. Otherwise, below 25 years fall under young and inexperienced riders.
4. Your Bike’s Modifications
If you make some changes on your motorcycle, it may affect the insurance premium to pay. You may pay more or less. For example, adding a thief detecting system to your bike may lower the amount you pay for the insurance.
Also, enhancing your motorcycle’s power or speed will attract a higher insurance premium.
5. Distance Covered
Motorcycles that travel long distances pay a higher insurance premium because they are at a much higher risk of accidents and damages than those that drive short distances. Your motorcycle breakdown insurance quotation will consider the kilometers your bike ride and set a price.
You could be using your bike for private, business, or commuting purposes. Motor insurance service providers in Singapore offer usage plans to riders wanting to cover their bikes.
a) Private Use
When the insurer is issuing you with a motorcycle breakdown insurance quotation, it considers the use of your bike. If you choose a private use, the insurance service provider will cover you when anything happens during your leisure time.
But the cover must be within the insurance cover you pick. For example, if on a TPO and your bike gets stolen while having fun with it, you will not be compensated. But you will if your cover is comprehensive.
b) Private Use & Commuting
This plan covers you when both at leisure and riding to and from work. Also, the cover depends on your insurance coverage type.
c) Private Use and Business
In this plan, you enjoy insurance cover when;
• At leisure
• Riding to and from your workplace
• Riding to and from business meetings or during work hours
If anything happens to your bike during the above times, the insurance company will compensate you based on your insurance cover type.
7. Your Claim History
Before an insurance company offers you a motorcycle breakdown insurance quotation, it will determine whether you’ve ever claimed in the past. If so, the insurer may look at your potential to request a claim in future high. It will therefore request a higher premium from you.
But if you’ve never claimed before, you enjoy a No Claim Bonus (NCB), which lowers the cover cost significantly.
8. Your Residence
Where you stay or store your bike matters to the insuring company, if you stay in a risky area or leave your bike outside overnight, it will increase your motorcycle insurance premium.
Living in a secured home and the surroundings and keeping your bike safely in an enclosed garage will lower the rates you pay for its insurance cover.
If on a budget and don’t want the motorcycle breakdown insurance quotation presented to you to overwhelm you, you can try the following tips to keep it low;
How to Attract a Low Motor Cycle Insurance Quotation
• Always store your bike in a safe place like a locked, enclosed garage
• Consider paying the insurance premium for your bike per year because insurers offer a discounted rate
• Reassess your bike’s value
• Avoid covering your bike for unnecessary things
• Make use of the discounts given by the insuring company
As illustrated above, a motorcycle breakdown insurance quotation is necessary for every motorcycle owner to insure it. The quotation breaks down each cost, allowing you to review your needs and budget.
Knowing what to protect your bike against and the amount you can afford will help you get a reasonable motorcycle breakdown insurance quotation from a reputable insurance company in Singapore.