Driving is among the most dangerous but at the same time most common and routine activities of the modern age. Despite the almost common knowledge that vehicular accidents are a major cause of accidents, injuries, and even death, driving cannot simply be avoided. Road traffic related incidents rank as the 9th leading cause of death and account for 2.2% of all deaths globally and the second leading cause of death worldwide among young people ages 5-14. Nearly 400,000 people under 25 die on the world’s roads, at an average of over 1,000 deaths per day. And this is excluding the number of those injured or permanently disabled due to road accidents which is close to thrice the figure.
And if these are car-related cases, imagine the scenario for motorcycles which is arguably far a more dangerous vehicle. If it is critical to understand and avail a car insurance, it is even more critical to find the best motorcycle insurance simply because there is more likelihood of getting into an accident and even more probable possibility of needing health or medical care in cases of motorcycle accidents.
First the basics. Since a motorcycle is also a form of vehicle, any motorcycle insurance operates the same way as any typical car insurance and a typical car insurance is general of two common type. A comprehensive insurance covers extensive physical damage to car and passengers including repair and replacement of car unit and death, medical and health care costs of the passengers. Comprehensive car and motorcycle insurance packages in Singapore include coverage costs of damage due to vandalism, fire, wind and other non-accident causes and even provides complete replacement in the event of theft. Newer comprehensive insurance policies even have “act of god” coverage for costs of damage due to natural events such as storm, cyclones, flood and other natural disasters.
And then there accident insurance which is basically a lesser coverage than comprehensive insurance policies since it only covers bodily injury liability which means financial costs that comes with injury or death including legal costs against a driver if their vehicle is involved in an accident that injures or kills someone. Some accident insurance policies also act like medical insurance which will pay for cost of treatments for injuries to driver and occupants of the vehicle involved in an accident. Today, uninsured motorist protection are being widely offered by Singapore insurance firms and it covers injuries caused to driver or occupants of a car by uninsured or hit-and-run drivers, and other claims against a driver who has inadequate insurance.
Due to the high likelihood of getting into a motorcycle accident or the more probable injuries, comprehensive insurance is still the more ideal motorcycle insurance policy in Singapore. However, it can be quite costly. When working with a tight budget then, it is important to consider study insurance packages and exclude the coverage you do not exactly need. If for example your vehicle is an older version, getting the basic third party coverage and skipping full coverage may be a better option. Also, some additional services and options such as unlimited windscreen coverage and freedom of choice when choosing repair shops may be unnecessary and could be skipped for cheaper options.
And of course, it is important to understand your options. This often requires research. Considering the multitude of car and motorcycle insurance companies in Singapore, it is important to shop around and compare costs using on-line services such as request for quotations. For instance, some Singapore insurance firms might offer low-mileage for motorcylces and vehicles which are used sparingly. Such an insurance is significantly cheaper than regular automobile insurance coverage.
Although car insurance coverage or premium normally varies depending on the car such that insuring a high-performance car can easily cost two or three times the insurance amount for an ordinary model. In other words, more “expensive cars” generally entail more expensive car insurance. But this is not due to the value of the car per se. For instance, driving luxury cars costs more because of the higher risk involved in driving high speed vehicles. The typical insurance coverage of luxury cars on the other hand costs more because replacement costs are obviously higher than cost of replacing regular vehicles. Sport-utility vehicles (SUV) which are growing in popularity in Singapore, often have higher insurance rates than mid- and full-size cars, since they are frequently stolen vehicles and most SUVs cost more to fix after an accident due to the 4-wheel-drive system which is a common feature of such automobile models. For the best insurance coverage for your lifestyle, type of vehicle and needs, it is best to consult a reputable car insurance company and compare the many available packages in the market.