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Does a Biker Need Motorcycle Insurance or Personal Accident Insurance?
As a driver or motorcyclist using the roads of Singapore, do you wonder how safe are our roads? Thanks to increased education and awareness, our road safety levels have improved significantly over the years. In fact, road traffic fatality rates have been in steady decline since 2010, and the number of accidents resulting in injuries decreased has also been the lowest in the last five years. Yet, a worrying trend continues to be the number of road accidents involving motorcycles - more than half of the traffic accidents in 2017 consisted of motorcycle accidents, and over one in three people who died on the roads were motorcyclists. This is perhaps a good reason for motorcyclists here to look into having personal accident coverage on top of their motorcycle insurance. Yet, some riders are not too sure if the two types of insurance policies overlap, and if they are wasting money by taking up both. Here, we take a look at the difference between the two and what type of coverage each provides.
Motorcycle Insurance CoverageSimilar to car insurance, there are 3 types of coverage for motorcycle insurance, namely:
- Third Party only
- Third Party Fire and Theft
- Damage to your motorcycle caused by an accident
- Injury to someone else in an accident
- Damage to someone else’s property in an accident
- Legal expenses following an accident
- Damage to your motorcycle caused by fire
- If your motorcycle is stolen
- If you crash into something besides a vehicle
- Damage from flood or natural disasters
Personal Accident InsurancePersonal accident plans provide policyholders with financial protection in the event of an unfortunate accident. Payouts can either be in the form of a reimbursement basis (such as for medical expenses), or a lump-sum payout, depending on the type of injuries sustained. While different insurers offer various benefits in a personal accident plan, it typically covers the following:
- Accidental death and permanent disablement
- Medical expenses for accidental injury
- Daily hospital cash