New for Old Motorcycle Insurance
Despite being a relatively safe country to live in, the rate of motorcycle theft in Singapore has skyrocketed over the decades. If you find yourself feeling constantly anxious over the fact that your bike might get stolen or damaged, do consider enhancing your insurance policy with our new for old optional benefit.
With our new for old coverage, we will offer a new motorcycle replacement of the exact same or similar make and model should your motorcycle be stolen in Singapore or written off within the insurable period of this coverage. This is regardless of the prevailing selling price. In the event that we are unable to replace a brand new motorcycle of the same or similar make and model, we may offer cash compensation instead so that you can buy an alternative yourself.
However, kindly note that we cannot guarantee the acquisition of the new Certificate of Entitlement (COE). If your first bid of the COE is unsuccessful, we may, at our discretion, pay the published first successful bid price for that particular COE tender.
Getting the New for Old Motorcycle Insurance Coverage in Singapore
The new for old benefit is available as an optional add-on for drivers insured under the Comprehensive (COMP) cover type only. This benefit applies to motorcycles under three years old – which means that it will not be renewable once your vehicle reaches three years of age from the vehicle registration date.
Get a Quote on Our New for Old Insurance Add-On
Given the rising cost of owning a motorcycle in Singapore, the new for old replacement benefit can help reduce financial stress in the event of loss or damage. Find out more about our new for old coverage by getting in touch with us, or request for a quote here.
Frequently Asked Questions
What do I have to do if an accident occurs?
Should an accident occur, please report the accident or loss to us within 24 hours or by the next working day of the accident. Your motorcycle must be taken to one of our approved reporting centres for inspection within this time frame, unless impossible due to theft. Do also provide us with any information that could help us in handling the claim. For more information about accident reporting, please contact us at +65 6532 1818 for immediate assistance.
What happens to my No Claim Discount (NCD) after my motorcycle is replaced?
You can transfer your existing NCD from your old motorcycle to the new one. Your NCD applies to only one vehicle at any one time. However, do note that if you do not report the accident or loss to us within 24 hours (as outlined above), your NCD may be affected.
What are the other optional benefits that can be added to my motorcycle insurance?
In addition to our new for old benefit, we also offer a range of optional add-ons, including:
- 24 Hour Breakdown Assistance
- NCD Protector Plus
- Any Rider
- Personal Accident
- Medical Expenses
Find out more about our range of Motorcycle optional benefits.