How Much Does It Cost to Own a Motorcycle in Singapore?

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How much will a motorcycle cost you in Singapore?

If you’re in the market for a motorcycle, you’re probably looking at the newer and popular models. Who doesn’t want to cruise down Changi Coast Road on a shiny new bike, right? In Singapore, a new high-end European motorcycle model like a Vespa can cost up to S$19,000. You can also opt for popular Japanese models like Honda and Yamaha for less than S$10,000. Remember to ask for quotations and compare prices among dealerships. But before you visit one, consider the points below to estimate the overall cost of motorcycle in Singapore.

Things to consider BEFORE you own a motorcycle

The basic cost of motorcycle differe between different types of motorcycles

#1 Price of COE

Just like owning a car in Singapore, you need to check the availability and bid on the Certificate of Entitlement (CEO) in order to ride a motorcycle on the road. Luckily, the price of COE for motorcycles is comparatively cheaper than cars. A 10-year period COE ranges from S$3,000 to S$8,000. You can check the latest COE price for motorcycle under Category D at the official COE Open Bidding site.

#2 Downpayment and Carry-On-Instalment (COI)

And just like buying a car, you’d need to settle a downpayment before you can get your hands on your motorcycle of choice. It is usually 10-20% of the motorcycle cost with S$1,000 to S$3,000 being the typical range. The rest of the price will be paid through Carry-On-Instalment (COI), monthly, over the period of 10 years.

#TiqOurWord Paying for the motorcycle in full is a good option if you do not want to be incurred with liabilities through COI payment. However, if liquidity is a priority then COI is the better option. Do note that COI comes with relatively high interest rate, so you’ll be paying for more than you originally bargained for.

#3 Road tax

Annual road tax is something to consider when calculating motorcycle cost

Your road tax is calculated based on your motorcycle engine capacity. The table below is based on the official LTA website.

Engine Capacity (EC) in cc

6-Monthly Road Tax

EC ≤ 200S$40 x 0.782
200 < EC ≤ 1,000[S$40 + S$0.15(EC – 200)] x 0.782
EC > 1,000[S$160 + S$0.3(EC – 1,000)] x 0.782

You’re looking at around S$30, S$50 and S$100 for 6-month road tax for low, medium and high capacity engine respectively.

#4 Motorcycle insurance

Motorcycle insurance is compulsory in order for you to ride on Singapore roads. It is also a crucial part of your riding experience. It provides coverage in situations where you need to fork out cash to pay for damages related to the motorcycle you’re riding, be it third-party liability, injuries or death.

#TiqOurWord Learn more about the different types of motorcycle insurance and check out ePROTECT motorcycle, an insurance that offers up to S$500,000 coverage for loss and damages.

Things to consider AFTER you own a motorcycle

A rider fixing his motorcycle by watching a tutorial on an iPad

#1 Inspection fee

You are required to get annual vehicle inspection for motorcycles above 3 years of age. The inspection involves the checking of light, handles, brakes, suspension, tyres, engine and other general items. Fortunately, motorcycle inspection fee is very affordable, costing less than S$20 per inspection.

#2 Petrol consumption

Fuel efficiency depends on your motorcycle engine capacity as well as usage, such as frequency of ride and distance covered. Also, will you be riding alone, with a passenger or transporting heavy items? You can check the latest fuel prices here.

#3 Motorcycle servicing

Servicing is an important aspect of riding a motorcycle and it should be considered in the cost as well

Image credit: Unsplash

Servicing depends on the rider. Some prefer to work on their bike with their own hands and tools while others prefer to send their bikes to the workshop every few months. It is recommended to service your motorcycle once every three months for optimum performance. Cost per service ranges from as low as S$20 for maintenance work to more than ~S$200 for part replacements and fixing.

#4 Accessories and equipment

The motorcycle is just one part of the riding experience. You also need accessories and equipment, to not only look good, but stay safe too. Some typical accessories you’d need are:

  • Helmet which costs around S$100, so pick a comfortable one
  • Jacket which costs around S$100 to provide an extra layer of protection if you ever fell off your motorcycle while riding
  • Raincoat which costs around S$50 to protect you from the rain drops which, at 100km/h, can hit you like bullets
  • Gloves which costs around S$50 a pair for better grip and also protection if you ever fell off your bike
  • Phone holder which costs around S$20 and especially useful if you need GPS navigation while riding

#5 Parking your motorcycle

A vespa parked by the roadside

Image credit: Unsplash

Your motorcycle hasn’t come cheap so far, so don’t take any chances. Be sure to park it in a proper parking lot, instead of by roadsides or behind buildings. HDB residents can apply for the HDB Concessionary Season Parking for Motorcycles, which allows you to park at any HDB carparks and most URA carparks. It’d only cost S$20 a month!

#6 ERP charges

Electronic Road Pricing (ERP) is a system used to manage Singapore’s road congestion. You are charged when you pass through the ERP gantry. The fee costs from S$0.25 to S$3 depending on the peak hours.

How much will a motorcycle cost you?

Protect yourself while you ride

We’re looking at around S$200 to S$500 per month for the next 10 years. Yes, the cost of riding a motorcycle doesn’t come cheap. So get yourself insured with ePROTECT motorcycle for third-party liability or loss and damages to your own bike to minimise costs from unexpected incidents. You also get coverage for loss and damage caused by fire and theft. Complete your riding experience with ePROTECT motorcycle now.

[End]

Information is accurate as at 11 August 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.

Tiq by Etiqa Insurance Pte. Ltd.

A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.

With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.

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