5 Things You Should Know Before Renewing Your Motorcycle COE

(Photo Credit: Unsplash)

Motorist now provides motorcycle reloan alongside renewing motorcycle COE. We've come up with five things that you should know before renewing your motorcycle COE and applying for a motorcycle reloan.

Owning a vehicle in Singapore has always been a costly luxury. From four-wheeled vehicles to the two-wheeled ones, a tough decision that you would have to make is when your COE is about to expire.

At the moment, most motorcycle riders would find it difficult to purchase a new motorcycle because of various reasons like taxes and charges that put it out of their means. That is when motorcycle owners would start considering renewing their motorcycle COE and applying for a reloan.

Therefore, this is an opportunity for us to provide you with five things to know before renewing your Motorcycle COE.

*If you are unsure of the procedure of how to renew your motorcycle COE, click here.

Check the Condition Of Your Motorcycle

(Photo Credit: East Coast Cycle)

Checking the condition of your motorcycle should be mandatory when deciding to renew your COE. The older your motorcycle is, the more maintenance you would have to do to keep it running.

Also, the road tax for older motorcycles increases by 10% every year until it reaches 14 years old and even so, your motorcycle will also incur an additional 50% surcharge. So, decisions, decisions.

Incur Less Cost When Renewing For 5 Years

(Photo Credit: MotorcycleShippers)

Most people think that if you are renewing you COE, it is for 10 years. That’s where you’re wrong; you can renew your COE for 5 years and pay half the PQP (Prevailing Quota Premiums).

PQP is calculated by the shift of average COE prices of their respective category for the last three month. In this case, it would be Category D (Motorcycles). The downside is that once your 5 years are up, your motorcycle has to be scrapped.

Renewing Early Will Reward You Fairly

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Renewing your COE early for your motorcycle has the same process as regular COE renewal. However, the remaining time left on your current COE will be forfeited once you have renewed it.

Nonetheless, renewing your COE earlier is good because you may be able to get cheaper premiums if you were to renew your COE for your motorcycle early than wait till your existing COE is up. That is a gamble which you may have to take as you would not know what the COE premiums may be like in the future. If you are unsure about making the decision, Motorist offers COE renewal advice for your motorcycle and other vehicles to help you.

There Are Consequences If You Renew Your COE Late

(Photo Credit:Pintrest)

There’s a penalty that you as a motorcycle owner should know about COE renewals. If you renew your COE after your current COE for your motorcycle expires, within the 30 day grace period, you are subject to a $50 late fee by the Land Transport Authority (LTA). If you don’t renew, your motorcycle will be scrapped. So, the tip is to start planning 6 to 10 months before your COE’s expiry.

Why Should You Renew Your Motorcycle COE with Motorist?

(Photo Credit: Unsplash)

For those looking to renew their COE, Motorist also provides free COE renewal advice. That way, you can decide if it's a better option to scrap your motorcycle or extend its life. Through giving COE renewal advice, we can also help you apply for a reloan which enables you to pay your COE renewal in instalments, making it convenient and flexible for you.

We hope that these 5 things are helpful to you as you start to plan on renewing your motorcycle COE and coming to an informed decision.

Read More: October 2020 COE Results 2nd Bidding: Premiums for Cars Close Mostly Higher

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