How do I Purchase a New Bike After a Claim Against Me

[ET]

If you are involved in an accident and final decision is that you are at fault, total damage is $6000 to the other party claimed through the insurance, what is my next move that i need to do to purchase my next bike or renew my insurance?

 

Do i have to heads up the insurance company that i previously had an accident and a claim had been made against me or do i just renew and see what they say(which was what happen and they insurance i renew was the normal rate though i told them i have no NCD), Previously my Insurer is NTUC.

 

Normally what is the breakdown and percentage of the claim and in how many years do i need to finish paying the premium. The reason why i am asking is because i might be purchasing a new bike and need to know what i should tell before i get my insurances. I would love to hear constructive answers, I appreciate that.

[BlackBandit]

Bro,

I suggest that you get a new insurer. You'll start with a fresh policy with no NCD.

 

If you're renewing with NTUC, aside from losing whatever NCD you have, you'll have loading into your premium.

[ET]

Can i still do that? I thought such claims will be brought forward to all other insurance company?

[NaRuTo13]

If you are involved in an accident and final decision is that you are at fault, total damage is $6000 to the other party claimed through the insurance, what is my next move that i need to do to purchase my next bike or renew my insurance?

 

Do i have to heads up the insurance company that i previously had an accident and a claim had been made against me or do i just renew and see what they say(which was what happen and they insurance i renew was the normal rate though i told them i have no NCD), Previously my Insurer is NTUC.

 

Normally what is the breakdown and percentage of the claim and in how many years do i need to finish paying the premium. The reason why i am asking is because i might be purchasing a new bike and need to know what i should tell before i get my insurances. I would love to hear constructive answers, I appreciate that.

 

that is a good point.. just like if u were to renew or buy a brand new bike maybe at the current time or even a few year down the road..

 

does our insurance amount still skyrocket?

 

seem the only way is only to see how much insurer quote us..

[NaRuTo13]

Bro,

I suggest that you get a new insurer. You'll start with a fresh policy with no NCD.

 

If you're renewing with NTUC, aside from losing whatever NCD you have, you'll have loading into your premium.

 

seem high unlikely if we were to use risk.. that y ncd is cover across the insurer.. i feel they will sure increase the premium compared to the current normal price without ncd..

 

what does your loading mean ? upfront or when accident occur biker must pay a fixed amount..

[redname]

all the insurers' will have a system tht informs each other of such things, changing company won't help

[BlackBandit]

seem high unlikely if we were to use risk.. that y ncd is cover across the insurer.. i feel they will sure increase the premium compared to the current normal price without ncd..

 

what does your loading mean ? upfront or when accident occur biker must pay a fixed amount..

 

Loading means addition on top of your current premium...

 

For example, if your premium was $1000 without NCD last year, after a claim against you, they may decide to load $200. Hence, your next premium will be $1200.

[BlackDawn]

When applying for a new insurance, you have to declare if you had any accidents or had any claims (including the amount) against you for the past 3 years. Unless you plan to make a false declaration which would make your insurance void, there is no way to escape the loading.