bike insurance

[Mr.arus]

hi ppl,

 

can anyone explain to me what is 2nd party, and what is 3 party?

 

new rider here, thanks.

[Thailia]

hi ppl,

 

can anyone explain to me what is 2nd party, and what is 3 party?

 

new rider here, thanks.

 

Actually theres no 3rd party, but normally people use 3rd and 2nd to differentiate out..

 

3rd party/2nd party - know as just 2nd party (without fire and theft) when ur bike on fire or was stolen, u cannot claim.

 

2nd party with Fire and theft - like what it mentioned, it covers fire and theft incidents, pay you out as per your bike value of that period.

[Thailia]

NTUC maybe cheap for bikes insurance but they are definitely the most expensive for car insurance

 

I do agree... my car is under NTUC, cost me 2.4k for Comprehensive for that time

 

But i tot bike AXA cheapest? Im under AXA though for my bike..

[normanlai]

AXA 3rd, no F and T, 25yr $300 10% NCD. old phantom

[speedevil6969]

AXA 3rd, no F and T, 25yr $300 10% NCD. old phantom

 

didnt know AXA does bike insurance, otherwise would hv gotten frm them since my car is under AXA too .... thxs for the info ....

[Thailia]

AXA 3rd, no F and T, 25yr $300 10% NCD. old phantom

 

Yeah same price now for mine (phantom).. though i think female and male no diff..

 

AXA is consider quite cheap, will even continue with them with my class 2A..

[speedevil6969]

Yeah same price now for mine (phantom).. though i think female and male no diff..

 

AXA is consider quite cheap, will even continue with them with my class 2A..

 

so wat bike u gettin 4 ur 2A??? when will tat be??? gd luckzzz

[chuan.z]

hi ppl,

 

can anyone explain to me what is 2nd party, and what is 3 party?

 

new rider here, thanks.

 

Actually theres no 3rd party, but normally people use 3rd and 2nd to differentiate out..

 

3rd party/2nd party - know as just 2nd party (without fire and theft) when ur bike on fire or was stolen, u cannot claim.

 

2nd party with Fire and theft - like what it mentioned, it covers fire and theft incidents, pay you out as per your bike value of that period.

 

Huh... I think you confuse liao lah...

 

The "official" terms are:

1) Comprehensive (aka first party)

2) Third Party, Fire and Theft (TPFT, also commonly referred to as "2nd party")

3) Third Party Only

 

Ok, now who are the "parties" involved?

First Party - the insured

Second Party - the insurance company

Third Party - any other persons claiming against the insured

 

For a Third Party Only insurance, in the event of an accident, only other people can claim against you, but you cannot claim against your own insurance.

 

For TPFT, in addition to coverage per Third Party Only insurance, you can claim against your own insurance should your vehicle be stolen, or damaged in fire. Do note that usually the onus is on the insured (i.e. you) to prove that you have taken considerable care and prevention to avoid the Fire/Theft, otherwise, your claim may be rejected.

 

For Comprehensive, in addition to the coverage provided by TPFT, you may also claim against your own insurance in an accident.

[craz_03]

AXA 3rd, no F and T, 25yr $300 10% NCD. old phantom

 

25+yrs old..

NTUC 3rdparty F & T.. $285.. 20% NCD. honda sp.

[Mr.arus]

Huh... I think you confuse liao lah...

 

The "official" terms are:

1) Comprehensive (aka first party)

2) Third Party, Fire and Theft (TPFT, also commonly referred to as "2nd party")

3) Third Party Only

 

Ok, now who are the "parties" involved?

First Party - the insured

Second Party - the insurance company

Third Party - any other persons claiming against the insured

 

For a Third Party Only insurance, in the event of an accident, only other people can claim against you, but you cannot claim against your own insurance.

 

For TPFT, in addition to coverage per Third Party Only insurance, you can claim against your own insurance should your vehicle be stolen, or damaged in fire. Do note that usually the onus is on the insured (i.e. you) to prove that you have taken considerable care and prevention to avoid the Fire/Theft, otherwise, your claim may be rejected.

 

For Comprehensive, in addition to the coverage provided by TPFT, you may also claim against your own insurance in an accident.

 

 

So u mean under TPFT, when only stolen or fire than can self-claim is it? Next, if accident happen, i can't self-claim from own insurance but claim from the other party insurance?

 

Correct me if i'm wrong, thanks in advance!!

[chuan.z]

So u mean under TPFT, when only stolen or fire than can self-claim is it? Next, if accident happen, i can't self-claim from own insurance but claim from the other party insurance?

 

Correct me if i'm wrong, thanks in advance!!

 

Yes and yes. That's why it's mandatory for all vehicles in Sg to be insured with at least a Third Party Only cover.

 

For TPFT, do note that the insurance company will have to get your statement and investigate the claim before payout, and they will be the one to determine the "market value" to compensate you.

 

In accidents, the liability will largely depend on who is at fault. If the IO/court determine that the other party is, say, 70% at fault, you can claim 70% of your damages from the other party's insurance. The other party will claim 30% of his/her damages from your insurance.

If you have Comprehensive cover, you can proceed to claim the remaining 30% of your own damages from your own insurance.

 

If you need to seek any clairification, do not hesitate to check with your insurance agent! Advices on forums hold no weight in the event of a claim. Hehe...

[shahrul_azmil3]

either way , u claim .... boy ur insurance renewal will shoot rite up ..... so y bother ..... tpft juz nice .....

[lovetoride]

Yes guys. Please note that in an event your bike is stolen, the insur coy will pay up based on "market" value.

 

E.g. You buy your bike at 10k in 2005. In 2008, your bike got stolen, that bike likely to worth less than 10k right? Say maybe 7k.. You will get back only 7K the most.

[dragonforce]

how do they calculate market value? does OMV play a part? any1 have any idea?