refund of insurance

[tidy]

i traded in my wave, to get another bike. wat happens to e insuarance for e wave? any refund? if yes izit from insurance company? paid by them or bike shop? if by cheque, sent to home or sent to bike shop and i collect from them?

[Guest johjoh]

for me, when i traded in my bike..i ask the bikeshop to cancel my bike insurance. the insurance company will refund back an amount based on their calculations. and different insurance companies got different waiting time for refund. i heard ntuc is the fastest.

[tidy]

so u got a cheque in yr mailbox or u got to go to yr bike shop n take? roughly how long it took to get a refund?

[Guest johjoh]

so u got a cheque in yr mailbox or u got to go to yr bike shop n take? roughly how long it took to get a refund?

 

they will send the refund to the bikeshop. mine is axa. so they told me to wait abt 2mths.

[sh3rman]

sorry but im currently having a very confusing prob..

i traded in my old bike at least 1.5mths ago @ my bike shop.

i called a few days later to ask abt the time needed

for me to get the refund of the money.

they say policy nt cancelled yet..

i told them to cancel it tat day and would confirm again with bike shop.

 

now. i received a letter to renew the insurance.

called them and apparently the guy didnt cancel.

and could only refund me $80 out of the possible $150++ if cancelled tat time.

 

and e other confusing thing is..

bike shop apparently had another company to do the insurance..

some WTT insurance agency..

and the $80 would be refunded to them..

HOW?! PLS HELP..

[Jeethan]

err guys i have a qn. i recently canceled my motorcycle insurance from ntuc after i sold my bike and i received a cheque for the remaining amount. after a few weeks i get another letter from ntuc stating that another cheque would be sent to me for further refund. is this common?

[leong77]

do you have the LTA notification letter to prove the transfer date? If so, submit to them.

 

They will calculate based on the date of transfer. I got mine from WTT as well....all goes smoothly...

[epk]

err guys i have a qn. i recently canceled my motorcycle insurance from ntuc after i sold my bike and i received a cheque for the remaining amount. after a few weeks i get another letter from ntuc stating that another cheque would be sent to me for further refund. is this common?

 

upon cancelling your insurance, ntuc will only refund you 85% of your remaining amount. the other 15% they will only refund you only if you take up a new policy with them within a certain amount of time. 1 month i think, not too sure. if no new policy, then the balance 15% they will take. hope that explains why you will get another cheque, which is actually your balance 15%.

[QuoVadis]

question: i bought my bike from an agent. they informed me to use my NCD (for my current bike) and bring over to the new bike, for cheaper insurance.

 

With that, they had informed me there wont be any refund of the old insurance but i have to do a top up to bring over the NCD.

 

any advice?

[DannyCrane]

question: i bought my bike from an agent. they informed me to use my NCD (for my current bike) and bring over to the new bike, for cheaper insurance.

 

With that, they had informed me there wont be any refund of the old insurance but i have to do a top up to bring over the NCD.

 

any advice?

 

Is your top up for the purpose of bringing over the NCD or is it for other purposes?

[Guest johjoh]

question: i bought my bike from an agent. they informed me to use my NCD (for my current bike) and bring over to the new bike, for cheaper insurance.

 

With that, they had informed me there wont be any refund of the old insurance but i have to do a top up to bring over the NCD.

 

any advice?

 

i recently also bought a 2nd hand bike from bikeshop and even bought insurance through them. in my case, they just cancel my insurance for my previous bike and do the refund from the insurance coy on my behalf. my new insurance carry on the NCD and i pay separately.

[d0n]

question: i bought my bike from an agent. they informed me to use my NCD (for my current bike) and bring over to the new bike, for cheaper insurance.

 

With that, they had informed me there wont be any refund of the old insurance but i have to do a top up to bring over the NCD.

 

any advice?

 

i would think that the norm for fully owned bikes (no more installment) would be in order of the following:

1. bikeshop cancel the insurance for yr old bike. since old insurance was bought under yr name, he refund should go direct to u in cheque and sent to yr home address.

2. buy new insurance for the new bike and transfer NCD from old insurance over to new insurance.

 

seems weird that the motorshop could simply intercept the refund process in point 1 and have the un-used portion of yr old insurance routed to themselves.

 

the topup is probably to add-on to whatever the motorshop could retrieve frm yr old insurance so that u can get the new insurance (which runs for a full year).

[nnnold]

i juz sold my bike. NOT to bike shop. i went down 2 AXA company to cancel my insurance. i was told to bring down the tranfer ownership slip of the bike down to them "cuz i wanna cancel my insurance on the date i tranfer" AXA quote me the amount i get refund and asked me 2 wait for bout 1-2 mths. maybe ts shld go down to the insurance company with the tranfer ownshiper of the bike to dem. help it helps.

[nudgedoink]

lets say i want to settle everything today. sell my current bike to shop, as well as get insurance for a new bike ( second hand bike i buy from private owner ) and do transfer at LTA.

 

ASSUMING I DEAL WITH THE SAME INSURANCE COMPANY

 

can i go and get insurance for the new bike first, before selling my old bike? if i do this, when i cancel my old bikes insurance later in the day, will the NCD or whatever refund be transferred to my new policy?

 

note: i am getting the new policy FIRST. SECOND, i cancel my old insurance.

 

or is there another solution. can i cancel my insurance before even selling my bike to the workshop? means i gotta ride my bike to the workshop without insurance. is this allowed?

[906rider]

I think its wiser to handle the insurance cancellation yourself. To avoid any misunderstand from either the insurance company or the bikeshop, do get it done on your own.

[Bad_Man]

lets say i want to settle everything today. sell my current bike to shop, as well as get insurance for a new bike ( second hand bike i buy from private owner ) and do transfer at LTA.

 

ASSUMING I DEAL WITH THE SAME INSURANCE COMPANY

 

can i go and get insurance for the new bike first, before selling my old bike? if i do this, when i cancel my old bikes insurance later in the day, will the NCD or whatever refund be transferred to my new policy?

 

note: i am getting the new policy FIRST. SECOND, i cancel my old insurance.

 

or is there another solution. can i cancel my insurance before even selling my bike to the workshop? means i gotta ride my bike to the workshop without insurance. is this allowed?

of course not.Considered riding without valid insurance.If caught/accident...say goodbye to ur bike...licence....

 

Method 1 is the way to go.

NCD can be found out quite fast...especially when its under the same company.

[eRr0r]

upon cancelling your insurance, ntuc will only refund you 85% of your remaining amount. the other 15% they will only refund you only if you take up a new policy with them within a certain amount of time. 1 month i think, not too sure. if no new policy, then the balance 15% they will take. hope that explains why you will get another cheque, which is actually your balance 15%.

 

bro, i just cancel my policy 1mth plus ago and i only receive the 85% refund leh. i didnt receieve any letter about the 15% refund. however, i do receive a letter that ask me to renew my policy when i have already cancelled it. btw, i was holding a ntuc policy

 

lets say i want to settle everything today. sell my current bike to shop, as well as get insurance for a new bike ( second hand bike i buy from private owner ) and do transfer at LTA.

 

ASSUMING I DEAL WITH THE SAME INSURANCE COMPANY

 

can i go and get insurance for the new bike first, before selling my old bike? if i do this, when i cancel my old bikes insurance later in the day, will the NCD or whatever refund be transferred to my new policy?

 

note: i am getting the new policy FIRST. SECOND, i cancel my old insurance.

 

or is there another solution. can i cancel my insurance before even selling my bike to the workshop? means i gotta ride my bike to the workshop without insurance. is this allowed?

 

that time when i called up ntuc, they told me that if i were to purchase another new policy with them, they will refund 100% of my remaining old policy to me. that's only if i purchase the new policy first THEN i cancel the old policy.

 

 

Anyway, i have a question. When i called up nutc that time, they told me that i have a 10% NCD for my old policy if i renew it. However, i have already cancel the policy 1mth plus ago and i will be purchasing another new policy for another bike in a couple of weeks (same company, ntuc). May i know if i am still entitled for the 10% NCD rebate given to me on my old bike? if yes, whats the grace period before the 10% NCD expire?

 

thanks in advance for any help!

[haoKR]

upon cancelling your insurance, ntuc will only refund you 85% of your remaining amount. the other 15% they will only refund you only if you take up a new policy with them within a certain amount of time. 1 month i think, not too sure. if no new policy, then the balance 15% they will take. hope that explains why you will get another cheque, which is actually your balance 15%.

 

1mth or 90 days

beta call n check it urself

 

i juz sold my bike. NOT to bike shop. i went down 2 AXA company to cancel my insurance. i was told to bring down the tranfer ownership slip of the bike down to them "cuz i wanna cancel my insurance on the date i tranfer" AXA quote me the amount i get refund and asked me 2 wait for bout 1-2 mths. maybe ts shld go down to the insurance company with the tranfer ownshiper of the bike to dem. help it helps.

 

I think its wiser to handle the insurance cancellation yourself. To avoid any misunderstand from either the insurance company or the bikeshop, do get it done on your own.

 

its really bbbetta to check it urseld,by going dwn to e insurace company