What if...

[QuaXum]

Lets say u are buying a old bike from a fellow forumer, and already agreed to sell at specific price. And you go get the insurance done first, after that when it comes to the transfer, the seller goes MIA.

 

1.What would then happen to your insurance? can you cancel it and have a full refund?

 

2. anyone with this experience before?

 

All relevant information will be much appreciated.

[trixxy]

You can get a refund but not a full refund. Only 80% of your total outstanding premium, depending on your insurance company policies.

[zyrofillica]

aiyo. terrible seller. track him down and fire bomb his bike pls.

[QuaXum]

aiyo. terrible seller. track him down and fire bomb his bike pls.

 

just wanted to know. if 80% still damn boh hua, imagine if my insurace 1k, withing a span of few hrs if really cannot find the seller, lose $200 bucks!

[prettymussel]

hmm the previous time i took over a bike, i did my insurance with NTUC.

 

called them up n verbally asked them to prepare the policy for me n everything..

so on the day of the transfer my policy was ready, but i only went down to pay for it and collect the policy after i did the transfer n got the bike.

 

so if the transfer falls through for watever reason, perhaps u can call NTUC back to cancel the insurance.

 

i assume u can do this without any penalty cos, well, u havent paid anything upfront yet.

[rezz_shaz]

hmm the previous time i took over a bike, i did my insurance with NTUC.

 

called them up n verbally asked them to prepare the policy for me n everything..

so on the day of the transfer my policy was ready, but i only went down to pay for it and collect the policy after i did the transfer n got the bike.

 

so if the transfer falls through for watever reason, perhaps u can call NTUC back to cancel the insurance.

 

i assume u can do this without any penalty cos, well, u havent paid anything upfront yet.

 

hmm...u collect and pay the policy after the transfer...? Is that possible, because LTA required to see proof of insurance coverage for new owner before proceeding with transfer....

[kmax]

can withdraw back... done before... it was NTUC.. and they withdraw back with charge of 50$, i guess.

 

and take note insurance only become active when you are owner of the bike..

 

*buy insurance does not mean you are covered (till you are owner of the bike)

 

so tell the insurance agent that sale does not goes through and they can refund back.

[QuaXum]

can withdraw back... done before... it was NTUC.. and they withdraw back with charge of 50$, i guess.

 

and take note insurance only become active when you are owner of the bike..

 

*buy insurance does not mean you are covered (till you are owner of the bike)

 

so tell the insurance agent that sale does not goes through and they can refund back.

 

oic, but then, you can ride the bike still without you being the owner right? since you have insurance covered?

[ben1112]

Simple, buy another bike, cancel that insurance dun cash out. Just transfer ur credits 100% to the new bike insurance. Can be done call NTUC to check.

[kmax]

nope.. that is the point..

 

http://www.singaporebikes.com/forums/showthread.php?t=256122

 

What's the connection between ownership transfer and outstanding summons ?

 

Unless the bike shop sold the bike without the owner's consent.

 

Another more important point is that your insurance coverage is only valid when you are the effective owner of the bike. if you had an accident, you would be in a bigger mess.

 

Go to the shop, return the bike and take your money back, including insurance premium. I wouldn't do business with that shop.

 

 

 

 

The fact that you can just buy motor insurance for any bike which you do not own, and the insurer doesn't even make a sound, will give policy holder a false impression that he has proper insurance coverage when in reality he doesn't.

 

This is a misconception even in SBF, even in this thread. I want to make this fact known because I know many bikers are not aware of it, and when they find out it could be too late.

 

Can you imagine if that rider were to get into an accident, and he is being sued by the other insurer for third party claims, and the rider's insurer dropped the bomb on him by saying that since you are not the registered owner, your insurance policy is not valid.

 

 

 

Is it too much to ask for the insurance agent to say " your insurance coverage will only be effective when you are the registered owner " ?

 

[QuaXum]

lets not talk about accidents, but if lets say u were to get into a road block, and tp requests for documents, and u have the insurance coverage but they check that u are not the registered owner of the bike, can they still charge you?

[crazydj]

TS...

 

Just so you know, many of us HATE the way you create a thread. It would be good if you stated the summary in the topic rather than "What if". Kinda Irritating. Peace.

 

From what i understand, you can get a refund, but not a full refund. These are the many risks of buying a bike from someone else.

[kmax]

lets not talk about accidents, but if lets say u were to get into a road block, and tp requests for documents, and u have the insurance coverage but they check that u are not the registered owner of the bike, can they still charge you?

 

good question... i think only Insurance agent or TP could give you real answer.

 

but since we know insurance is not valid... would you risk ur licence?

[QuaXum]

good question... i think only Insurance agent or TP could give you real answer.

 

but since we know insurance is not valid... would you risk ur licence?

 

True enough. but its just for information for all the bros out here, cuz from my understanding is that, 2nd hand bikes, settle private, is the buyer would buy the insurance first, and then he will be able to ride the bike already regardless of him being the owner anot. as long as there are valid insurance documents, you are able to ride it.

 

Lets take for example this scenario, The buyer just passed, lets say class2, and viewed a bike, and both parties confirm on the pricing, the buyer then proceeds to purchase the insurance and pay the seller the money. And the seller passed the bike to the buyer. But because transfer will need both parties to go down to LTA with the relevent documents to process the transfer, both parties can't make out a time/date to go down to LTA. Therefore the bike is not transferred but the bike is in the hands of the new owner.

[kmax]

True enough. but its just for information for all the bros out here, cuz from my understanding is that, 2nd hand bikes, settle private, is the buyer would buy the insurance first, and then he will be able to ride the bike already regardless of him being the owner anot. as long as there are valid insurance documents, you are able to ride it.

 

Lets take for example this scenario, The buyer just passed, lets say class2, and viewed a bike, and both parties confirm on the pricing, the buyer then proceeds to purchase the insurance and pay the seller the money. And the seller passed the bike to the buyer. But because transfer will need both parties to go down to LTA with the relevent documents to process the transfer, both parties can't make out a time/date to go down to LTA. Therefore the bike is not transferred but the bike is in the hands of the new owner.

 

that's exactly what i did when i got my bike.. rode with new insurance without transfer for a few days. so lucky that nothing happened.. so never found out first hand..

[AliDavidSum]

Is this another example of why COI is no no...

[ah_heng1980]

good question... i think only Insurance agent or TP could give you real answer.

 

but since we know insurance is not valid... would you risk ur licence?

 

then why don't transfer ownership first before buy insurance since it will be valid after u are the owner right?

[QuaXum]

then why don't transfer ownership first before buy insurance since it will be valid after u are the owner right?

 

No bro, you cannot do transfer without valid insurance as LTA would need the buyer to have a valid insurance before the transfer.

[kmax]

Is this another example of why COI is no no...

 

COI with sub-rider under owner's insurance .. ok..

 

COI with separate individual insurance.. not ok..