advice on Transfer of ownership

[funrider]

hi bros.. need to ask as above, if i wanna buy a 2nd hand bike n i will need to do the Transfer of ownership thing.. wer should i go? LTA in sin ming rd? its not on hire-purchase.

and wat abt the insurance thing? should have the bike under my name 1st, then only can buy insurance? or can buy insureance 1st then have the bike under my name?

 

thx any kind soul who help..^^

[haoKR]

lyk any bike shop cn do transfer.

 

after u transfer le,they send u a letter saying u r e owner.

dan go bu insurance

[papabread79]

Go make insurance first. With the insurance cert, make ur way down to LTA Sin Ming with the current owner and do the transfer. Bring money and NRIC and licence too i think.

 

Den str8way can ride ady.

[funrider]

lyk any bike shop cn do transfer.

 

after u transfer le,they send u a letter saying u r e owner.

dan go bu insurance

 

Thx bro for ur info. But will they, bike shop charge me any $$.. ? If they will, then i think go lTA better ba?

[funrider]

Go make insurance first. With the insurance cert, make ur way down to LTA Sin Ming with the current owner and do the transfer. Bring money and NRIC and licence too i think.

 

Den str8way can ride ady.

 

Ty bro.. But hor, isit possible to buy insurance 1st before the bike is under my name? Cos i heard ppl say i have to transfer to my name 1st then can buy insurance.

[haoKR]

bike shop will charge u $10-$20 4 service

[doubl3mint]

yea you can buy insurance first. and you must buy it first.

 

LTA wont allow you to do the transfer without insurance coverage.

[funrider]

yea you can buy insurance first. and you must buy it first.

 

LTA wont allow you to do the transfer without insurance coverage.

 

ok noted... thx for ur help.. really appricate..^^

treat u for coffee next time..^^

[papabread79]

Ty bro.. But hor, isit possible to buy insurance 1st before the bike is under my name? Cos i heard ppl say i have to transfer to my name 1st then can buy insurance.

Can. Just follow the steps i mentioned. Ive done it a few times.

 

U will need few details of ur new bike when u wanna do the insurance cert. Owner name, plate number and ur NCD % would be vital.

 

So do i get free coffee too?

[mmkbad]

You must buy insurance first before going to LTA Sin Ming to apply for transfer of vehicle ownership.

 

To buy insurance, just go to any insurance company (NTUC, AXA, etc) and tell them the plate number of the bike that u want to be insured under your name.

 

Then go to LTA Sin Ming with the current bike owner to perform the transfer of ownership. I've heard from some people no need to have current bike owner present, just need his/her IC will do.

Go to http://www.onemotoring.com.sg/publish/onemotoring/en.html to find out the cost of the transfer fee.

 

Once done, give the previous owner a ride home since u already took his means of transport.

 

Technically, both of u can ride the bike cos both of u have insurance coverage for the bike. But if got any summons/ traffic violations/road tax expiry, LTA will send the letter to the registered owner.

 

Oh ya, remind the previous owner to cancel his insurance so he can get back the unused portion of his insurance coverage.

 

All this can be done in a day. LTA counter opens till 5pm if i'm not wrong.

 

This only applies if the bike is no longer in hire-purchase. Somehow LTA records will know if the bike is still under hire-purchase from bike shop.

 

Experience this from my current ride which i bought from a private seller. His bike was still in hire-purchase, but i wanted to pay full settlement for him and transfer ownership cos i dun want COI. Went to bike shop to pay in full, bought my insurance and went to LTA on same day. LTA counter said that bike was in still in hire-purchase from shop. Called shop to change the change the status. took the bike shop abt 5 mins to settle the thing online from their side and voila! the bike was mine. Was quite amazed at the efficiency of the whole system!

[haoKR]

oh..

u mean lets sae..if u bought insurance 4 a bike,after awhile if u dun1 e bike or sell.u cn gt bak sum money ?b4 e insurance end ???

[papabread79]

oh..

u mean lets sae..if u bought insurance 4 a bike,after awhile if u dun1 e bike or sell.u cn gt bak sum money ?b4 e insurance end ???

can la. go ask for refund from insurance company.

[crazydj]

What if ah, buy insurance already, then the guy back out.

 

THE HOW? Suck thumb?

[husher]

What if ah, buy insurance already, then the guy back out.

 

THE HOW? Suck thumb?

 

Can refund back mah..

[funrider]

Can. Just follow the steps i mentioned. Ive done it a few times.

 

U will need few details of ur new bike when u wanna do the insurance cert. Owner name, plate number and ur NCD % would be vital.

 

So do i get free coffee too?

 

Thx bro. But hor. I donno my NCD% how ah? Cos i have not been ridding for some years ard. Last time i have insurance, never claim before. But it was very long ago ard.? Possible to check my NCD% ?

 

Thx i treat u milo peng.. Haha

[funrider]

You must buy insurance first before going to LTA Sin Ming to apply for transfer of vehicle ownership.

 

To buy insurance, just go to any insurance company (NTUC, AXA, etc) and tell them the plate number of the bike that u want to be insured under your name.

 

Then go to LTA Sin Ming with the current bike owner to perform the transfer of ownership. I've heard from some people no need to have current bike owner present, just need his/her IC will do.

Go to http://www.onemotoring.com.sg/publish/onemotoring/en.html to find out the cost of the transfer fee.

 

Once done, give the previous owner a ride home since u already took his means of transport.

 

Technically, both of u can ride the bike cos both of u have insurance coverage for the bike. But if got any summons/ traffic violations/road tax expiry, LTA will send the letter to the registered owner.

 

Oh ya, remind the previous owner to cancel his insurance so he can get back the unused portion of his insurance coverage.

 

All this can be done in a day. LTA counter opens till 5pm if i'm not wrong.

 

This only applies if the bike is no longer in hire-purchase. Somehow LTA records will know if the bike is still under hire-purchase from bike shop.

 

Experience this from my current ride which i bought from a private seller. His bike was still in hire-purchase, but i wanted to pay full settlement for him and transfer ownership cos i dun want COI. Went to bike shop to pay in full, bought my insurance and went to LTA on same day. LTA counter said that bike was in still in hire-purchase from shop. Called shop to change the change the status. took the bike shop abt 5 mins to settle the thing online from their side and voila! the bike was mine. Was quite amazed at the efficiency of the whole system!

 

Thx bro for the full detail.. Really appricated..^^

[crazydj]

Can refund back mah..

 

But refund not 100% right? Then also got admin fees to minus. And time lag. Right?

[funrider]

bro i copy n paste this for ur info..

 

CANCELLATION

You may cancel this Policy by notifying us in writing or through the phone and returning your original Certificate of Insurance to

us. The cancellation will take effect from the date we receive your original Certificate of Insurance.

We will pay you a pro-rata refund of premium if you thereafter take up another motor insurance policy with us within 90 days

from the effective date of cancellation of this Policy. If you do not take up another motor insurance policy with us, we will pay

you 85% of the pro-rata refund of premium. Notwithstanding the foregoing, no refund of premium will be given in the event that

any claim has been made under this Policy or we have paid one or more claims under this Policy.

[crazydj]

So i still lose yes if the bugger back out from deal, IF i do not get another bike and insure with the insurance company within 90 days. Still suck thumb in this case yes?

[mmkbad]

So i still lose yes if the bugger back out from deal, IF i do not get another bike and insure with the insurance company within 90 days. Still suck thumb in this case yes?

 

Yea bro, still lose some amount of money (15%) if bugger backs out from deal. Give him a -ve iTrader rating for being such an ass.

[haoKR]

can la. go ask for refund from insurance company.

 

haha.okay

[bj09]

i have a question. what if my road tax and insurance dont tally. eg my road tax expires in october and insurance on december.I cant renew road tax coz insurance needs to be valid for 6 months in order to do so. any idea how to go about this situation? tanx for any reply.

[funrider]

i have a question. what if my road tax and insurance dont tally. eg my road tax expires in october and insurance on december.I cant renew road tax coz insurance needs to be valid for 6 months in order to do so. any idea how to go about this situation? tanx for any reply.

 

Bro, maybe u juz have to renew ur insur 1st before u go for ur rd tax renewer..^^

[Aalex82]

i have a question. what if my road tax and insurance dont tally. eg my road tax expires in october and insurance on december.I cant renew road tax coz insurance needs to be valid for 6 months in order to do so. any idea how to go about this situation? tanx for any reply.

 

u need to extend yr insurance to the next year of april..

then u can renew the road tax..

can go to the insurance company to settle both at the same place..

[kbhf]

insurance 1st then transfer ownership.