Taking over 2nd hand bike

[fabianau]

Hi guys,

 

Just a few question here. Let's say I'm taking over a 2nd hand bike COI. So I will be put as the sub-rider for the bike until I finish the full payment right? Is there any fees involved in adding in a sub-rider? I only need to pay transfer fee when I finish the full payment when the bike will be under my name. Am I right to say so?

 

Second is, if the bike currently has a insurance till NOV 2011 under a person same age but 3 year riding experience. The premium for me and him would be different right. Therefore, I need top up the difference since the premium would be different?

 

Last is, if i finish the full payment before NOV 2011, let's say AUG 2011. There will be remaining months till the insurance expire and the insurance would be under him. Can the insurance be transferred to my name?

 

Thanks man!

[mild_slevin]

Yes, there's fees for adding sub rider. Sure you can transfer the vehicle under your ownership once payment up, OR earlier depends on the agreement with shop. My time, the previous owner declare himself "non rider" under the insurance, whereas I continue from the remaining insurance as a sub rider and pay him (*since he no longer ride and I use his insurance) till the insurance expire. (*Till then the vehicle was transfered under my ownership and I purchase my own insurance)

[fabianau]

thanks man. have a clearer picture.

[firenace]

is the bike's owner a fren of yours? regardless whoever he/she is, to safeguard yourself, better prepare a letter of acknowledgement for both of u to sign, regarding taking over the ownership, with 1 witness from both parties. oso make sure dat, like wat mild_slevin had mentioned, he indicate as "not riding" when adding u as the sub-rider, so as to ensure the owner ride the bike off without your consent.

reason: wat if the owner decide not to sell or hand-over the bike to u after u clear off the installment? wat if the owner ride it in the middle of the night and get into an accident without your knowledge?

well, better be safe than sorry. anyway its only my suggestion. all the best

[fabianau]

hm.. yah true. better be safe than sorry. he is my friend brother. so i can just draft out a informal letter between we 2 lah. also, he can indicate himself at LTA as no rider as well as for the insurance right?

[firenace]

hm.. yah true. better be safe than sorry. he is my friend brother. so i can just draft out a informal letter between we 2 lah. also, he can indicate himself at LTA as no rider as well as for the insurance right?

the letter will not be effective if there is no witness on the letter. so u & your fren can be the witness for such informal procedure. the letter would somehow goes like dis:

I, , of NRIC number , am selling my motorcycle of register number to of NRIC number with effect of by adding as 'Sub-Rider' and I myself shall indicate as 'Not Riding' in the insurance. Transfer of ownership to shall be done immediately after the installment of the motorcycle has been fully cleared on .

This shall be monitor under both witnesses of of NRIC number and of NRIC number with immediate effect of .

 

signature signature

 

signature signature

 

you may oso wana state the cash term of the sum of $ involved. as for the 'not riding', he can juz inform the insurance company during the adding of sub-rider. he dun need to inform LTA.

 

above is juz my rough guide. u can find some1 with better command of english and with better knowledge in this field. hope i can of some help and not confusing.

[fabianau]

oh ok. agar agar liddat shlould be ok for the letter lah. so 'not riding' indicate for insurance lah. for bike rider's don need lah. ok i understand alr. thanks for ur help.

[firenace]

dun mention. glad dat i can help. all the best