Enquiry about insurance and ownership

[KAWASAKl]

Guys i'm buyin a bike from a private seller. If i make my own insurance alr and do tranfer at a bike shop, Isit legal to ride it straight away after i sign? (Note that it is not approve by LTA yet)

[arthur_chan]

yes, just get cover letter of the insurance part.

[d3ath4all]

yes legal as long as ownership transferred to you with documents to prove and you have a insurance covering yourself for the specific vehicle.

[MrHui]

Guys i'm buyin a bike from a private seller. If i make my own insurance alr and do tranfer at a bike shop, Isit legal to ride it straight away after i sign? (Note that it is not approve by LTA yet)

 

Yes legal...

[Demon]

Guys i'm buyin a bike from a private seller. If i make my own insurance alr and do tranfer at a bike shop, Isit legal to ride it straight away after i sign? (Note that it is not approve by LTA yet)

 

Before we jump the gun, let's get the facts right here.

 

Insurance ? Yes

Ownership Transfer ? No. You cannot do ownership transfer at bike shops, they must bring all the necessary documents to LTA to effect the ownership transfer.

 

Scenario

Day 1 - You have insurance, and bike is signed for at the shop but shop only plans to do the ownership transfer on Day 3.

 

Day 2 - You met with an accident so effectively you are not covered because you are not the registered owner of the bike.

[KAWASAKl]

Before we jump the gun, let's get the facts right here.

 

Insurance ? Yes

Ownership Transfer ? No. You cannot do ownership transfer at bike shops, they must bring all the necessary documents to LTA to effect the ownership transfer.

 

Scenario

Day 1 - You have insurance, and bike is signed for at the shop but shop only plans to do the ownership transfer on Day 3.

 

Day 2 - You met with an accident so effectively you are not covered because you are not the registered owner of the bike.

 

So i'm confused now.. Isit legal if i have the insurance but i'm not the owner??

[arthur_chan]

signing a letter of transfer legally with witness is enough for cover of ownership. similar as when u pay full cash for a used vehicle at any shop. after signing the transfer letter, u can drive/ride off immed. only new vehicles without plates cannot drive/ride off. if they have plates for u on the spot, u can ride/drive off too. they're not going to say, pls come back 3 days later to collect ur vehicle. workshop will despatch transfer the next working day.

 

same with insurance, when renewing insurance, they're not going to issue u the cert. a cover not is enough even for road stop by tp. the real cert is mailed to u 2-4 weeks time. insurance processing is even slower, it might take up to 1 week for them to update their system.

 

if really unlucky, touch wood, u drive/ride out the main road n have an accident. everything is the responsibility of the new owner.

 

signing of the contract is "with immediate effect", unless otherwise stated a future transfer date.

Edited April 13, 2011 by arthur_chan

[arthur_chan]

So i'm confused now.. Isit legal if i have the insurance but i'm not the owner??

 

iirc, if u buy insurance as owner n u do not have proof of ownership, it's illegal to ride on the road. in this case u should buy as sub rider. this only apply to bikes.