Bike Ownership Issues

[ifourdesign]

Hi bros,

My friend has a unique problem that i dare not answer due to the lack of knowledge, so i pose this question to you.

 

He wants to share ownership a 4 year old Gilera with his dad. However, The Gilera is co-owned by his dad and his elder brother.

 

So how do we go about transferring the ownership to him, the insurance and stuff?

Any kind experienced people who can help with this?

 

____________________________________________

 

Second scenario,

I'm intending to buy my mom a 2B cub bike for her daily commute and change the car to a weekend plate. isit advisable?

[mechwira]

i donno about 'shared ownership' or 'co-ownership'. i see only one owner name on log card.

 

but its not necessary, especially since you dealing with family members, no chance of one person betray the other and run away with bike.

 

leave the ownership as it is. i presume his dad is owner, and named rider in insurance. then his brother is named second rider in insurance.

 

now, just get your friend to apply as named third rider. pay the necessary increase in insurance premium. and thats it, 3 people can ride the bike. not at the same time of coz.

[ifourdesign]

ouhhh. can have 3 riders? cool. okay. how much roughly?

[sindefectos]

now, just get your friend to apply as named third rider. pay the necessary increase in insurance premium. and thats it, 3 people can ride the bike. not at the same time of coz.

 

Can have up to 3 names under one bike?

[mechwira]

different insurance company different policy and charges of coz.

 

this was NTUC's method last time when i first got licence.

 

Premium charged on first named rider, say $X. you can put a second named rider for free. so with two riders you still pay $X. but a third rider, they will calculate how much premium this third person would pay under normal circumstances, say $Y. so the final premium for the three riders is $X+Y.

 

NTUC then changed such that they still charge one person's premium for the first two riders, but the premium is based on the more expensive of these two riders, instead of straight-off first rider premium second rider free. and still can add third rider with the same method as before. I believe this is the method currently in force, but best check with them.

 

technically you can even add fourth or fifth rider, but eventually the premium for that one bike becomes more expensive than the 'any rider' policy. which is where anybody at all can ride the bike, just like car. very very expensive, but more worth than 5 or 6 riders named. usually this policy is taken by despatch companies or others who operate a fleet of bikes and need 'any rider' insurance on their bike.