Self insurance renewal while bike under hire purchase

[siztin]

As titled, many versions and claims abt being able to do it but varies from diff shops..

 

Basically having a bike under hire purchase from Global motor/ everbright, had been renewing via them for past 2 yrs and had fb saying that i shld renew myself for better premium..

 

Time for renewal agn and was quoted an absurd amt so got a quote from direct asia and the premium was way way lower..

 

The legality issue arises here what wld happen if i renew my insurance myself?

 

Anyone with experience eso from the same shop mentioned?

 

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[Hydher]

Three categories of insurance

 

1st party

3rd party fire and theft

3rd party

 

Shops would usually strongly advise you to have the 2nd option.

Having 3rd party only is alright too but in the event your bike is stolen, you will have to continue paying till the end of the contract.

 

I dont see an issue in getting your own insurance unless the shops has a legal clause.

[haoKR]

ts,u need to ask your shop.

coz sum shop has their own R&R

n sum,wont allow u to buy 3rd party. in case lost or what,more issue.

[Andr3w]

I have Renewed my own bike insurance myself.

i done renewing insurance not from bike shops 2 time.

2 different bike from 2 different bike shops.

But both maintained and insisted aleast a 2nd party insurance( 3rd Party Fire and Theft)

 

process is simple.

 

find your own insurance

pay it.

fax or print out duplicate copies to bike shops.

Done

 

both shops have their famous rep. I dont wish to reveal the shop names as well as which insurance company i have renew from.

 

some hint. both bike shops are big shops.

 

 

 

 

 

NOT all shops are the same. call and ask before you buy your own insurance.

[Yatz86]

u need to check with insurance whether they allow u to do so.

 

Bike shops and insurance company may have special agreement that would not allow you to renew if it is under hire purchase.