Fren asked me to buy bike on his behalf

[Wood]

As my fren is a P plate rider so his insurance is very ex. So he asked me to use my name as the owner and buy insurance. He'll pay for the bike and insurance. Once he's no more a P plate he'll transfer the name over to him.

 

Any advice?

[h_LoNg]

No use. Insurance premium is based on the youngest rider. Irregardless whether the younger rider is the sub rider or main.

[Wood]

Originally posted by @h_LoNg@March 20, 2007 01:06 pm

No use. Insurance premium is based on the youngest rider. Irregardless whether the younger rider is the sub rider or main.

My fren not going to register as rider. He'll not be riding for a few mths till he gets off the P plate. So he proposed it would b under my name for a few mths 1st.

[compfused]

Originally posted by Wood@March 20, 2007 01:14 pm

My fren not going to register as rider. He'll not be riding for a few mths till he gets off the P plate. So he proposed it would b under my name for a few mths 1st.

So why buy when he can't ride it? If he ever rides it (without insurance) there'll be many many complications..Not worth the trouble..

[Wood]

Originally posted by compfused@March 20, 2007 01:17 pm

So why buy when he can't ride it? If he ever rides it (without insurance) there'll be many many complications..Not worth the trouble..

He said he got a good deal to buy vara. Must grab b4 it's sold.

[pyro13]

y cant he wait?? such a stupid reason..maybe he wanna cheat u

[Wood]

Originally posted by pyro13@March 20, 2007 01:25 pm

y cant he wait?? such a stupid reason..maybe he wanna cheat u

He said it's a good deal. What would he possibly be cheating me of? That's what I need to find out. Any implications for me? If I have no implications I dun mind helping my fren out.

[edwardthy]

Bro, my 2cents worth. Is it worth helping a friend despite so many implications who is not even blood related to you? Since u so helpful, are u able to help me too? Im in need of money...

[Wood]

What r the implications.......?

[Arcfire]

1) Why is your fren not willing to fork out the extra money if he wants to get the bike now?

 

2) Who or where is he getting the bike from? There is such as thing as placing a deposit. If you can pay half the price of the bike as deposit i don't see y any serious seller would not hold on the bike for a few months. How is he intending to buy the bike? Full cash? Loan? If you read some of the slightly older post you would have read on about a guarantor being screwed over cos his "fren" refused to pay the installments.

 

3) Your fren can always buy the insurance, transfer the bike and lay it up. Cancel the insurance n get back the money. When his p-plate expires then buy insurance again and start riding.

 

If your fren is intending to loan then stay away. He has so many options he can take. Y need to get you to take over?

[hondawavefan]

Originally posted by Wood@March 20, 2007 12:56 pm

As my fren is a P plate rider so his insurance is very ex. So he asked me to use my name as the owner and buy insurance. He'll pay for the bike and insurance. Once he's no more a P plate he'll transfer the name over to him.

 

Any advice?

Dont get yourself into any unnecessary trouble lah...

[three]

Originally posted by Wood@March 20, 2007 12:56 pm

As my fren is a P plate rider so his insurance is very ex. So he asked me to use my name as the owner and buy insurance. He'll pay for the bike and insurance. Once he's no more a P plate he'll transfer the name over to him.

 

Any advice?

Let me do a prediction... 3 months from now you are going to post again stating that your friend refuse to pay the installment, disappeared and you are stuck with the bike. Or; the bike have been repossesed -> he have disappeared -> you are running up and down a lawyer company to settle the matter.

 

If your friend is calculative about insurance difference(a few hundred dollars), my bet is that he is unable to service the loan. And I am sure he is taking a loan because if he paid cash for the bike, he would not have a problem with insurance.

 

He is willing to pay for the depreciation of the bike and "unused" insurance but refuse to register his name for the bike during his probation period?? Does that make sense to you?

[nhyone]

If your friend rides without insurance, both of you will be going back to BBDC a year later.

[kanPuaSlowRider]

Originally posted by nhyone@March 20, 2007 10:28 pm

If your friend rides without insurance, both of you will be going back to BBDC a year later.

you should add: Going back and taking 2b again together

[edition]

actually ur frend can buy the bike liao n laid up the road tax meanin tis period u canot ride the bike .. so u dun hav to purchase ur insurance oso

[kiss29]

This small little secret rule is that you you DO not need Insurance to OWN a vehicel in Singapore.

You only need insurance IF you intend to drive it.

 

Read the road tax letter or LTA documentation carefully.

It says something on the line of "It is illegal to operate a vehicel without valid licence" But never say owning a vehicle without insurance is wrong!

 

I have DONE a few transaction at LTA, they NEVER check insurance during bike transfer. Even renew road tax don't need to show insurance anymore!

 

If you guys want to insist that insurance is required, OK fine. Someone has suggested to cancel the incurance immediately after the bike is transfered. You will get back the full amount becasue there is a two weeks 'look-see' clause where you can reject the insurance policy!!

[nhyone]

Originally posted by kiss29@March 21, 2007 03:01 pm

I have DONE a few transaction at LTA, they NEVER check insurance during bike transfer. Even renew road tax don't need to show insurance anymore!

Are you sure? One of the requirements before doing a transfer is to have a valid insurance for the bike/car.

 

From onemotoring: "Original motor insurance certificate in buyer's name. Please ensure that the insurance policy of the motor vehicle is already in force on the transfer date and covers the full period of the vehicle's road tax."

[Wood]

Originally posted by nhyone@March 21, 2007 08:32 pm

Are you sure? One of the requirements before doing a transfer is to have a valid insurance for the bike/car.

 

From onemotoring: "Original motor insurance certificate in buyer's name. Please ensure that the insurance policy of the motor vehicle is already in force on the transfer date and covers the full period of the vehicle's road tax."

Come to think of it. When I did a transfer of bike Jan this yr the LTA staff did not look at my insurance. Maybe it's no more a requirement...

[hailang_82]

Originally posted by Wood@March 21, 2007 10:57 pm

Come to think of it. When I did a transfer of bike Jan this yr the LTA staff did not look at my insurance. Maybe it's no more a requirement...

I transfer in jan. They check.

 

Dun find unneccessarily things to do. Everyone ask u not to do. But you keep finding excuses to do it. Sometimes it is not good to be too helpful. Are you the one asking for ur friend help?

 

Anything ur friend wants you to do.. he can do it with all the same charges. Dun be so gong. U gain nothing, ur friend gain nothing. So why do it?

[MrLau]

Originally posted by Wood@March 20, 2007 01:27 pm

He said it's a good deal.

Everyday there are at least 500 bikes for sales ...

 

How good is good ?

[hit.man]

If he is really a good friend, he won't drag you into all these mess and make you busy for nothing. You are probably expendable to him....

[dyerfix]

Originally posted by kiss29@March 21, 2007 03:01 pm

This small little secret rule is that you you DO not need Insurance to OWN a vehicel in Singapore.

You only need insurance IF you intend to drive it.

 

Read the road tax letter or LTA documentation carefully.

It says something on the line of "It is illegal to operate a vehicel without valid licence" But never say owning a vehicle without insurance is wrong!

 

I have DONE a few transaction at LTA, they NEVER check insurance during bike transfer. Even renew road tax don't need to show insurance anymore!

 

If you guys want to insist that insurance is required, OK fine. Someone has suggested to cancel the incurance immediately after the bike is transfered. You will get back the full amount becasue there is a two weeks 'look-see' clause where you can reject the insurance policy!!

The reason they don't ask for ur insurance is that they have records of whether ur insurance is still valid...its all in their system...even if u go vicom or insurance company to renew road tax..they can check if ur insurance is still valid...

 

and on the road tax...it will say...it is illegal to keep or use a vehicle without valid road tax...and to have a valid road tax will mean that u need to have valid insurance...so technically road tax and insurance must be valid at all times..not just when using the vehicle...

 

only if the vehicle is laid up....then there is no road tax..

[kiss29]

What ever it is, the BEST solution for the post starter is NEVER to come out a SINGLE cent.

If you want to help your friend, go ahead, its good to help out your friend in need.

But if your friend ask you to pay this first installment, pay the insurance first, he will pay you back when his payday comes....tell your friend that you will buy the bike WHEN his pay day comes. No money no talk!

 

As long as you never come out any money and the bike is in your name, there is no trouble for you.

If you friend secretly ride the bike at night without your knowledge, let him be.

If anything happen, he will be the one in trouble. You will be safe.

Remember to ask you friend to buy the monthly season parking for the bike.

 

Thats what friends are for, thru sweat and blood!

[Arcfire]

Well, if the bike is in his name and his fren rides out at nite, with or without his knowledge, wouldn't he be implicated as well? Unless he reported the bike to be stolen which puts a double whammy on his friend.

[paiseh]

dun do it.