Insurance - General Enquiry

[GreeKo]

Originally posted by HondaSuperFour(HSF)@Jul 12 2006, 07:54 AM

nutc quote me $1000+ for 1st party

AIG $400+ for 1st party

which is better?

woah bro...hw come like that...mine after NCD 10%

 

AIG: $620

NTUC: $585

 

both for TPFT

 

when I 1st gt my bike, it was abt $700 from AIG for TPFT as well

[HondaSuperFourHSF]

i think i will still stick with AIG. This is my 4 years liao still good and cheap. Imagine $400+ for 1st party

[GreeKo]

yeah tats cheap....

[The Monopoly Man]

hi got someting to ask u guys.

 

i had an accident last year involve SMRT taxi n my bike got repair at bukit batok st 23 at ah koon there that time i no need to take out any mony as only spray my faring n ajust my handle bar n i was not injurt.

 

now ah koon lawer call me n sign dont know wat letter so that the claim n cheque can process to ah koon from SMRT. but i am afarid that after signing it i cant get a single cent as the cheque is given to ah koon .wat i know is the amount is $1100 but the repair dont cause that much n i think the lawer admin fee should not be also in the claim cheque rite? i scare ah koon cheat me n took the money .

 

so bro n sis pls help ir any 1 kana this type of case before?

[ahlexsgbikes]

Hi The Monopoly Man,

 

This is what I know. Fellow S4 riders, correct me if I'm wrong.

 

1) Bike shop will charge heavily on the repairs (this is how they earn). Workmanship can go up to 200 over dollars (personal experience from seeing quotations from a well known bike shop to 3rd party insurance), towing fees are included even though your bike was not towed. [My Experience]

 

2) The legal fees are not included in the $1100. The $1100 are only for repairs.

 

3) The rest of the money which could be more are given to the lawyer's firm and they will deduct the legal fees from there. If there are balance, then it's yours. If the rest of the money is less than the legal fees incurred, you have to fork out more money to pay the lawyer.

 

4) At this point in time, if you are not sure, don't ever sign anything. Consult your lawyer, ask questions (even though they sound stupid) till you are clear what you are doing.

 

5) If you are afraid that ah koon will cheat you, then tell the lawyer that you will go to another bike shop for repairs. Ask the lawyer to claim for you everything first, then when they deduct the lawyer fees, the balance goes to you. And thereafter you can decide what you want to repair with the balance.

 

I am undergoing claims also. This is what I chose to do:

 

1) Lawyer's firm call me and say that there is a paper for me to sign so that repairs can be done now. However, the money is from the lawyer's firm. The lawyer gave me that amount is equivalent to what the surveyor's report quote (say $2000). The firm then says I can proceed to my repairs upon signing the paper and $2000 will be paid to the shop. The first question I asked was, what if the repairs don't sum up to $2000? The lawyer's firm reply was that they will still issue the $2000 to the bike shop. Then I was thinking, what if the repair only $500? The bike shop will take the balance of $1500.

 

2) Therefore, I decided and I told my lawyer that I do not want to sign the paper. I want to proceed with my claim. I will do the repairs only after I get back money. In this way, I know how much I have and I can decide what to repair and what not to.

 

And if you may not realised, the paper that you sign, you are liable for it too. What do I mean? If you are really unlucky, you only manage to claim $2000 (injury + repairs + legal fees) in total and $1100 has already been paid to the bike shop. So you're left with $900. And legal fees is $1500. You then have to fork out the balance of $600. Is that worth? Also, a point to note is that the legal fees will not be like the fees TV etc. The lawyer will see how much your claim is and then decide the legal fees because they are able to decide at which stage your claim is sucessful. If in the scenario that you get back nothing, the legal fees may be less than 100 or something like that. It's a ratio kind of thing.

 

So I played safe. Finish the claim then decide what to repair. If your bike has already been repaired, then of course you have to pay the repair costs. I'm not very sure if your situation is the same as mine, but just giving my 2 cents worth. If you have any queries, you can PM me. Or you can call me if you want, just find my handphone number in the handphone number thread.

 

[ahlexsgbikes]

Originally posted by The Monopoly Man@Jul 13 2006, 10:19 AM

hi got someting to ask u guys.

 

i had an accident last year involve SMRT taxi n my bike got repair at bukit batok st 23 at ah koon there that time i no need to take out any mony as only spray my faring n ajust my handle bar n i was not injurt.

 

now ah koon lawer call me n sign dont know wat letter so that the claim n cheque can process to ah koon from SMRT. but i am afarid that after signing it i cant get a single cent as the cheque is given to ah koon .wat i know is the amount is $1100 but the repair dont cause that much n i think the lawer admin fee should not be also in the claim cheque rite? i scare ah koon cheat me n took the money .

 

so bro n sis pls help ir any 1 kana this type of case before?

If you aren't injured, most likely your total claim amount is very little (which is often the case).

 

in your claims.

[The Monopoly Man]

but my bike aready repair long time n sold liao during repair i dont take out any money as ah koon pay first leh

[ahlexsgbikes]

Originally posted by The Monopoly Man@Jul 13 2006, 12:54 PM

but my bike aready repair long time n sold liao during repair i dont take out any money as ah koon pay first leh

then i guess you have to pay him the money lor... since repair is already done...

[The Monopoly Man]

i never pay anything as ah koon say he will do first n wait for the claim n now aready 1 year n the claim back liao dont know ah koon will cheat the money a not

[ahlexsgbikes]

you can't do anything if he cheats you... because the repairs have been done...

 

the claim is completed, what you need to sign now I think is the discharge voucher, that means after signing everything is over, the case is closed.

 

one thing you can do is talk to ah koon... negotiate and see if you can get back any $$$...

 

but I doubt shops are so good ba... do you remember how much was the repairs costs back then?

[ahlexsgbikes]

check with your lawyer and ask how much is the final claim? everything together (legal fees + repairs)... and ask if there is any balance for you...

 

if there is no balance, don't think you can get back from ah koon le... because the lawyer's firm will pay the bike shop the surveyor's quotation sum...

 

like i said, if your repairs is 500, the balance of 600 is makan by the bike shop lor...

 

talk to your lawyer first, then ask the bike shop regarding it...

[ahlexsgbikes]

also, claiming insurance is not to earn $$$ one lor...

 

you shouldn't hope to get money and you must be prepared to spend additional money...

 

i think as long as you are safe and sound then okay le lor...

 

just treat it as give the bikeshop $$$ drink coffee la...

 

no offence...

[Kohdx]

I had an accident 2 months back and until today it is still in the workshop. The public transport expense is killing me! And furthermore I still have to pay for the instalments and worse still overshoot my inspection deadline.

 

I heard that for cars they have a $50/day "Loss of Use" claim, anyone knows whether there's such a claim for motorbikes?

[s4vtec]

Originally posted by Kohdx@Jul 13 2006, 09:13 PM

I had an accident 2 months back and until today it is still in the workshop. The public transport expense is killing me! And furthermore I still have to pay for the instalments and worse still overshoot my inspection deadline.

 

I heard that for cars they have a $50/day "Loss of Use" claim, anyone knows whether there's such a claim for motorbikes?

hi, get well soon...

, care to share how you got into an accident? how serious is your bike injured? for so long your bike still have yet to be repaired?

[The Monopoly Man]

ya lo no choice now ......thanks a lot bro....got chance treat u coffee ok lol

[ahlexsgbikes]

Originally posted by The Monopoly Man@Jul 14 2006, 10:18 AM

ya lo no choice now ......thanks a lot bro....got chance treat u coffee ok lol

haha...

 

np... just my 2 cents...

 

see you around...

[The Monopoly Man]

[vinsonyap]

ehh just share with u guys.. my age is 22.. jus got my 2a.. my insurance with alliance is only $652 for third party fire and theft.. they quote me $800++ for 1st party comprehensive.. whereas AXA quote me 1019 for 1st party comprehensive and $1049 3 party fire and theft.. believe it or not.. it true.. AXA for my age the comprehensive is cheaper and TPFT.. yup just share with you guys..

[rweyen]

anyway just to check wit u guys, how long does chain n sprocket last?

any recommendation(price,brands and workshop)? my chain starts slipping away now. having 'thud' 'thud' 'thud' sound while on the move. at the moment any good form of lubrications for s4 chain? regards

[ahlexsgbikes]

I had an accident 2 months back and until today it is still in the workshop. The public transport expense is killing me! And furthermore I still have to pay for the instalments and worse still overshoot my inspection deadline.

 

I heard that for cars they have a $50/day "Loss of Use" claim, anyone knows whether there's such a claim for motorbikes?

 

you have to check with your lawyer (if you have)...

 

loss of use is only applicable when it is under servicing and is quoted by the 3rd party insurance company. for example, the surveyor comes out with the report stating that your bike has to stay in workshop to be repaired for 5 days, you can only claim for that 5 days. correct me if i'm wrong.

 

anyway just to check wit u guys, how long does chain n sprocket last?

any recommendation(price,brands and workshop)? my chain starts slipping away now. having 'thud' 'thud' 'thud' sound while on the move. at the moment any good form of lubrications for s4 chain? regards

 

but anyways...

 

You can try maxima, heard from a couple of riders giving to it. Chain and sprocket, no actual life time or duration. mostly depends on your riding style... try tightening your chain, if very soon your chain is loosen again, then it's time to change.

[kennethy]

from what i know it is about $20 per day.. but there is a max amount that you can claim...

[operator]

Where and how to get quotations from AIG and AXA?

[Kohdx]

That sucks man, if I can only claim for 5 days. The bike has been at the workshop for more than 2 months!

[tingchiyen]

Originally posted by Kohdx@Jul 14 2006, 06:57 PM

That sucks man, if I can only claim for 5 days. The bike has been at the workshop for more than 2 months!

the bench-mark rate is $20-$30 per day loss of use for motorcycles under 1400cc. There is no limit on the number of days as far as i'm aware, though it would depend of course on how long the surveyor certifies your repairs take etc.

[Kohdx]

Just got a reply from the lady boss at K&T she said nowadays insurance companies cap the loss of use at max 5 days. That is so unjustified