Buying Bike. Owner Overseas.

[upupsndaway]

Hi guys. I need help. I'm buying a bike from another seller.

We agreed. But the seller is currently overseas.

His friend is helping him transfer his bike to me using black and white agreement, not LTA ownership transfer.

We will do transfer ownership when the owner comes back in 2 months time.

 

I've bought my own insurance. Can i just ride the bike now with just black and white agreement?

[skyblueblue]

As long as the bike is insured under ur name it does not matter.

 

The thing is according to ntuc. LTA needs the insurance start date to be the same as the transfer of ownership date.

[nick_09]

Hi TS,

 

If u still have doubt with the process of owning the bike which you above-mentioned scenerio, check with LTA. Call them or email.(as proof)

At least you abide LTA rules and regulations to minimize any hassle during road blocks or spot checks.

As long as you are on the safe side...you have no worries riding your bike around.

 

Cheers

[ki113r]

U can buy insurance for the bike when it's not under ur name? Something new to me

[swoosh]

1) No agreement in what ever colour can be above the law

 

2) Owner can add yr name into his insurance cover and you can ride.

 

3) Not wise to hand any over any money at this stage, no matter how sweet is the deal...

[mumumu]

Yes you can ride the bike. You have the insurance you can. But what is on the black and white?

 

Basically the owner have to give you his permission to ride his bike. If you have the permission in black and white, meaning with his signature, you are safe. If his friend sign for him, NO GO! But who can verify ownership and signature? Better get your own independent witness if you need.

 

And who thinks that 'you cannot buy insurance when the bike does not belong to you' you are wrong. Insurance companies don't care. E.g. If you want to purchase a second hand bike from another party, you need to first buy insurance for that bike that is not yours before the ownership transfer.

Edited October 26, 2013 by mumumu

[nick_09]

Yes you can ride the bike. You have the insurance you can. But what is on the black and white?

 

Basically the owner have to give you his permission to ride his bike. If you have the permission in black and white, meaning with his signature, you are safe. If his friend sign for him, NO GO! But who can verify ownership and signature? Better get your own independent witness if you need.

 

And who thinks that 'you cannot buy insurance when the bike does not belong to you' you are wrong. Insurance companies don't care. E.g. If you want to purchase a second hand bike from another party, you need to first buy insurance for that bike that is not yours before the ownership transfer.

 

Totally agree on this!!!

All you have to do is to inform the insurance agency on which particular date you would prefer your insurance to be activated.

Edited October 26, 2013 by nick_09

[Demon]

You guys are giving him all the wrong advice.

 

You can buy an insurance cover for any bike from any insurer just by providing the bike's registration but that doesn't mean you are covered. For the cover to be effective, the insured must be the owner.

 

Back to TS's scenario. After getting the insurance but haven't done transfer, should he get into an accident, the insurer may deny any compensation because he was not the owner in LTA's record.

[nick_09]

You guys are giving him all the wrong advice.

 

You can buy an insurance cover for any bike from any insurer just by providing the bike's registration but that doesn't mean you are covered. For the cover to be effective, the insured must be the owner.

 

Back to TS's scenario. After getting the insurance but haven't done transfer, should he get into an accident, the insurer may deny any compensation because he was not the owner in LTA's record.

 

Sorry Demon,

I have overlooked on this above-mentioned issues..which comes up to mind as this is a very serious matter indeed.

 

Hi TS,

Do consider it well...

 

Cheers

[jayz]

aiya, so to say ts can only be the sub rider of the bike, i tell u la ts, u better dont trust simi lan jiao black and white.

 

u call lta also no use

 

best u keep in touch with the seller, wait him come back then u go lta xfer name after u pay him.

 

i also dk why u so kan chiong go buy insurance liao.

 

he is overseas now, also wun sell to others since u 2 made agreement liao

 

but so lets say now u haven take over from him, when he come back he dont wan sell or sell to other ppl, u no lose what, u actually gain, to know the seller is a fk up person.

 

yes no?