Can I get my own insurance?

[krp]

Hi bikers,

 

I am currently reloaning from a bike shop for my bike. I am nearing the end of the insurance contract (which I got from them) and the bike shop told me I can't renew with an insurance company of my choice, and have to stick with their insurer. Now, since when has this been the case? Can I get my own insurance?

[XxPJYxX]

Hi bikers,

 

I am currently reloaning from a bike shop for my bike. I am nearing the end of the insurance contract (which I got from them) and the bike shop told me I can't renew with an insurance company of my choice, and have to stick with their insurer. Now, since when has this been the case? Can I get my own insurance?

 

Can't get your own insurance policy of your choice until the bike has been fully paid for. Now the premium covers fire and theft in case your bike gets stolen, the shop will not lose money. Because it still hasn't been fully paid...

[Demon]

Can't get your own insurance policy of your choice until the bike has been fully paid for. Now the premium covers fire and theft in case your bike gets stolen, the shop will not lose money. Because it still hasn't been fully paid...

 

I understand that's the general practice for motorbikes.

However if one is to get another insurer with the necessary cover for fire & theft, wouldn't that be the same ?

 

I know for a fact that cars on installments, the owners are free to buy their own insurance after the first year.

[haoKR]

some shops allow coi-customer to do so,so u may need to check with them...if they says so then..LL

which shop is that

[XxPJYxX]

I understand that's the general practice for motorbikes.

However if one is to get another insurer with the necessary cover for fire & theft, wouldn't that be the same ?

 

I know for a fact that cars on installments, the owners are free to buy their own insurance after the first year.

 

Yes, some shops allow the customer to choose which insurance company they want in the first year, as long as there's the fire and theft policy... But not all shops do that... Not sure why... Maybe u can ask the shop?

[krp]

some shops allow coi-customer to do so,so u may need to check with them...if they says so then..LL

which shop is that

Bike Production

[kinwei]

Bike Production

 

If you reloan from bike production, then you have to purchase the insurance through them. It part of the agreement in order for you to secure the loan. Even if they earn a profit, I don't think they earn alot also. You can always call the insurance directly for a quote to compare.

 

Not happy, then try getting loan from elsewhere. Provided you have not sign on the dotted line.

[Demon]

... Not sure why... Maybe u can ask the shop?

 

Simple. Shops gets commission from these insurers.

[XxPJYxX]

Simple. Shops gets commission from these insurers.

 

I see... Normally I don't buy under installment... I try my best to pay full cash... My bikes all secondhand... Lol...

[Bikeprod]

If you reloan from bike production, then you have to purchase the insurance through them. It part of the agreement in order for you to secure the loan. Even if they earn a profit, I don't think they earn alot also. You can always call the insurance directly for a quote to compare.

 

Not happy, then try getting loan from elsewhere. Provided you have not sign on the dotted line.

 

Thanks bro.....