Transferring of insurance to another bike

[Izzmatin]

hi all.. need some clarification here bout bike insurance, I renew my bike insurance on March this year, but I am selling the bike away to another person, and buying another bike from another person too.. question is,

 

1)i know that I must cancel my insurance of my old bike, but when shall I cancel? before transferring to the new buyer or after transferring??

 

2) I am dealing with the owner of the new bike i am buying on the same day I am selling the bike, so if I am suppose to cancel my current bike insurance BEFORE I transfer ownership in LTA to the buyer, can I do it at the same time I am buying a new insurance for my new bike? and can the amount that I will get from the refund to offset the new insurance I am buying and just top up the difference? vise versa if I need to cancel AFTER I do the transfer of ownership to the new owner.. the main question is can bike insurance transferable to another bike upon cancelling and just top up the difference??

[mechwira]

you can cancel anytime, your buyer can buy starting anytime.

 

at no point in time should the person riding the bike be uninsured. big offence.

 

the insurance company allows an overlap of one to two weeks whereupon two separate people are simultaneously insured for the bike, precisely to enable ownership transfer. when i sold my bike, it was an overlap of one week where i was still insured and my buyer had commenced being insured on my bike as well. note this is two separate policies, not one policy two riders.

 

whenever you cancel your policy, you can rebate for the remainder of cancelled term based on your exact date of cancellation. forget offsetting, just take the cash and use it for the insurance of your newly purchased bike.

 

your buyer will pay for pro-rated policy of less than one year because he can only apply only up to the point where the inspection is due or road tax expires, whichever is earlier. example, if bike due inspection in 4 months, buyer's insurance charges him pro-rated 4 months insurance only, not full year. thereafter the buyer must send inspection and reapply full year insurance as per normal.

 

your buyer's insurance is his problem, tell him take number plate and apply insurance himself, to commence a few days before your agreed date of transfer. set your own policy to terminate a few days after.

[FTW.]

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