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Thread: Bike repossess, coz insurance policy was cancelled by insurance company

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    Eswaran
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    Default Bike repossess, coz insurance policy was cancelled by insurance company



    Hi, guys
    My friends bike was repossess without any notice either from the insurance company or the bike shop.

    When he approach the bike shop, he was informed that the insurance policy was cancelled. No reason was given.

    He do not have any instalment pending, all payments up to date.

    Can the bike be repossess without any notice,

    Thanks

    Sent from my SM-N920I using Tapatalk

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    Isopropyl
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    check with the insurance company on why was the policy been cancelled.

    I don't think they will cancelled the policy without valid reason(s).

     

     
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    FireGunz
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    Quote Originally Posted by Eswaran View Post
    Hi, guys
    My friends bike was repossess without any notice either from the insurance company or the bike shop.

    When he approach the bike shop, he was informed that the insurance policy was cancelled. No reason was given.

    He do not have any instalment pending, all payments up to date.

    Can the bike be repossess without any notice,

    Thanks

    Sent from my SM-N920I using Tapatalk
    Hmmm... insurance cancel? Normally bike insurance should be pay in full payment for a year before you on roads.... I think should be the bike shop cause it not the insurance company.

    BTW care to share which bike shop that your friends load it from?

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    PaLmEr
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    Which insurance was he insured with?

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    lkm
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    I'm pretty certain it's something to do with the bike shop or the finance company used to finance the purchase. Insurance companies typically do NOT have a charge over the bike and cannot legally seize the bike. They DO have the right to cancel the policy (which is rare), which merely leaves the rider and bike uninsured.

    One situation which I can think of in which the insurance company does initiate proceedings to seize the bike is that the (previous) owner has report loss (theft) on the bike, and that the insurance company has already paid out to the owner. This effectively subrogate the rights of the bike to the insurance company. Upon discovery of the bike, the insurance company then attempts to take possession of the "stolen" bike to recover its loss.

    I won't be surprised if the current insurer unilaterally cancels the policy upon discovery that the insured vehicle has been reported stolen. But I'll be rather surprised that the initial inception of the policy actually went through without raising any red flags.

    On whether the bike can be "repossessed without notice" depends A LOT on the fine print of the sale and financing agreements. You do know that in almost all cases (except for credit card instalments,) when the bike has not been fully paid, the rider doesn't really "fully own" the vehicle, right? Another possibility in this case (I could be wrong), I suspect the financing company is the bike shop itself - which typically has "seemingly unfair" clauses which protects the bike shop. Most reputable financing companies have typical "standard" clauses in the loan agreements which, while also protects the financing company (more than the borrower, of course), appear more "fair".

    Possible that bike shop sold a stolen vehicle?
    Last edited by lkm; 13-08-2016 at 06:22 PM.
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    lkm
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    Errr... TS created account just to post this, and then disappear? =(
    A mid-lifer who started late on the motorised 2-wheeler game. Currently riding a 200NS - with a P-plate.
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    testamant
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    Hello Eswaran,

    Yes the bike shop do have the power to repo your bike reasons being folded is either a customer have either been defaulting payments or buying an insurance which is cheaper or seen unfavourable by the hire purchase shop.so in order to collect ur bike back from them.you will have to pay the storage fee + repo fee + insurance renewal fee = burnt holes in the pocket.good luck then


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    testamant
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    Quote Originally Posted by lkm View Post
    Errr... TS created account just to post this, and then disappear? =(
    Well it seems that maybe he wanted to be more discreet on asking around for issues on his friends mah....


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    reize
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    Quote Originally Posted by testamant View Post
    Hello Eswaran,

    Yes the bike shop do have the power to repo your bike reasons being folded is either a customer have either been defaulting payments or buying an insurance which is cheaper or seen unfavourable by the hire purchase shop.so in order to collect ur bike back from them.you will have to pay the storage fee + repo fee + insurance renewal fee = burnt holes in the pocket.good luck then
    Except OP say that the bike is fully paid for, the bike shouldn't have been repo-ed by the mototiam, much less have any reason to follow the mototiam's insurance rules.
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    lkm
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    Quote Originally Posted by reize View Post
    Except OP say that the bike is fully paid for, the bike shouldn't have been repo-ed by the mototiam, much less have any reason to follow the mototiam's insurance rules.
    OP didn't say fully paid leh.... He did mention that the instalment payments were up-to-date though... Actual word were "He do not have any instalment pending, all payments up to date."
    A mid-lifer who started late on the motorised 2-wheeler game. Currently riding a 200NS - with a P-plate.
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