Motorbike under finance

[bearsamui]

Last night my sons motorbike was stolen from my home. 

My question is  - does anyone know whether a motorbike still under finance is insured by the company we have the loan with?

 

[Crossy]

Bikes may be different, but it's a requirement of car finance that you have first-class whilst the finance is in operation. It's often free for the first year but after that it's your problem.

 

Moving to the bikes forum for detailed knowledge.

 

[eisfeld]

Sometimes you get free first class when purchasing a bigger bike but that seems to become less common. Never heard of it for scooters but then again I don't know anyone who bought one on finance. There's only one way to answer your question: check what the insurance coverage is. It's a bad sign that you don't know how the bike is insured. I would suggest to find out asap.

[bearsamui]

Thanks for the reply Eisfeld. You obviously dont know any thai people if youve never heard of anyone getting a small bike on finance.

The finance side of things is being paid for by my thai daughter for my son. Nothing to do with me.

My wife will go to the finance company tomorrow after a visit from the police.

Was just asking the question to see if anyone had a similar experience and may have knowledge.

[eisfeld]

Obviously you don't know me or you wouldn't be suggesting that I obviously don't know any thai people.

 

If someone buys a bike - be it on finance or cash or because someone gave it to them - then one of the things to check is what insurance coverage it has. It doesn't matter who bought it, for what price, what terms etc. Just check what insurance it got, then check the coverage and then decide if you want to file a claim with the insurance company because of theft.

 

Chances are that the bike has just the compulsory insurance (3rd class). If you got 2nd class or up then you'll also have theft coverage. If the former is the case, then your only hope is to find the bike somehow, possibly with the help of the police.

 

Scooters are stupidly easy to steal because they have terrible locks. And because they are everywhere, it's hard to spot a stolen one unless it looked really unique.

 

I wish you good luck, even though you've been a bit rude ?

[bearsamui]

Sorry. I didn't intend my comment to be rude. Was just an observation based on you not knowing anyone taking out finance on a small bike.

Many thais I know have bikes under finance.

Thanks for your comments issue now sorted