Private Settlement, will NCD/insurance premium get affected

[Lufu]

Had a minor accident and was hit at the rear side. Not directly at the rear but rear side. so not a 100% win case.

The other party is willing to compensate in cash which is more than the actual cost of repair at non AD workshop.

 

 

I cannot locate any private settlement form from Chartis but thinks this one could be use?

http://www.lifeisgreat.com.sg/en/jsp/pdf/o..._Settlement.pdf

 

Under the MCF, I have to file a report with Chartis. Otherwise risk lossing NCD if they found out about non reporting although I think the odd of them knowing is rather low given the other party is already willing to private settle and close the issue.

http://www.gia.org.sg/pdfs/Industry/Motor/MCF_Brochure.pdf

 

 

The question is;

 

by reporting the accident under No Claim-Private Settlement will it affect NCD and Premium come next Insurance renewal ?

my insurer Chartis hasn't been able to answer this simple question.

 

For the matter how does Motor Insurance company treats private settlement case?

 

Thanks

Edited February 11, 2012 by Lufu

[KkMICHELIN]

Suggest u should report to yr insurance company even if it is private settlement...

 

 

[Voodooman]

Report but NCD will not be affected. The insurance company will be more than happy with the arrangement, must incentivitize customer to reduce claims, remember they are profit driven. Make sure you sent in the settlement document signed by both parties.

Edited February 12, 2012 by Voodooman

[Furrynadz]

sign a private settleagreement with other party, keep the workshop receipt with other party name as payee

 

dont report insurance

even if u report and no claim, they will consider as 1 accident incident in the system for next 3 yr

[Jefkking]

The said Private Settlement Agreement is fine and for this case no need to report to Insurance firm

 

What you need is to keep this Settlement Agreement & the repair receipt & stated in your reeceipt that the repaired was borne by (Reg: SKB.....) & driver of Mr. Ms. ..............

Also indicate additional clauses with the secnario of incident such as :-

On 10-Feb 2012 while travelling along lane `1 of 3 (Right most-lane) along CTE towards Airport direction, nearby Marine Parade exit, suidden an white Mazda 3 (Reg:.....) swayed from lane 2 of 3 (Mid-lane) into my left fender without checking of safety distance and collided with my front left. Both car stopped by the road shoulder nearby Marine Visa exit & Mazda 3 driver Mr. / Ms. ......... proposed for private settlement at full repair costs of my ride / car& all said repair costs shall be borned by him as he admitted that for this incident, he's on 100% at fault & 100% full liability.

 

BTW, do you have any photos taken at scene of accident ? The road marker lines & the photos that clearly shown both car collided scenario from front & rear end ? Do keep it well for the next 3 to 5 yrs & also take the photos after the reapir too.

 

Under such scenario, it's still fine for no need to report to Insurance firm & if you lodge this issue with your Insurance firm, your NCD will be affect for the next 2 to 3 yrs despite you're not going for GIA claim afgainst the other party & your Insurance firm will NOT refund to you any additinal premium that you had paid during this transition period of time. So, what for report to them ?

[Voodooman]

If you don't report and the other party did, you can be faulted for not reporting, not sure of the repercussion as it deviates from the "rules". I went thru this 3 times in the last 15 years (private settlement, all paid for by the other parties), I always report and my NCD has never been affected.

[Lufu]

Strangely I search through the forum for various discussion about insurance some people say must report, some would say don't report.

 

When I asked my insurer whether an accident report with no claim would affect NCD/Premium and the answer is simply can't comment.

The insurance company is absolutely appalling.

 

 

[Atlantis80]

Chartis is kiasu and kiasee. Even their excess of $600 have to be $100 higher than most motor insurers in the market. Switch out of Chartis at the earliest opportunity!

[Shanhz]

most insurance coy will take middle ground and dun commit. last time i got an accident, already proven 100% not my fault, ins coy refuse to commit they will not up my premium. i send email say if like that, then i need to seek GIA advise. immediately issue black and white to cfm my NCD not affected.

 

you need to leverage in the right way, you will get wat you want.

[Jefkking]

No need to report as i have twice same experiences.

Just do as what i said earlier will be fine. (To add time in the self-draft Statement & get the other party to acknowledge his fault in your statements by today) (If he failed to do so then you report GIA)

Edited February 12, 2012 by Jefkking

[Voodooman]

most insurance coy will take middle ground and dun commit. last time i got an accident, already proven 100% not my fault, ins coy refuse to commit they will not up my premium. i send email say if like that, then i need to seek GIA advise. immediately issue black and white to cfm my NCD not affected.

 

you need to leverage in the right way, you will get wat you want.

 

 

NCD stands for No Claim Discount. If no claim during insured period, then it is not affected. They cannot commit becoz people might change their mind and claim on you later. Kiasu and kiasee survival instinct. If you trust that the other party will not file a report or make a claim later, then I suppose you can opt not to file the report but I have little faith in people I don't know, so I will alway protect myself by filing the report and telling the insurer we are likely to privately settled. So don't listen to others and do it the prudent way, unless 100% is your fault and you die die will private settled.

 

[Furrynadz]

Chartis is kiasu and kiasee. Even their excess of $600 have to be $100 higher than most motor insurers in the market. Switch out of Chartis at the earliest opportunity!

 

 

not just kiasu and kiasee, totally no ethics

 

they can load u for 3 yrs on private settlement and if u switch to other insurer and they check record with chartis, they feedback its not private settlement and still pending

 

 

[Daniujie]

had a private settlement last year, reported to insurer. This year when renewal told me no NCD and higher premium, email and clarify then they say private settlement dun constitute claims and gave me back my NCD. So must be careful, dun let insurer smoke you.

[Yardo]

There was once I reported and nothing adverse happened.

[Bomby929]

Just report. I reported before, and nothing happens. NCD still in tact.

[Ming99]

READ THIS VERY CAREFULLY, SERVES AS A WARNING.

 

I have a very unfortunate year in 2011.

 

Total of 3 accidents, the only luck part is all of them are settle privately.

 

So being a GOOD LAW ABIDING CITIZEN, i still report to my insurance company dutifully and as required bound by the insurance contract.

 

1st accident - Rear ended - not my fault at all - claimed other party 100%

 

2nd accident - i kissed taxi backside, but the uncle wanted cash $$ on the spot, both write private settlement on the spot. NO CLAIMS.

 

3rd accident - Drunk driver hit my car, drink driving case with TP involved so insurance wont pay a single cent.

 

Yes, you can go ahead and report all the accidents.

 

BUT when it comes to renewal...this is where YOU get SCREWED HARD by the insurance company.

 

Notice that little button that asked you IF you have any accidents when you go to online quotes like Aviva or Asia direct.

 

So what if you NO CLAIM and have full NCD, almost ALL the insurance company wont even give you a quote if you have 2 or more accidents.

 

The insurance company im with last year REJECTED me - too many accidents was their reply. But my question to insurance people, WHAT DO YOU DEFINE ACCIDENT?? It is a business built of risk, yes...we will try to avoid any accident to the best of our abilities. So i seriously dont get what they mean by "too many accidents". It seems to me nowadays, all $$$$$ face.. even approved mods - VOID...serious .. WTF WTF man.

 

Almost all other insurance companies in singapore have an under writing that says if you are rejected by your current insurer, they will NOT even give you a quote.

 

BTW, i have 45% NCD, if the above did not happen to me...i would only pay like $900, Now ONLY chartis would insure me and i end up paying $1300.

 

So how? We drivers get stuck in between...report or not? Well, i leave it to you to decide.

Edited February 25, 2012 by Ming99