Claim insurance or Private settlement & scrap car?

[Wintersonata]

Dear All,

 

Just got an accident, got rear-end by another car.

Bumper still attached, but part of it caved in and boot cannot close properly.

Exchanged driver and insurance details.

 

By right, should just claim insurance and case closed.

But my car is already more than 7yrs old, plus already thinking of changing car this year, but not right now.

So if I claim insurance and repair the car, then scrap it 3-6 months later... Quite wasted...

 

Alternatively, discuss a private settlement with the other driver (~ $2-3k) and take the cash and scrap the car...

About 6 months back, a dealer offered only $800 above paper value for my car...

So treat it as a "dealer" buying it for $2-3k... At least the other owner save on next insurance premium renewal...

It should be a win-win situation...

 

Not sure whether I am doing the right thing here... Please advice... Cheers...

Edited January 27, 2010 by Wintersonata

[Intel]

If the other party is willing to pay you what u ask for. Base on what u say, yes is a win win situation. cos once u claim him, the record wil be with the insurance company for 7 years. You can tell him this. If he is not willing to pay the amount, take note you need to report to IDAC within 24hr.

[Wintersonata]

If the other party is willing to pay you what u ask for. Base on what u say, yes is a win win situation. cos once u claim him, the record wil be with the insurance company for 7 years. You can tell him this. If he is not willing to pay the amount, take note you need to report to IDAC within 24hr.

 

Korean uncle driving the car... Guess, he has to fork out cash to fix his car too...

Thanks for your feedback.

[Introz]

i think its win win

for less than 10k repairs its worth to settle each other

cause not worth the 0%ncd again

remember every year insurance go up up up up and the way

^^,)

just bear in mind do make 2 formal letter with all the details like the agree money paid & no claiming of insurances.. both sign on the letter. one is your self and 1 is the other party

so there will be no cheating of each other.

 

[Itsec]

Dear All,

 

Just got an accident, got rear-end by another car.

Bumper still attached, but part of it caved in and boot cannot close properly.

Exchanged driver and insurance details.

 

By right, should just claim insurance and case closed.

But my car is already more than 7yrs old, plus already thinking of changing car this year, but not right now.

So if I claim insurance and repair the car, then scrap it 3-6 months later... Quite wasted...

 

Alternatively, discuss a private settlement with the other driver (~ $2-3k) and take the cash and scrap the car...

About 6 months back, a dealer offered only $800 above paper value for my car...

So treat it as a "dealer" buying it for $2-3k... At least the other owner save on next insurance premium renewal...

It should be a win-win situation...

 

Not sure whether I am doing the right thing here... Please advice... Cheers...

 

 

try the win win situation.... dont add more numbers to the statistics...

[Alechi]

dun claim self - get $$ from banger

best option under ur scenario

 

 

Dear All,

 

Just got an accident, got rear-end by another car.

Bumper still attached, but part of it caved in and boot cannot close properly.

Exchanged driver and insurance details.

 

By right, should just claim insurance and case closed.

But my car is already more than 7yrs old, plus already thinking of changing car this year, but not right now.

So if I claim insurance and repair the car, then scrap it 3-6 months later... Quite wasted...

 

Alternatively, discuss a private settlement with the other driver (~ $2-3k) and take the cash and scrap the car...

About 6 months back, a dealer offered only $800 above paper value for my car...

So treat it as a "dealer" buying it for $2-3k... At least the other owner save on next insurance premium renewal...

It should be a win-win situation...

 

Not sure whether I am doing the right thing here... Please advice... Cheers...

 

[Robo]

get cash and change car

[Celicar]

Korean uncle driving the car or uncle driving korean car? If the former and he's just here for the short term, then not sure of NCD or no NCD would mean anything to him. But on first principles, win-win is always best. Just hope he doesn't pull a fast one and report within 24hrs but you don't.

[Wintersonata]

Thanks everyone for your feedback.

Unfortunately the uncle decided to claim insurance... And I haven't even get back to him on the estimated settlement amount...

Tried to persuade him, but i guess he is not comfortable to deal in cash and worry i backstab him... Sigh...

 

As usual, the courtesy car + lawyer fees + repair fees...

Good money for all those in the trade except car owners...

Edited January 29, 2010 by Wintersonata

[Wintersonata]

Korean uncle driving the car or uncle driving korean car? If the former and he's just here for the short term, then not sure of NCD or no NCD would mean anything to him. But on first principles, win-win is always best. Just hope he doesn't pull a fast one and report within 24hrs but you don't.

 

Well, it's a Korean uncle driving a korean car, singapore citizen liao... got Pink IC one...

[Galantspeedz]

Well, it's a Korean uncle driving a korean car, singapore citizen liao... got Pink IC one...

 

talk to his insurance company if it is possible for you to get the cash for the repair costs anot...... inform your insurance company also but you must sign indemity form and if your car still have loan inform your loan company and if you have good payment record they should allow.....