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Cba6p

By Cba6p,
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Cba6p

Cba6p

1st Gear
(edited)

Hi guys,

 

I met in a minor accident last year. Someone banged the back of my car. As the damage was minor so I didn

Edited by Cba6p
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Quirky

Quirky

3rd Gear

Amazing! Which motor insurance company is this?

 

 

 

Hi guys,

 

I met in a minor accident last year. Someone banged the back of my car. As the damage was minor so I didn

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Owen_fan

Owen_fan

2nd Gear

I have a similar case as you a few years back. Minor accident and both parties agreed not to make any claim, but just report insurance. Then when renewing my insurance, aunty lucy up the premium by more than 20%. I decided to source for other company & most of them are able to offer me better premium than aunty lucy.

 

 

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Ronleo

Ronleo

6th Gear

Call the ins co, bla bla bla

else, time to call Bro RONLEO!

 

He will be better price than your current!

My word [laugh]

Haha... Tks for the "advertisment"! [laugh]

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Ronleo

Ronleo

6th Gear

Alamak if its minor just settle privately...why go report idac? Once reported your info is at risk of sending to ins co....

Take note tat even if u settle privately, it's still necessary to file a report at IDAC

juz to cover your backside.

 

As long as u can produce the private settlement form, your NCD will not be

affected comes renewal.

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Ronleo

Ronleo

6th Gear

If you are not gonna claim from either your own policy or 3rd party...dun report.

 

Once you report...your insurance company will deem that there is a potential claims and they will knock off 30% of your NCB to protect against the claim if any...your premium should not be effected. Check with your insurance company on this.

 

Your NCB will be reinstated exactly 1 year from the date of the accident if there is no claims from any parties (yourself or the other motorist). You will receive a cheque from the insurance company on the "extra" premium that you paid and your NCB reinstated.

If u dun report and settle privately without any documentation, u might get a shock

if the other party goes back on his word and claim u instead.

 

Thus, I would advise to report the incident no matter how small the damage is.

Cos I have seen such cases happened. A minor kissing of the bumper could

set u back more than $15k!

 

Breakdown cost involves new bumper, legal fee, medical fee, loss of income, replacement car, etc...

 

Always keep 2 copies of private settlement forms in your car... Hopefully never to use it! [;)]

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Ghostrider

Ghostrider

3rd Gear

If u dun report and settle privately without any documentation, u might get a shock

if the other party goes back on his word and claim u instead.

 

Thus, I would advise to report the incident no matter how small the damage is.

Cos I have seen such cases happened. A minor kissing of the bumper could

set u back more than $15k!

 

Breakdown cost involves new bumper, legal fee, medical fee, loss of income, replacement car, etc...

 

Always keep 2 copies of private settlement forms in your car... Hopefully never to use it! [;)]

 

Private settlement as in with your own black and white...never verbal. Once you have the private settlement...you do not need to get your insurance involved. The private settlement is as good as a law binding contract.

 

And you are right...always have these forms in your car...hopefully never need to use.

 

For those who dun have...get the form from the link below and print it out. Its a standard form by NTUC.

 

http://www.income.com.sg/forms/claims/Motor-PteSettle.pdf

 

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Nzy

Nzy

Twincharged

If you are not gonna claim from either your own policy or 3rd party...dun report.

 

Once you report...your insurance company will deem that there is a potential claims and they will knock off 30% of your NCB to protect against the claim if any...your premium should not be effected. Check with your insurance company on this.

 

Your NCB will be reinstated exactly 1 year from the date of the accident if there is no claims from any parties (yourself or the other motorist). You will receive a cheque from the insurance company on the "extra" premium that you paid and your NCB reinstated.

 

Don't think all companies like that. I am with NTUC and last year I reported one accident but both cars only very minor damage so no claim at all. My NCD remained the same and in fact my premium got lower when I renew.

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Ronleo

Ronleo

6th Gear

Private settlement as in with your own black and white...never verbal. Once you have the private settlement...you do not need to get your insurance involved. The private settlement is as good as a law binding contract.

 

And you are right...always have these forms in your car...hopefully never need to use.

 

For those who dun have...get the form from the link below and print it out. Its a standard form by NTUC.

 

http://www.income.com.sg/forms/claims/Motor-PteSettle.pdf

+1

 

Here's my template of the private settlement form as well...

I juz dun like to use aunt Lucy's form. [laugh]

 

http://www.motorinsurancesingapore.com/sig...eSettlement.pdf

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inlinesix

inlinesix

Hypersonic

Private settlement as in with your own black and white...never verbal. Once you have the private settlement...you do not need to get your insurance involved. The private settlement is as good as a law binding contract.

 

And you are right...always have these forms in your car...hopefully never need to use.

 

For those who dun have...get the form from the link below and print it out. Its a standard form by NTUC.

 

http://www.income.com.sg/forms/claims/Motor-PteSettle.pdf

Read the term & condition properly. Some insurers require report of claims regardless private settlement or not. Otherwise, insurer has the right to cancel policy HOR.

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Ghostrider

Ghostrider

3rd Gear

Don't think all companies like that. I am with NTUC and last year I reported one accident but both cars only very minor damage so no claim at all. My NCD remained the same and in fact my premium got lower when I renew.

 

NTUC also does that...I guess in your case there was understanding that there is no claim between the 2 insurance company or both are with the same insurance company. (my guess)

 

I kenna once...a bike scrap my car and drove off...I got him on camera and made a report...did not do any claims...just use a bit of wax and polish off the scratch...and AIG came and took 30% of my NCB...cos the other motorist did not make any report. Basket...I follow rules and report get penalised while the other guy who broke the rules got away scott free...

 

I spoken to my friend who is a lawyer...he told me that if there is a black and white to state that both party will not claim each other OR compensate a certain sum...its a legal binding documents that will stand up in the court of law...even if its a agreement drafted on paper at the time of the accident.

 

Just that we are not used to legal terms...we might miss out on certain details that the other side might wanna take advantage off.

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