Accident Private Settlement Agreement

You are committed to protecting your No Claim Discount (NCD). Your CRS is the discount on your premium if you have not claimed your policy during the current insurance period. The discount you get from your annual premium can be significant, so it may not be worth claiming small repairs, as it compromises your driving record. However, remember that you can still get your NCD if you are not held responsible for the accident. If it is a cash payment for settlement, the recipient must confirm receipt of the amount. You can keep a clean claims record by opting for a private agreement with the other party. This would mean that you can continue to benefit from your current claim discount and default premium when renewing your policy. You should do this, because if the final bill turns out to be higher than your estimate, you may not be being allowed to charge the costs from your insurance company. This is the case since insurance companies have a deadline to claim an accident. Check your policy to verify this information.

In any case, singapore motorists are required to report an accident to their insurance company within 24 hours or the next business day following the accident, even if they are not entitled to it. Private invoicing is a solution to accidents between drivers without the involvement of insurers. The agreement may lead one party to pay the other or both parties to agree not to demand one from the other. In any case, if the accident is serious, you want to inform your car insurer, assert a right to car insurance and have the resulting costs covered. But what happens if the accident is minor? You should still assert a right? If you decide to set up privately, your accounts must be recorded in writing. Some insurers provide private billing forms that you should keep with you in the event of an accident. In a private transaction, the parties agree to settle the matter by mutual agreement without continuing with each other. It might be useful to avoid taking legal action and, on the contrary, to conclude a private agreement. If two cars are involved, this should be a case where none of you are injured and the damage is minimal. Even in such a situation, the person concerned should preferably be known to you or someone you trust.

In a situation where you don`t know the other driver, act with caution. This is due to the fact that he or she could rely on the agreement not to include insurance companies. This can happen for a variety of reasons. Perhaps they experienced pain a few hours or a day later after the accident or found that the damage to their car was much greater than they initially expected. Even if you decide to settle in private, you do not agree not to report the accident. If the other driver decides to report the accident and you don`t, your car insurance could be affected. No one wants to end up in an accident. But if you have the bad luck of being involved in one of them, you would know what to do? If you want to opt for private billing, you can drive the car/cars to an authorized garage and get them to give you a written quote before making your decision.

If you don`t, your No Claim Discount (NCD) will be affected when you renew your auto insurance and if you decide to submit a claim later, it may be denied. Also, you can`t be sure that the other driver won`t claim you later. Some drivers choose to pay a higher deductible to reduce their premiums.