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Accident Private Settlement Agreement

If the cash payment is involved in the compensation, the recipient must confirm receipt of the amount. You can manage a clean damage assessment by opting for a private transaction with the other party. This means that you can continue to enjoy your current no claims discount and standard bonuses on your policy extension. Private billing is a solution to the accident between drivers, without including insurers. The comparison may lead one party to pay the other or both parties for not accusing each other. In a private transaction, the parties agree to settle the matter amicably without continuing each other. No one wants to end up in an accident. But if you`re unlucky enough to be involved, do you know what to do? If you decide to move in private, your transaction must be recorded in writing. Some insurers provide private billing forms that you should keep with you in the event of an accident. You are committed to protecting your no Claim Discount (NCD). Your NCD is the discount on your premium if you have not claimed rights to your policy during the current insurance period. The discount you will receive from your annual premium can be significant, so it may not be worth filing for small repairs, as it will compromise your transportation ticket. However, remember that you can continue to receive your NCD if you are considered not responsible for the accident.

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 party concerned should be best known to you or someone you trust. In a situation where you do not know the other driver, proceed with caution. The reason is that he or she could reverse the agreement not to include insurance companies. This can be done for a variety of reasons. Perhaps they suffered hours or a day later after the accident, or they discovered that the damage to their car was much more than they had originally anticipated. If you want to opt for a private count: even if you decide to move in private, you do not agree not to report the accident. If the other driver decides to report the accident and you do not, your car insurance may be affected. In any event, if the accident is serious, you wish to inform your car insurer, claim automobile insurance and have the costs covered. But what happens if the accident is minor? Should you still apply? In certain circumstances, it would be wise to avoid filing an application and instead obtain a private comparison. You should do so, because if the final tally is found to be higher than your estimate, you may not be able to claim your insurance company`s costs.

This is the case because insurance companies have a time frame to claim an accident. Check your policy to check this information. In any event, motorists in Singapore must report an accident within 24 hours or the working day following the accident, even if they are not entitled to it. Send to: AIG Asia Pacific Insurance Pte. Ltd. AIG Building 78 Shenton Way #09-16 Singapore 079120 You also cannot be sure that the other driver will not sue you later. Some drivers opt for a higher deductible to reduce their premiums.

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