Accident claim: insurance vs private settlement

kebinu

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It's a bit too late now too.

Is there black and white to settle privately?

Did it happen Friday or before?
 

americanhippo

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My humble opionion, a lot of factors are consider if settle the claim via insurance or privately.

If it 100% your mistake, try to settle for private settlement IF ONLY the other party asked for a reasonable compensation.

Once a sky high-price is demand, just throw the case to the insurance company and let the other party claim.

So how much compensation is the other party asking for?
If you just said ok-ok.
Just pray hard that the driver do not 'chop' you.

Last but not least, even private claim, do report your case to insurance company within 24 hrs and tell them you are working on a private settlement claim.

Hope it helps.
If tell them u are working on private settlement, would the insurer up ur premiums also?
 

moneyorangeapple

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If private settle, inform insurance company just in case e other party play punk

What happened to me was

Other party at fault. Banged me and pay 400 to my workshop. Shop issued $400 invoice to him but I got a sales return of $100, considered as my gain.


try not to... you may think you gain $100, but in fact you lose more than this amount.
 

AL5509

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If tell them u are working on private settlement, would the insurer up ur premiums also?
Lol insurer will tell you wouldnt but when premium increase, they will said other factors lo.

We also llst right.
All these very 'black' de.
 

EJB

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Hi all,

I had a small accident and would appreciate some advice.

I was driving my motorcycle and was in a single lane road. The traffic was stationary and the other side was clear and I wanted to do a U-turn so I overtook the car in front in order to turn and as I was turning the car in front suddenly pulled out, without indicating. We crashed into each other at low speed.

Who is to blame here? Surely it is both of us, as I maybe should have waited to turn right, and she didn't signal or check her blindspot?

She is now saying it was my fault and is demanding I pay for the repairs to her bumper ($500). My repairs are $300.
You were overtaking, it's your fault.
 

-nzy90

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Small accidents try to settle privately. Today, just encounter a friend who kept complaining to me about cannot find insurer for his next car. In the last 2 years, he was unlucky and got into 5 accidents. All not his fault and claimed 100% from third party. But all the insurers he tried all reject him saying due to his claims record.
 

AL5509

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Small accidents try to settle privately. Today, just encounter a friend who kept complaining to me about cannot find insurer for his next car. In the last 2 years, he was unlucky and got into 5 accidents. All not his fault and claimed 100% from third party. But all the insurers he tried all reject him saying due to his claims record.
This is why the system is so F-up lo.
Once again, given that your friend may want to private settle for his 5 accidents, does not means the other party in fault want to.

Adding on even private settlement, we need to make a offical report to insurance company which they will still have a record 5 accidents happened within that 2 years.

So will be anyone guess if he will be able to find any insurance company too thou.
 

-nzy90

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This is why the system is so F-up lo.
Once again, given that your friend may want to private settle for his 5 accidents, does not means the other party in fault want to.

Adding on even private settlement, we need to make a offical report to insurance company which they will still have a record 5 accidents happened within that 2 years.

So will be anyone guess if he will be able to find any insurance company too thou.
Ya. But some companies don't ask for accident record. Only ask for claims record. Just renew my insurance with NTUC and they told me they only take into account claims record. Private settle cases no need to declare to them.
 

AL5509

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Ya. But some companies don't ask for accident record. Only ask for claims record. Just renew my insurance with NTUC and they told me they only take into account claims record. Private settle cases no need to declare to them.
Then will see if the other party(at fault) agreed to your settling amount.
 

seveneleven

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If private settle, inform insurance company just in case e other party play punk

What happened to me was

Other party at fault. Banged me and pay 400 to my workshop. Shop issued $400 invoice to him but I got a sales return of $100, considered as my gain.

so meaning the repair is $300 but you ask the workshop to issue $400 instead, then you can take $100 from them? Is this the normal practice?
 

kakaBoBo

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later he claim medical fee, u also suck thumb llpl.
very common.
 
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