Accident claim: insurance vs private settlement

Chiron

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Experts here, I will like to know. Is it cheaper to claim insurance rather than settle privately? I knocked into the back of a car yesterday. The car owner agreed to settle privately. First time for me. So thinking outside settle or through insurance better. Not a cab. And the person looks ok. Assume will not go back on his word. TIA
 

kebinu

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Write black and white to settle privately. Pay and that's it.

If go thru insurance, ncd down, premium up, making it not worth while in the long run.
 

AL5509

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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.
 

Chiron

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100% my fault. Am waiting for the quote tomorrow since its a weekend. Yeah will be making a report to the insurance tomorrow.
 

AL5509

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Chiron; said:
100% my fault. Am waiting for the quote tomorrow since its a weekend. Yeah will be making a report to the insurance tomorrow.
Quotation from who's workshop?
Yours or the other party?
Have you spoken to the party roughly how much it will be?
As it should be written blank & white a estimated repair cost, any injuries, lose of use, etc?

By the way what car is that, that you knocked onto?
 

Chiron

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Bang into a wish backside, dented his boot door n back bumper. I believe at least one K for repair?
 

Chiron

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Probably can also presumed the back sensors need replacement. Back light ok seems no damage
 

Tyrian

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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.
 

hwaa

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hmms. i settled once privately for $200+ , dint report to insurance but got black and white written saying wont report insurance for further claims.
 

flashover

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hmms. i settled once privately for $200+ , dint report to insurance but got black and white written saying wont report insurance for further claims.
Is this ok? I gt black n white n also never report insurance. The other party cn still play punk rite? Safest to report?
 

jerrymatthias

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Got into an accident yesterday. Suppose to private settlement. No clear black and white written. Except I written him only my car plate number, I/C and mobile phone number and not getting any information from the other party.

He called yesterday after incident, say will send vehicle for quotation. This morning called back saying want to claim other my insurance. I already send my own car for repair and collecting this evening.

Stress abt this, should I call my insurer? My friend saying the other party wanna claim "huge" amount for that minor.

Can anyone help?
 

frotle009

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Got into an accident yesterday. Suppose to private settlement. No clear black and white written. Except I written him only my car plate number, I/C and mobile phone number and not getting any information from the other party.

He called yesterday after incident, say will send vehicle for quotation. This morning called back saying want to claim other my insurance. I already send my own car for repair and collecting this evening.

Stress abt this, should I call my insurer? My friend saying the other party wanna claim "huge" amount for that minor.

Can anyone help?

did the other party have a video of what happened? Did you written black and write that you are wrong?

Describe the accident pls
 

jonlisty

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Small accident settling

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.
 

kebinu

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The car in front and the car you overtook are the same car? Meaning she bangs into you when you are in front of her?

How's the lane like? Legal u turn?
 
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