Private settlements: report to insurance or not?

Droicut

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I recently got into a minor accident, and already privately settled with agreement over WhatsApp message that case closed and no more further damages to be compensated.

Question is, I received differing opinions on whether to raise the accident with the insurance company or not. What's the downside (if any) of either options?
 

myviowner

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I recently got into a minor accident, and already privately settled with agreement over WhatsApp message that case closed and no more further damages to be compensated.

Question is, I received differing opinions on whether to raise the accident with the insurance company or not. What's the downside (if any) of either options?

Even is a private settlement. To cover yourself, please proceed to make a report to the insurance coy. This is to cover yourself.
Is not that difficult to make a report. Spend a few hours just to prevent the other party later decided to make a claim against you.
I was in that situation before. Suck thumb! Learnt my lesson from that incident on wards.
 

sunsetbay

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I just got a minor accident two days ago~ the other car hit my rear bumper when I was stationary at red light~ I went to workshop the next day to survey the cost~ long story short, we agreed to private settle~

I prepared the private settlement form, fill in all the info for her~ she signed, fund transfer, then I digital sign, email her back~ we closed the case on the second day~ :s22:

Use 2nd page form for cash settlement~
https://www.sgcarmart.com/pdf/accident-kit-essential-forms.pdf
 

JX1983

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I recently got into a minor accident, and already privately settled with agreement over WhatsApp message that case closed and no more further damages to be compensated.

Question is, I received differing opinions on whether to raise the accident with the insurance company or not. What's the downside (if any) of either options?

My recent accident also I did private settlement with the driver which bang my rear boot when I was stationery which then we settled over whatsapp too when he pay fully for the repair fee. But most important u have videos and photos showing front and back that u were totally in favour on the case. Of course like the rest mention best if have black and white on the spot on that day when the accident happen.

If ur accident is those 60/40 kind, is better to report the accident to play safe even u guys decided to do private settlement.
 
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sporeknight76

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V hard to say. Dep yr luck. S insurers mentioned, all accidents minor or major even priv settled signed hardcopy softcopy, also nd to report. If the other party chao kuan disiao report tis case (even is other party fault), yr ncd mayb affected cos u did nt report within 24hrs.

But still hav to c situations. Look at the other party patt. If he/she nt the steady type better report play safe.
 

Droicut

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In this case, it was 100% my fault. Even my workshop say the amount he ask for is considered "cheap", ask

Also it's not private vehicle, it's a lorry. Don't know if report liao will stir even bigger or not, which I'm not quite in the mood for also. That's why I'm abit conflicted on what to do cause my friends kena horror stories from buey steady drivers.

Edit; the lorry driver seems quite steady (but some things you really don't know), but also I suspect he not intending to fix the damage also.
 
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sporeknight76

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In this case, it was 100% my fault. Even my workshop say the amount he ask for is considered "cheap", ask

Also it's not private vehicle, it's a lorry. Don't know if report liao will stir even bigger or not, which I'm not quite in the mood for also. That's why I'm abit conflicted on what to do cause my friends kena horror stories from buey steady drivers.

Edit; the lorry driver seems quite steady (but some things you really don't know), but also I suspect he not intending to fix the damage also.
S long s signed priv settlement form, o nd wori the other party will claim more. But the thing is dono if the other party will go n report for record purpose. If he do, u mus report too.
 

elf108

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Small amount or small damage private lah.
Got taxi bang my rear I take $150 from him settle. Onwself polish away the paint.
 

sunsetbay

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If he steady ask him to sign the private settlement form~ the lorry likely doesn't belong to him, his company may think otherwise and claim you when found out~

Whether he take the money to repair or not, that one is secondary~
 

Droicut

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S long s signed priv settlement form, o nd wori the other party will claim more. But the thing is dono if the other party will go n report for record purpose. If he do, u mus report too.

The private settlement doesn't absolve me from the responsibility to report also correct? Meaning if I don't report, and he change his mind and report regardless of the form, I'll still get penalise by the insurer?
 

edwinttt1978

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The private settlement doesn't absolve me from the responsibility to report also correct? Meaning if I don't report, and he change his mind and report regardless of the form, I'll still get penalise by the insurer?

Insurers love to penalise their insured for things not done or not done correctly according to their terms and conditions. Don’t give them a chance to repudiate their liability by not reporting.

Report the private settlement in a timely manner.
Be safe, not sorry.

See also Accident with rental car
https://forums.hardwarezone.com.sg/124873164-post42.html
 

myviowner

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Small amount or small damage private lah.
Got taxi bang my rear I take $150 from him settle. Onwself polish away the paint.

Depends on situation also lah. In your case, adv is you. You make the call.
Other factors: own car, new or old or rental.
 

kebinu

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By right still have to report. At the reporting center, they told me don't need. Well, remember to just report just for the sake of reporting ya.
 

trailblaze

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on a separate note, if the accident is reported to police, can private settlement still be carried out?
 

kebinu

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on a separate note, if the accident is reported to police, can private settlement still be carried out?
Means got injury liao. If you kenna banged, best is not opt for private settlement as the injury can cost a lot later.
 

-nyox-

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Always report to insurance no matter the severity of the accident.

For private settlement, just inform your insurer it's for reporting purpose only and you intend to privately settle the matter.
 

sporeknight76

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The private settlement doesn't absolve me from the responsibility to report also correct? Meaning if I don't report, and he change his mind and report regardless of the form, I'll still get penalise by the insurer?

All insurers require u to report any accidents - priv settled or nt, form sign or nt. Some insurers will still penalise u ie raise yr premium even is nt yr fault n no claim is made on yr side. Seems tat u hav a "record". U belong to risk drver. Watever reason. Also waste time to go report - tats y mostly at fault drvers will request to priv settled n no reporting if minor cases. If not at fault drver still insist report, the at fault drver may nt even wan to settle priv bcos u made him waste time go report.

Remember if u wan chg of insurers n ask quotatn from new insurers? They alwys ask if u had accid in recent 3yrs. If u hav (nt yr fault) n even is priv settled oledi n reported, it will still b recorded as 1 case.
 
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trailblaze

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Means got injury liao. If you kenna banged, best is not opt for private settlement as the injury can cost a lot later.

ah I c, thks.

yes I was injured on bike when the other party banged into my side.
reported police but he said orivate settle.
 

hawthorne

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Private settlement pls go report insurance. When the guy comes and do the statement, u tell him u only want to report and not claim. He will process it accordingly.

But if I'm not wrong, with injury cannot do private settlement cos need to call police

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