Private settlement affecting premiums?

superzheny

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Good day all, last year I accidentally hit someone's backside. But because speed was very slow, there was no damage to either cars and no injuries. We private settle and left. No claims was made by either parties.

As per GIA guidelines, I made an incident reporting with my insurance coy.

I am now renewing my insurance. However the insurance coy is labelling it as an at fault accident and raising my premiums. They are not affecting my NCD.

Anyone experience this before? Incident reporting without claims leading to raised premiums.
 

BigMonkey

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since they want to chao kuan, u also chao kuan, look for another ship. before that, raise your concern directly to them and see if they able to offer any win-win solution.
 

BrOwnTeddy

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Good day all, last year I accidentally hit someone's backside. But because speed was very slow, there was no damage to either cars and no injuries. We private settle and left. No claims was made by either parties.

As per GIA guidelines, I made an incident reporting with my insurance coy.

I am now renewing my insurance. However the insurance coy is labelling it as an at fault accident and raising my premiums. They are not affecting my NCD.

Anyone experience this before? Incident reporting without claims leading to raised premiums.
The moment you report instantly raise premium.

Next time just make a true private settlement. If zero damage, then compensate a few hundred for the other guy's time lost (since you are the one at fault), shake hands like a gentleman and both parties move on.
 

EJB

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And people tell me reporting won't affect premiums...

Anyway no reports, on accident, premiums also always go up. Just find another insurer.
 

myviowner

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Many other ships luring potential clients to sign up with them. Move on to find another with you are comfortable with. Again, check the details as many luring clients with super duper cheap bare plans. Make sure you know what you are buying.
 

LouisSaha

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True private settle, just pay and swee swee move on.
Don't have to report to insurance company.
Go download the private settlement forms from SGCARMART.
Print a few copies and keep in car. May come in handy at times like this situation.
 

myviowner

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True private settle, just pay and swee swee move on.
Don't have to report to insurance company.
Go download the private settlement forms from SGCARMART.
Print a few copies and keep in car. May come in handy at times like this situation.
Taxi/PHV drivers, a must have in their ride before head out each day.
 

kebinu

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Premium increases from how much to how much to give us a better perspective?

If it's $1200 to $1300, it's "inflation". If it's $1200 to $2600, then pui. Why are you seem to be stuck with only 1 insurer? Is this only 1 brand or have multiple brands under your insurer? Which brand is it?
 

EJB

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Premium increases from how much to how much to give us a better perspective?

If it's $1200 to $1300, it's "inflation". If it's $1200 to $2600, then pui. Why are you seem to be stuck with only 1 insurer? Is this only 1 brand or have multiple brands under your insurer? Which brand is it?
Salary don't even increase at 9%, inflation from $1200 to $1300 is a lot already (9%). If I have no NCD reduction, why is there even an inflation of 9%?

I was at $1200 for my new car, 2nd year quoted $1400, I whacked them until it was 1k. Then 3rd year went up to 1.1K, I whacked again, went down to 890+. Inflation is BS IMHO.
 

superzheny

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My current (old) insurer is an overpriced premium one. I have already moved over to the new (budget) one.

The premium over all still dropped by quite a bit even with the "at fault" accident.

But without that, it would be around 100 dollars less. I got that number from playing around with their online quotation system.
 

EJB

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My current (old) insurer is an overpriced premium one. I have already moved over to the new (budget) one.

The premium over all still dropped by quite a bit even with the "at fault" accident.

But without that, it would be around 100 dollars less. I got that number from playing around with their online quotation system.
Budget is always cheaper, services also 'cheaper', don't expect a lot. Manage your expectations. I jump before with accident claims (25K+), it dropped below my original premium also.

Lesson learned, not claiming, don't report. Budget... I will still avoid their packages with a 10ft pole.
 

superzheny

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How so did your budget insurance not meet your expectations?
 

myviowner

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How so did your budget insurance not meet your expectations?
One of my frd went over to the budget type once.
Unfortunately, involved in an accident, his fault. On comprehensive plan. Budget coy found out that his ride's window tint not LTA frdy and tire was bald at that time of accident. 1 year liao at least, still cannot be reimbursed full on his own damage repair.
Final decision is yours, take that jump, prepare to take the risk in such situation.
After this incident, LL now on mainstream insurer liao.
 

EJB

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How so did your budget insurance not meet your expectations?
I don't go for budget. I just don't go for mainstreams, and buy additional coverage to cover any workshop.
 

EJB

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One of my frd went over to the budget type once.
Unfortunately, involved in an accident, his fault. On comprehensive plan. Budget coy found out that his ride's window tint not LTA frdy and tire was bald at that time of accident. 1 year liao at least, still cannot be reimbursed full on his own damage repair.
Final decision is yours, take that jump, prepare to take the risk in such situation.
After this incident, LL now on mainstream insurer liao.
Heard many such stories, they try to find things to void the insurance so as to avoid paying out or pay partial.
 

myviowner

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Heard many such stories, they try to find things to void the insurance so as to avoid paying out or pay partial.
Thats Budget! You want cheap i give you cheap. In the event of claiming, many many patterns.
 

ceecookie

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Salary don't even increase at 9%, inflation from $1200 to $1300 is a lot already (9%). If I have no NCD reduction, why is there even an inflation of 9%?

I was at $1200 for my new car, 2nd year quoted $1400, I whacked them until it was 1k. Then 3rd year went up to 1.1K, I whacked again, went down to 890+. Inflation is BS IMHO.
It also based on your age range and whether your vehicle model had more claims with insurer also.

Just to share, my policy cost 1.6k for 2019, but for 2020 it went up to 1.7k even though no accidents. Coz NCD went up by 10%, I paid less after the discount.

Hope this year the renewal will be cheaper.
 

EJB

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It also based on your age range and whether your vehicle model had more claims with insurer also.

Just to share, my policy cost 1.6k for 2019, but for 2020 it went up to 1.7k even though no accidents. Coz NCD went up by 10%, I paid less after the discount.

Hope this year the renewal will be cheaper.
Why should other vehicles of the same make do claims and the ones that don't get affected?

If your colleague stole stationery from the office, would you boss punish the entire department or fire you to serve as a warning to the department and team? That's a rather lame excuse I shot back at AIG asking then how is NCD useful if as long as the car make has claims everybody is affected. NCD is nothing than mere mockery then.

My premium came down after I scolded the CSO for giving me such a lame excuse.
 

batniss

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Good day all, last year I accidentally hit someone's backside. But because speed was very slow, there was no damage to either cars and no injuries. We private settle and left. No claims was made by either parties.

As per GIA guidelines, I made an incident reporting with my insurance coy.

I am now renewing my insurance. However the insurance coy is labelling it as an at fault accident and raising my premiums. They are not affecting my NCD.

Anyone experience this before? Incident reporting without claims leading to raised premiums.
Private settled still make report. Kum gong. Asking for it. Take it as a lesson learnt and move on. If they dont eat you this time how to continue milking more money?
 
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