Private settlement

[nikonll]

What is the best and correct way to privately settle a minor accident w/o injuries?

[Orleng]

First and foremost, make a report at IDAC to cover your backside.

 

Then go google for NTUC private settlement form.

 

Decide on $$ to pay or be paid.

 

Come to agreement.

 

Both sign and say payment made/received and both sides shall not pursue any further.

 

That's what I'd do.

 

No, you do not have to be NTUC insurance holder to use the form, it's just that NTUC insurance holders should send it in to NTUC. Just hold on to your signed copy. If the other party tries to file a claim, your insurance coy will inform you, then you just forward it to them. It's still a contract anyway, regardless.

 

If there's any wrong info above, feel free to correct.

[nikonll]

First and foremost, make a report at IDAC to cover your backside.

 

Then go google for NTUC private settlement form.

 

Decide on $$ to pay or be paid.

 

Come to agreement.

 

Both sign and say payment made/received and both sides shall not pursue any further.

 

That's what I'd do.

 

No, you do not have to be NTUC insurance holder to use the form, it's just that NTUC insurance holders should send it in to NTUC. Just hold on to your signed copy. If the other party tries to file a claim, your insurance coy will inform you, then you just forward it to them. It's still a contract anyway, regardless.

 

If there's any wrong info above, feel free to correct.

 

decide on $$ paid after accessing by IDAC? If report IDAC, means your insurance involved also is it?? means NCD gone?

[Orleng]

decide on $$ paid after accessing by IDAC? If report IDAC, means your insurance involved also is it?? means NCD gone?

 

IDAC is just a fact-collection agency. You go there, make a report, they take some photos to document the damage. They don't decide or determine the type of damage or who's at fault or anything. If you file a claim, or the other party files a claim, then the lawyer will go dig up the report.

 

If you kena claim, then your insurance company will go get the related documents.

 

I can't speak for other companies, but I've filed 2 reports before, and my NCD has been unaffected so far. Under AXA.

[nikonll]

what about those cases where only the other party has a little damage, and just wants a small token for repairs, how do we protect our backside from that?

[NaRuTo13]

First and foremost, make a report at IDAC to cover your backside.

 

TIf the other party tries to file a claim, your insurance coy will inform you, then you just forward it to them. .

 

as long there is private settlement, u can proceed to forward ur private settlement to ur insurer to keep them in the loop.

 

from what i "hear" or when u even read on this forum, so claim the party might not know which is to say the other party can claim u while ur insurer dun inform u. thus this private settlement is actually forwarded to the insurer whenever its done so they will know what to do =)

[NaRuTo13]

what about those cases where only the other party has a little damage, and just wants a small token for repairs, how do we protect our backside from that?

 

this private settlement is to write off both side liability, as such no claim or anything can be done to both party through insurer nor any other liability claims.

 

like i mention in previous post, as long such form is sign, kindly forward it to ur own insurer. so its consider covering your self le, cos insurer know u did private settlement, and the other party agree. so u + ur insurer will stand on the ground nth can be done cos its already solved.