Accident..do we really need to inform insurer

Hi all,

Just got my forte a wk back, yest nite went for a drive with my younger bro with him driving and we got into an accident.. Just my luck... Wont go into details here but i agreed it was our fault and had a agreement with the other party that we will do a private settlement and won't file claims.

1) Took down all necessary particulars from his IC, driving license.
2) We both sign an agreement form to say that we agreed to settle this privately
3) Met him at his fren's workshop this morning and was quoted abt 3-3.5K in total for repairs(both cars). Mine was quite bad with the front bumper off halfway, headlights smashed, bonnet dented and signal lights not working too.

Would like some advise as to:

1) What other things have i missed out in terms of procedure?
2) Do i still need to report this incident to AIG since we have agreed on private settlement?

I think all of you need to go back to the car insurance letter pack from AIG and read the content......

Read the pamphlet called "A Guide to the Motor Claims Framework".

It tells you what you should or should not do in the event of an accident....read the Key Points page. it's not long, just one page.

If you don't follow the procedures that they lay down, it is considered a breach of contract and the insurance guys have the legal right to decline/honour the claims from the injured party...

By the way, the Insurance Certificate also stipulates which workshops you are supposed to go to.

Going by the number of times that the other party will stab you in the back after sometimes....you weigh your options and consider the risks.

You still need to report to your insurance AIG even you and the other party agree to settle privately. This is to protect yourself and also "by law" we have to report insurance weather it is a minor or major accident. Just report within 24hrs and talk later.

For our new car if we want to go back to dealer to repair shld be no issue unless your plan restricts you on that.

As to the question of do we really need to inform.
If the other party whom you totally dunno about did not inform his insurer about this accident and your insurer did not know about this incident then no problem.

Bottom line, the guideline states you need to inform your insurer so even if you do not wish to claim on your own policy, but if the 3rd party decided to claim against you and you did not report then your insurer has the right not to pay and of course penalise your NCD even if there was no claims but they were informed of the accident via the 3rd party's insurer.

3K??

May as well ask the insurance to settle...........

the repair cost quite high and if yr NCB is not that high, why not claim insurance? unless one's driving without licence....or due to some agenda, not able to file official report...but then again no warranty that the other party wouldn't file a claim again later.