Below are some of the useful informations written by Mr Tan Kin Lian, ex-CEO of NTUC Income Singapore on the procedure in handling a traffic accident you are in.
Full article here.
If you drive a car and you meet with an accident, you face a dilemma. Which party is at fault? Do you want to settle the liability on the spot, or leave it to your insurance company to handle?
In the case of a minor accident, it is best that both parties agree to have a private settlement and not to make any claim on the insurance policy. One party may agree to pay a sum of money to the other party to repair any damage.
The private settlement should be recorded in writing and be signed by an independent witness. Some insurance companies have issued a simple form that can be used to record a private settlement. If you do not have this form, a simple agreement can be written. In fact, if both parties are honorable, a verbal agreement will be adequate.
If you make a private settlement, both parties will keep their No Claim Discount.
If private settlement cannot be reached, you have to make an insurance claim. Both parties can, on the spot, record down the circumstances of the accident and the extent of the damages to the vehicle. Photographs can be taken. If most or all of the facts are agreed, the insurance companies for both vehicles can settle the claim quite easily.
The insurance companies have issued a form called the Singapore Accident Statement, which can be used for this purpose.
If you cannot reach a private settlement or get a Singapore Accident Statement agreed on the spot, with photographs of damages, what is the next best approach for you to take?
You have to make a report the accident to your insurance company as soon as possible. You have to bring the vehicle to the reporting center, so that photographs of the damages can be taken. These will be useful to settle the repair cost, and also to establish the party that bears the liability for the accident.
It is best for the policyholder to let the insurance company arrange the repair. They can find a suitable workshop to repair the damages at a fair price. They can ensure that the repair is carried out to the quality standard. The policyholder is freed from the hassle of arranging the repair. In some cases, they are given a courtesy car to use during the period of the repair.
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