quick question re: settling up for an accident

Legacy_user

Hi Everyone.

I had an accident last week that was deemed to be my fault. Now I reported to insurance company and they noted it all down and found me at fault.

Now the chap I hit has come back with qoutes for repairs (to save going through insurance) Now from what the insurance company says, if we settle this between ourselves, then my No claims bonus is still in tact. IE no claim was made against my no claims bonus.

Is this correct?

I just didn't realise you could do this ?

Quentin

Yes, that is correct.

If you do decide to pay the chap off, make sure he signs a receipt for the money you pay him, and that it says the sum is paid "in full and final settlement, and without admission of liability".

Then inform your insurance company that you have settled the matter yourself.

Gordon861

But you will probably still have to declare the accident if asked on another insurance form so it might still affect your premium later.

movilogo

Often it happens that cost of settling yourself is much more than the amount your premium goes up in next few years.

And how often you pay from your pocket? Tomorrow you may have another accident.

And even after all this, you still need to declare the incident [as your insurer have already recorded it on database].