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Home Insurance Planning General Insurance Report Your Motor Accident within 24 Hours to Insurer else...

Report Your Motor Accident within 24 Hours to Insurer else...

Monday, 23 July 2007 08:00 Ginny Lim
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From 1 June 08, all motor accidents have to be reported to the insurance company within 24 hours of occurrence or by next working day. The insurers will do the rest, from arranging for a replacement vehicle to making third-party claims. Should you fail to report promptly to your insurer, your claims may be prejudiced or even declined by your insurer. There is a penalty of deduction of 10% on the No Claim Discount (NCD) upon renewal of your policy. Even if you are new driver with no NCD given, you may not be awarded NCD in the subsequent years.

You should also report to the police within 24 hours if:

  1. There is a damage to a government vehicle or property.
  2. It involves a foreign-registered vehicle.
  3. It involves a foreign-registered vehicle.
  4. It involves a hit-and-run incident. 

In case of accident, you should

  1. Exchange particulars of involved parties including Name, NRIC/FIN, Telephone Number, Address and Insurer. Take note of the vehicle numbers and take digital photographs of the accident vehicles and accident scene. You can send the digital photos via MMS to 97112758 on the vehicle number and date of accident in the format is <vehicle number>, <DDMMYY>.
  2. Call your insurer’s hotline for a tow truck or for further advice on the accident. Avoid all  unauthorized tow-truck operators or repair workshops.
  3. Report and bring your accident vehicle (whether damaged or not) to the approved reporting centre/authorized workshop within 24 hours or by next working day. The centre/workshop will help to fill up the Singapore Accident Statement forms.

This move is seen by many to be effective to tackle the inflated claim by the motor car workshop. In simple cases, lawyers wil be kept out of the disputes as far as possible to contain the cost. Furthermore, non-injury motor claims disputes below $1,000 will now be addressed out of court - by the Financial Industry Disputes Resolution Centre (Fidrec).

So let's hope that motor premium will come down amidst the relentless inflation in the commodities prices.

 

Useful Contact Number

  • AIG 24-Hour Hotline : 63386200
  • AXA 24-Hour Hotline : 1800-8804741
  • NTUC Income 24-Hour Hotline : 67886616 
 

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Newsflash

Bankruptcy May Now Be Prevented

With effect from 18th May 2009, if you are in debt of less than $100,000, bankruptcy may be avoided if Insolvency and Public Trustee’s Office (IPTO) approved your repayment plan over the next 3-5 years. Statistically, about 42% of the bankrupts declared each year owes less than $100,000. So with an average of 3,200 bankrupts per year, 1,300 of debtors will be considered for the new Debt Repayment Scheme (DRS) administered by IPTO.

This is good news for Singaporeans amid the current recession. DRS benefits both the debtors and creditors in its own ways. Debtors will be able to avoid the stigma of bankruptcy and continue his work without the disruption brought about by the bankruptcy act, as long as he is able to fulfil the repayment plan. Creditors will also get his debts repaid from the debtors, albeit over a longer period of time.

The debtors must cooperate with the Official Assignee (OA) of IPTO in the administration of the plan. The debtor can make his payment at any SingPost branch or SAM machine, which is being monitored by OA. Dishonesty, failure to cooperate with the OA or comply with the terms of the plan may result in the OA issuing a Certificate of Failure on the debtor in the DRS. Creditors may then proceed to initiate fresh bankruptcy proceedings against the debtor. OA will issue you the Letter of Completion if you complete all repayment in accordance of the approved DRS plan. And you are now out of debt without being made a bankrupt!