Did you know that there are over 6 million car accidents reported to the police every year? And in almost 70 percent of these accidents, there were no injuries. In other words, there was just damage to the vehicle(s). Minor accidents happen all the time, and fender benders are not uncommon. Parking lots, streets, and even driveways are all common spots to find more minor accidents. And if no one has obtained an injury, you might not want to go through all of the hassle of dealing with insurance agencies. Why? Not only can insurance agencies be a hassle, but the driver at fault will also be looking at increased insurance rates for many years to come.
So how can you handle a car accident without getting insurance involved? And what is a car accident settlement letter without insurance? Today we will answer all of your questions related to non-insurance related settlements.
What are the advantages of dealing with fender benders on your own?
When you have vehicle insurance (which we all should), you also have something called a no-claims discount. This refers to the number of years in which you have not made a claim on your insurance policy. After a certain number of years, in most cases 5, you will start to receive a discount on your insurance rates. Obviously we want to keep our rates as low as possible. Unfortunately, filing a claim will affect your discount. So if you don’t have to file one, don’t. This way you can keep your insurance policy at a discounted rate.
Another benefit of going private is that you don’t have to pay an excess. While there are varying types of excess on car insurance policies, everyone has one. This is the amount of money that you pay towards a claim for the loss or damage of a vehicle. Everyone’s excess will be different, but most people will pay a minimum of $200. This fee needs to be paid regardless of who was at fault for the accident.
Finally, a car accident settlement letter without insurance also means that you don’t have to deal with insurance agencies. Dealing with agencies can be time consuming and hassling. Many people who can afford to pay for damages themselves do so just to avoid the process of dealing with agents.
What are the disadvantages of dealing with fender benders on your own?
It wouldn’t be fair if we talked about the advantages of going private without also discussing the disadvantages.
The most obvious disadvantage of a car accident settlement letter without insurance is the cost. Even minor damages can add up. And if you were at fault, then you have to pay for the other person’s damages as well. In some cases the bills may be more expensive than affordable.
Many people go private because they think that it will prevent their insurance premiums from increasing. Unfortunately, this is not true. If you have been in an accident, your premium will probably increase in the next year regardless of whether you filed a claim or not. So if this is the reason for going private, you may want to rethink.
The next steps
Okay, so you’ve went over the advantages and disadvantages of a car accident settlement letter without insurance. You’ve decide that you want to move forward with going private. Now what?
First off, just because you have decided that you want to go private doesn’t mean that the other driver agrees. In order for it to work, you both need to agree that you will not file a claim. Here’s what to do next if you do get them to agree with you:
Step 1: Report your accident.
When you signed up for insurance, you signed a contract. While each contract is different, most will require that you report any accidents to your provider. This means you are legally obligated to report your accident to your insurance provider, whether you like it or not. You will need to provide information regarding the location of the accident, the time of the accident, and how the accident happened. But the good news is that reporting an accident is not the same thing as filing a claim. You have a duty to report, but you do not have a duty to file.
You should also make sure you find a physician as soon as possible! You can do this by calling the 719-PAIN hotline.
Step 2: Collect all information
If you’re going to agree on a a Car Accident Settlement Letter Without Insurance, you will need to share your information. Remember, just because the other driver has agreed to go private doesn’t mean that they won’t change their mind. So for the sake of argument, collect information the same as you would if you were to file a claim. Here are some things you should record:
• Time and date of accident.
• Location of accident.
• Conditions surrounding accident (weather, traffic, etc).
• The name, address, and telephone number of the other driver.
• The name of the registered owner of the other vehicle (if different from driver).
• Any visible injuries sustained.
• Photos of damages.
• License plates of each vehicle involved.
• Year, make, and model of all vehicles involved.
• Names and information of any passengers or witnesses.
• The other drivers insurance company, agents name, and phone number.
Step 3: Create a Car Accident Settlement Letter Without Insurance.
When dealing with auto accidents privately, an accident settlement letter is there to protect you. Such letters get signed by the other party stating that all repairs were compensated for, and that no further claims or legal actions will be taken against you. You can write your own letter, but we wouldn’t suggest it. If you aren’t properly trained, you could miss out on important details. If you do, your letter may not stand up if ever needed in court. So who can help you?
Lawyers don’t complete all those years of training and education for no reason! A good lawyer can help you to draft up a car accident settlement letter that will prevent you from running into any future concerns.
When should you go private?
• When the only mishap involved you and your own vehicle.
• If the repair damages are minor enough to pay for out of pocket.
• If you trust the other driver.
When should you file a claim?
• There is extensive damage to yours, or someone else’s vehicle.
• Someone has obtained an injury
• The other driver requests to do their own repairs.
• They refuse to agree to going private or refuses to answer your calls.
• The other driver was at fault and offers you a quick cash settlement.
If you are looking for a Car Accident Settlement Letter Without Insurance, call 719 Pain today. We can connect you to a professional lawyer that can help you to draft one up. Looking to take it to court? We can help with that too! Our lawyers are knowledgable in the area of vehicle accidents, and can help you through every step of the claiming process.