Yahoo Finance 
What you should do if you get into a car accident (to save you money)
By James Yeo
It can be hard to make sense of anything when you are involved in a car accident. Many people get overwhelmed by emotions when such a situation occurs. Not only do a traffic accidents cause physical harm, they can also affect your finances profoundly.
That being said, whenever such an unfortunate thing happens we should remain calm and rational. The following are some tips to keep in mind if you are involved in an traffic accident:
1) Share particulars of the accident
In the case of a car accident, the first thing you should do is to exchange details, such as
Names
National registration identity card (NRIC) number or foreign identification number
Address
Details of insurer
Telephone or cell phone number
Jot down the vehicle numbers
In addition, file a police report if any parties (the driver or passengers) sustain injuries due to the accident. The report should be made as soon as possible (within 24 hours) either from the hospital, or after you have been discharged.
2) Keep photo (and video) evidence of the situation
You probably won’t revisit the scene of an accident so it is crucial to gather as much evidence as possible at the time. Thus, take at least a few photos of the damaged parts of the vehicle along with its license plate.
On top of that, take a snapshot of other affected vehicles along with their license plates. If more than two vehicles collide with one another, capture the immediate front and rear of each vehicle.
3) Contact your insurer
The next thing you should do is to immediately call your insurer and seek advice what else you should be doing. This is because it may be hard to maintain composure and think strategically when you are in the middle of an accident scene.
Therefore, it is better to ask your insurer for advice, as they can help you to tackle the situation more carefully.
On top of that, ask the insurer for a tow truck service approved by your insurance company in the event that the vehicle is unable to move under its own power. Going to any unauthorised tow truck operators may result in much back and forth trouble later on.
4) Report the vehicle to the authorised reporting centre
Last but not least, take the vehicle (whether damaged or not) to the approved reporting centre / authorised workshop and report this accident within 24 hours or by the next working day.
You will have to face the repercussions if you fail to report it within the stipulated time frame:
The insurer may refuse to fulfill the liability, because you breached the clause of your contract by not reporting the incident within a stipulated time period. As a result, you will cease to get the protection provided under the policy and might end up bearing the charges, such as any third party claims or any repair and maintenance charges.
You will be entitled to the No-Claim Discount only after the policy is renewed by the insurer.
It is also possible that your insurer may cancel or refuse to renew the insurance policy.
By reporting the accident within the stipulated time, not only will you be able to enjoy the certified quality repair services, but would also save a lot of costs related to exaggerated claims by the third party.
In a nutshell, do not let anxiety and fear take the best of you during a car accident. You can refer to the Motor Claims Framework (PDF) from the government and just execute the step-by-step procedure.
More from the author:
