My vehicle met with an accident but luckily the damages were really minor. Do I still have to lodge a claim or is it optional to lodge a claim especially when the damage is minor?

It is not necessary to always lodge a claim, especially for minor damages. In fact, most insurance experts advise policyholders to refrain from making claims for such damages. There are numerous reasons for this. To begin with, when you make a claim for minor damages, the cost of depreciation and deductible will come out of your pocket. Not to mention, you might also lose out on any NCB you have accumulated in the process which could be greater than the compensation you receive when the claim is settled.