Failure to report an accident to your car insurance company, however minor the accident is, could invalidate your insurance policy. Most insurance companies share information.
In Most cases you cannot build up any No Claims Bonus by being a named driver on someone else's policy. Check for the exceptions, there are a few. This could be an advantage for spouses or young drivers.
Until your insurance company issues you with a cover note or a new policy then your car is not insured. That does not mean you need to have recieved your cover note. Many comapnies, give you instant cover, where the agreement is there imediatly.
A fully comprehensive car insurance policy will cover any personal injuries to third parties including your passengers as well as your car and theirs, in the case of the accident being your fault, or no balme to either side.
