auto accident - pay out of pocket or use insurance?

[mgtx]

I'm in TX
My husband and I are both under 25
about 1.5 years ago we each totalled a car within a month of each other
our insurance at the time dropped us and we had to find new, more expensive coverage
we currently pay around $2600 a year

last week i rear-ended someone
she agreed to get estimates first and give me the option of paying out of pocket
the total estimated damage for her car and mine was right under $2K (500 for hers, 1300 for mine)
it's a lot of money to pay out of pocket, but i'm afraid if i use insurance the increase will be as much and will last at least 3 years
i'm leaning toward paying out of pocket but could use some advice

thanks in advance

[teflon_jones]

Given your situation and accident history, I'd probably pay this out of pocket too. Make sure that you get (in writing, with their signature) that your payment to the other party is for full settlement for all personal and property damages.

[mgtx]

Originally Posted by teflon_jones

Given your situation and accident history, I'd probably pay this out of pocket too. Make sure that you get (in writing, with their signature) that your payment to the other party is for full settlement for all personal and property damages.

thank you for the help
i was leaning toward paying out of pocket
i intended to meet at a bank to pay her and get a notary to sign a release statement
is there anywhere i can get sample wording for such a document?

thanks

[teflon_jones]

Sample wording:
Check number ______ for the amount of $ ________ from (your name) ___________ to (their name) ______________ constitutes full and complete settlement for all personal and property damages for the auto vehicle accident on XX/XX/XXXX (date).

Signed:
You
Them (all parties in their vehicle, not just the driver)