Settle or go through insurance???

What is the name of your state?VA
Hi,
Yesterday I hit a car in the rear .My car just touch the other and they took my car no. policy no , name and ph no.Then after 2 days that guy called and told me that he had loss of $500 and he said if I pay that to him then we can settle in between us without calling insurance.
Now my doubt is if I go to the insurance how will it effect my insurance and driving history .
I have full coverage with Geico.

DO you think I should settle with him directly or go legally.

Thanks a lot for your valuable advice in advance

Thanks and Regards

csvirginia1 said:

What is the name of your state?VA
Hi,
Yesterday I hit a car in the rear .My car just touch the other and they took my car no. policy no , name and ph no.Then after 2 days that guy called and told me that he had loss of $500 and he said if I pay that to him then we can settle in between us without calling insurance.
Now my doubt is if I go to the insurance how will it effect my insurance and driving history .
I have full coverage with Geico.

DO you think I should settle with him directly or go legally.

Thanks a lot for your valuable advice in advance

Thanks and Regards

Click to expand...

**How much is your deductible? You have a couple of things to consider.

$500 is my deductible

Thanks for reply

csvirginia1 said:

$500 is my deductible

Thanks for reply

Click to expand...

**If you report it to your insurance company they will pay $0.00. Then they will also know that you had a minor accident. They could possibly put you in a higher risk category which would affect your premiums.

**So since you will pay $500.00 either way you really don't want your insurance company to be involved.

**Now as to what you owe the other driver for his damages. I would request from him a copy of the estimate that he received. You can review it and if it seems reasonable, make a check out to the person. Make sure to note in the memo what it is for. If it doesn't seem reasonable you may want to negotiate with him. You may be able to negotiate a lower price either way. Good luck! And make sure you are a safe distance from vehicles that are in front of you.

dont just give him the check without first having him sign a release of all claims against you for the accident.

"I, name of injured party, hereby accept $500 from csvirginia1 in consideration for releasing csvirginia1 from any and all claims arising out of the automobile accident of August 1, 2004 involving my 2004 Ford Taurus, license #1234567 and the 2004 BMW 335i, license #1223456 driven and owned by csvirginia1.

Dated: August 24, 2004

signature of injured party