Agreement to pay for car damages

[vhinrich]

What is the name of your state (only U.S. law)? IL

I got into a minor car accident. Me and the other person agreed to settle this without involving the insurance company since the damage was under $200. If we do report it to the insurance company, both of our premiums would go up and that's senseless.

Anyways, I'm going to pay this guy $180 by cash or check and I need to make a receipt/agreement that states that I paid him the money for the damages I caused and he can no longer hold me responsible for further damages nor be able to file a claim through insurance company, etc.

Can you help me out? What do I write? How do I start? What should I include to close any loopholes if the guy tries to get more money out of me?

Thanks in advance.

 

[racer72]

I (other person's name) hereby release (your name) from any and all claims related to a motor vehicle accident on (date of accident) and accept $180 as full and satisfactory payment for this accident.

Signed________________ Date__________

Print 2 copies, have the other person sign both, give him one, you keep the other. Though not necessary, you can have the release notarized or have a witness or 2 sign it.