Agreement to pay for car bumper paint damage non insurance?

Question

I have agreed to pay $500 for paint damage to a car that i bumped into. That was the best estimate we could get. What is the agreement i should get signed to wash my hands off from further claims. I did not want the insurance company involved.

appreciate if you can point to a template of send one to me

Answer 1

The other party needs to provide a signed statement (notarized) that in exchange for your payment of $500, he/she releases you from all further liability for injury or damage from the accident.  You need to pay via check or money order so you have proof of payment.

Answer 2

if you are doing this without lawyers or your insurance I would make them sign a paper that states by accepting payment to fix their car they waving all rights to any future claims personal or property wise resulting from actions that took place and use the date it happened.   Try to get pictures of the car (both yours and theirs) before they fix it also. Make sure if you give them a cheque or money order which is the best way to pay for the car that it clearly states on the front complete and final settlement.

Hope everyone was okay

Answer 3

Well, you need to pay a lawyer to write you one valid in our state.  And keep in mind, paying for the paint damage doesn't let you walk away, it only voids your policy for this claim.

So you'll ALSO have to pay for the 3-5 days of rental car coverage, and if they go to the ER to get checked out, you'll have to pay the medical bills, too, and possibly lost wages.

It's a BAD IDEA to cut your insurance company out of the claims handling thing - because once you cut them out by paying part of it, they don't have to pay ANY of it.  This can end up costing you ten thousand dollars, or even more, in the end.