My wife love-tapped an older lotus elan a couple of weeks ago. no police involved, insurance information exchanged.

There was only paint damage to the bumper. repainting estimate came in at $656.

Our deductible is $500. The other party has been really cool about it, and are happy to avoid the insurance companies. The amount is low and I see no reason not to just pay it out of pocket.

Should I have them sign something stating that they agree that this payment makes them whole?

Any non-obvious potential pitfalls i'm not thinking about here?

3/3/2015 2:30:42 PM

Yeah always good to have something signed just in case at least acknowledging you gave them the money

3/3/2015 2:48:47 PM

offer cash or a certified check and have them sign something basic - unless you have something like 'accident forgiveness' and it resets once per year

3/3/2015 3:17:07 PM

Also, write "payment in full" on the check you give them.

I would also ask for two other estimates. Get three estimates, pick the one in the middle. Or just pay what's asked and not worry about it.

3/3/2015 3:25:23 PM

You want something like a
Settlement Agreement and Release agreement.

This Settlement Agreement and Release (the "Settlement Agreement") is made and entered into this _____ day of _______________­_____, 2004, by and between:

Plaintiff:

Insured:

Insurer:

Recitals

A.. Plaintiff filed a Claim against "Insured" in the Court of_________, County of ___________________ , State of_____________________, Civil Action File No.:___________________, (the "Claim"), which Claim arose out of certain alleged negligent acts or omissions by Insured. In the Claim, Plaintiff sought to recover monetary damages as a result of that certain occurrence on or about________________, at____________________, which resulted in physical/personal injuries to__________________.

B. Insurer is the liability insurer of the Insured, and as such, would be obligated to pay any claim made or judgment ob­tained against Insured which is covered by its policy with Insured.

C. The parties desire to enter into this Settlement Agree­ment in order to provide for certain payments in full settlement and discharge of all claims which have, or might be made, by reason of the incident described in Recital A above, upon the terms and conditions set forth below.

Agreement

The parties agree as follows:

1.0 Release and Discharge

1.1 In consideration of the payments set forth in Section 2, Plaintiff hereby complete­ly releases and forever discharges Insured and Insurer from any and all past, present or future claims, demands, obligations, actions, causes of action, wrongful death claims, rights, damages, costs, losses of services, expenses and compensation of any nature whatsoever, whether based on tort, contract or other theory of recovery, which the Plaintiff now has, or which may hereafter accrue or otherwise be acquired, on account of, or may in any way grow out of the incident described in Recital A above, including, without limitation, any and all known or unknown claims for bodily and personal injuries to Plaintiff, or any future wrongful death claim of Plaintiff's representa­tives or heirs, which have resulted or may result from the alleged acts or omissions of the Insured.

1.2 This release and discharge shall also apply to Insured's and Insurer's past, present and future officers, directors, stockholders, attorneys, agents, ser­vants, representatives, employees, subsidiaries, affiliates, partners, predecessors and successors in interest, and assigns and all other persons, firms or corporations with whom any of the former have been, are now, or may hereafter be affiliated.

1.3 This release, on the part of the Plaintiff, shall be a fully binding and complete settlement among the Plaintiff, the Insured and the Insurer, and their heirs, assigns and successors.

1.4 The Plaintiff acknowledges and agrees that the release and discharge set forth above is a general release. Plaintiff expressly waives and assumes the risk of any and all claims for damages which exist as of this date, but of which the Plaintiff does not know or suspect to exist, whether through ignorance, oversight, error, negli­gence, or otherwise, and which, if known, would materially affect Plaintiff's decision to enter into this Settlement Agreement. The Plaintiff further agrees that Plaintiff has accepted payment of the sums specified herein as a complete compromise of matters involving disputed issues of law and fact. Plaintiff assumes the risk that the facts or law may be other than Plaintiff believes. It is understood and agreed to by the parties that this settlement is a compromise of a doubtful and disputed claim, and the payments are not to be construed as an admission of liability on the part of Insured, by whom liability is expressly denied.

2.0 Payments

In consideration of the release set forth above, the Insurer on behalf of the Insured agrees to pay to the individu­al(s) named below ("Payee(s)") the sums outlined in Section 2 below:



2.1 Payments due at the time of settlement as follows:

The sum of _______ Dollars ($________) shall be paid to ____________________

as follows:


2.2 Periodic payments made according to the schedule as follows (the "Periodic Payments"):

To:

3/12/2015 7:17:57 PM

i would just let insurance handle it instead of stressing about putting together a legal document and hoping it's airtight and they don't report to their insurance at a later date. Your insurance won't go up for such a small amount. That's why you pay for it.

3/13/2015 8:23:05 PM

*Standard this is not legal advice disclaimer.*

You don't need a Settlement Agreement that involved. you don't really need a settlement agreement period. Stockholders...heirs and assigns? It's not necessary to make things more complicated than they are. There's always the downside that by involving a complicated document, it puts someone on notice or on edge more than they otherwise would be, and may be reluctant to sign.

I've advised friends and family about these issues before, and recommended something as simple as a line stating the payment is made in full accord and satisfaction of all property and personal injury claims past, present, or future. A few short lines and you're generally covered. Check the laws of your state with a quick google and you should find some good simple language.

People think you have to make a contract super involved to protect against any occurrence, but most contracts have redundant bullshit that is pointless.

Also...don't pass it to your insurance unless you are really worried about the medical claims. Most medical injury claims that come from car accidents that are "delayed" usually set in within a few weeks at most. The only time you have to worry about is people running up fake bills is if they need the money. A guy driving a Lotus isn't going to get a bullshit fusion surgery to take your cash.

[Edited on March 15, 2015 at 3:02 AM. Reason : s]

3/15/2015 2:58:23 AM