Settle a claim or go through insurance?
- We were involved in a minor minor accident - we touched (won't even call it a hit) a car's back bumper while stopped at a red light. There was no damage obviously visible on his car. Nothing visible on my car.
- He got a couple of quotes and has offered to accept $500 cash settlement.
- I don't mind settling or going through insurance. Obvioulsy I would prefer that insurance not go up as a result, but if that happens then so be it.
- My question: If I settle with him, what is there to then keep him from coming back 6 months for now and suing ME for personal injury, etc? Even if I get him to sign a letter, there likely will always be a loop hole that some lawyer could get around (whether legitimately or for the sake of making money).
- My insurance co said the only way to get relevant advice is to file a claim and then speak to the adjuster. But at that point, will there be a strike against me (even if I end up paying him cash and no claim ultimately gets filed by the other party?).
I've heard a few cases recently where people are suing where obviously there wasn't a legitmate claim - just to make money. Does this essentially mean that nowadays no one sshould settle privately?