I rear-ended someone and there is no damage to my car, and I am not going to report this to my insurance company. However, the other party is considering filing a claim against me to have his car fixed. He received an estimate to repair the damages of $550. I am wondering if it would be better to try to settle this privately or let it go to insurance.
My questions are:
- Which would probably cost me more in the long run, repairing the damage out-of-pocket or letting my insurance company handle it? I am 27 with a clean driving record.
- If I settle privately, am I at risk in the future? What if he decides to be "injured" later on?
Also, I received a traffic citation ("failure to stop to avoid an accident") for this because the police were called when the accident happened. I was planning to go to traffic safety school to remove this from my record. However,
- If I DO let his claim be filed through insurance, is there a point to going to traffic school or should I just pay the ticket? What I mean is, do both things (the insurance claim and the ticket) affect my insurance premiums separately, or would it not make a difference if I had only the accident or the accident and the ticket on my record?
Basically, I need to know what will be cheapest in the long run, while still being protected.