Settling a 'bump' out of insurance providers.

JDMYOFAN

I had an incident over the weekend with another car. I felt the incident is a very likely 50/50 outcome (agreed by both) therefore if we were to claim, we would both lose our no claims and the damage costs are likely to be within the excesses.

The damage costs to my car is £100. The other party has been quoted £300.

I have agree'd to pay the other party £100 so we both have a bill of £200.

Here's where I need help:
If they accept the £100 payment from me (verbally), I would need some form of contract/agreement to state that the £100 I am sending is not an acceptance of liability for the incident, more of a payment so that we both pay equal amounts. The payment of £100 is a final settlement fee towards the damage stated on the invoice and any other financial loss due to the incident (incase they go on about whiplash etc).


Does the above make sense? Thanks

JDMYOFAN

I have the below outline: Can someone advise if it's ok? I'm no underwriter Will point 4 cover me incase a claim is made for 'whiplash' etc at a later date?


Letter of Agreement between the Parties of A & B

Date of incident: XX/05/2008
Time of incident: XX:XX
Parties Involved: Mr A, Miss B
Vehicles Involved: Mr A – Vehicle: CC – Registration: X
Miss B– Vehicle:XX – Registration: xxx
Incident: Both parties vehicles involved in a light collision


This is a letter of agreement between the parties of Mr A & Miss B regarding the incident outlined and dated above. This agreement is not an acceptance of liability from either party. By signing below, both parties agree and accept the below terms:

• Mr A has agreed to offer the sum of One Hundred Great British Pounds (£100.00) to Miss B towards the repair fee for the vehicle with registration xx.
  
• Mr A's offer of £100.00 is not an acceptance of liability from either party for the incident.
  
• The offer of £100.00 is a goodwill gesture from Mr A.
  
• Sufficient and professional checks have been carried out by both parties to ensure there are no further financial losses or impacts as a result of the incident outlined above.
• Any financial impact or financial losses related to the above incident have been deemed as ‘fair’ and/or ‘equal’ between both parties by acceptance of Mr A's £100.00 offer.
• The acceptance of Mr A's £100.00 offer by Miss B is an agreement of a final settlement and agreement between both parties that this incident has now been resolved.

Upon acceptance of this agreement, the sum of £100.00 will be submitted via Cheque sent recorded delivery to the confirmed address of Miss B xx xx xx xx

Upon acceptance of the sum of £100.00 by the party of Miss B, both parties agree not to attempt to make any form of claim or pursue this incident any further.

Signed: Mr A, dated


Signed: Miss B, dated