ANSWERS: 3
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It probably is impolite. And it could be legally binding. Those two reasons add up to say it's probably not smart. It requires you and the other driver to play lawyer on the spot. Either one of you could inadvertently compromise your position regarding later liability. That is, you might accept more liability than is rightfully yours, or the other driver could lose his ability to require you to "make him whole"--either through a misjudgement of the situation or imprecision in your wording. Best to let the investigating officer complete his report, and deal with the details later, after you've notified your insurance company. In fact, your insurance company may have specific instructions in their literature to that effect, and if you do otherwise, you could find yourself liable for things they won't cover.
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It's neither impolite nor illegal. In fact, in lieu of a police reaport or insurance claim, it's the best thing you can do to protect yourself. Let the other driver get two estimates for repair and then create a contract that states you agree to pay the amount of the lesser estimate and no more. If the other driver agrees, you're both covered.
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NEVER SIGN ANYTHING AS SUCH WITHOUT LEGAL ADVISE ALSO NEVER GIVE A RECORDED DEPOSITION, YOU REQUEST TO DO A WRITTEN DEPOSITION SO YOU CAN REVIEW WHAT YOU WRITE BEFORE SUBMITTING IT ( PAST EXPERIENCES AND TOO LATE ADVISE)
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