Auto Insurance Claims: settlement out of pocket, insurance rates, insurance company

Question
Hi Bennie,

I rearended (myfault) another car recently in NY, the cop asked us to exchanged our insurance. the damage was little. Next day he called me asked for 300$ for repairs. I sent him the check for that amount stating "Release of all claims" at the memo. Now i am worried whether i have to inform  this to my insurance company or can i keep that scanned copy of check to safegaurd myslef against further claims.

Its been a week since this incident had happened.
Even if i inform this to my insurance, does my insurance rates go up because insurance hasn't paid anything till now.

Thanks,
Santh


Answer
Hi Santh,
You should inform your insurance company of this accisent in case the other party later decides to claim injuries.  A late notice would give your company grounds to deny the claim.
If the total cost never exceeds the amount that you have paid, there shopuld be no increase in your rate.
Bennie