In most cases, it is actually legal for you and the other party to exchange money directly after an accident. As long as the accident doesn’t result in a death or injury/property damages over a certain dollar amount (usually $500 to $1,000), you don’t have to file a police report. Be sure to check your local guidelines as the law differs from state to state.
However, we don’t recommend paying out of pocket. You may be tempted to accept an immediate cash offer instead of going through the lengthy insurance claims process, but neither you or the other party knows the extent of the damages, injuries, and costs associated with the accident.
Any offer you make or accept is an educated guess at best. Plus, if you have any injuries — especially a head injury that develops over time — you may not have as much leverage to get the compensation you actually need to treat them.