If you do not report an accident, your driver's license as well as your insurance could be suspended. A signed waiver of liability is documentation of what you have done is not worth the paper it is written on should the person you hit decides to pursue an insurance claim.

"You may be inclined not to bother reporting an accident to your insurance company, especially if no one is injured and it isn't your fault. You should resist this temptation, however, and 'fess up promptly. Even in a no-fault state, where each driver's insurance pays for their own damages, you can expect the other motorist's insurance company to seek repayment from your own if they believe you were at fault. So, just because you're willing to live with a banged-up car, or pay for the damages yourself, it doesn't mean that your insurance company won't be handing over the ducats to somebody."

Here is a link that might be useful: Dealing With Your Insurance Company After an Accident

Bull..I sold insurance for 10 years. Your insurance can'tbe suspended for that. But if you turn it in to your insurance they can pay up to a certain amount and be a not chargable accident. Most insurance agents will talk to you and give you advice without turning the accident in....they are for you and most are great. Or is there a gal in the office that you deal with...they are great help also.
Karen L

"If there is another car involved, or if there is someone else in the car with you, you definitely need to let your insurance company know about the accident," says Griffin. You can never be sure if a passenger or another driver will file a claim on your insurance, so you're better off making sure your side of the story gets on record with both the police and your insurer.

In addition, because injuries are not always immediately apparent, you should report an accident in case you sustain injuries that show up a day after the accident and need medical treatment.

Sgt. J. Paul Vance of the Connecticut State Police says these accidents should be reported to police because it provides anyone involved in the accident a professional, neutral, written account of the accident. It also provides your insurance company documentation of the accident, including time, date, conditions, injuries, if any, and responsibility. "You should always contact the police if you're involved in an accident," says Vance.

Here is a link that might be useful: Don't shoot yourself in the foot: When to file that auto insurance claim

What to do if involved in a traffic accident.

Here is a link that might be useful: Traffic Accidents FAQ

Can you please tell me if I am liable to pay for someone's car rental if I repair their car? We did not go through our insurance compnay and he wants me to write a check to his credit card company. I already paid for the repair of his car, 2,300. Please Help.

Marla

Just ask your agent what to do. Most will tell you honestly what the most cost conscious solution is. They generally want to keep your business and don't have much obligation to tell anything you tell them to the insurer (or if they do, they tend to ignore it).