Answer:
The answer depends on 2 vital elements
1. whether there are injured/dead people - you cannot accept the money. you must inform BOTH the Insurance company and the Police. otherwise it is a hit and run, which is a criminal offence and you will be penalized.
2.or there are no injured/dead people - then take the money and settle the dispute
Step-by-step explanation:
Dealing with insurance companies is not a legal requirement and depends on your choice.
BUT,
if a person is injured or dead because of the accident, then not only should you inform the insurance company, but also you should inform the legal authorities (Police).
so, as I mentioned about, if it is just your car a and stranger's car that is damaged, then you can settle it without involving the insurance companies.
if a person or another party is involved, then you cannot!
hope this helps!