Even if the accident only involves your car or it is really minor, it may be useful to pay for the damage out of pocket. But as soon as there are issues of liability, personal injury, significant damage, or another uncooperative driver, you`re probably in the best position to work through your insurance company. Ensure that the release is kept in a safe place if the victim decides to reopen the case. This authorization is not subject to a governmental authority, so the document must be kept by the parties concerned if it is ever to be presented to a public or private organization. Your insurance company will likely require a report of an accident to occur within a short period of time. These periods vary by company, but it can be as little as a day or two. Remember that creating a report is not the same as submitting a claim. Generally speaking, oral settlement agreements are not applicable in Texas.