AMFM has a 24 months $1500 policy which forgive your accident under $1500 payout if you have a 24 months solid driving record with AMFM.
Since it is your fault, he has the upper hand to pick where the car will be repaired at very likely to be dealership.
By any chance if you give him a check make sure ask him to sign something:
1. Release you from any further liability from this accident, such as repair and medical.
2. He will no bring any charge against you civil or criminal.
Good luck!