I NEED HELP PLEASE REGARDING A SMALL CAR ACCIDENT?

WE HAD A SMALL ACCIDENT AND NONE OF US CALLED THE POLICE, WE DON'T HAVE PHOTOS OR WITNESS AND ALL WE DONE IS THE EXCHANGE OF NAMES, ADDRESS, CONTACT NUMBER AND THE REGISTRATION OF THE CAR. RECENTLY THE OTHER DRIVER INVOLVED CALLED ME AND WANT'S UP TO A �1.000 TO APPARENTLY REPLACE THE BOMBER. I DON'T KNOW WHAT TO DO... TO GIVE HIM MY INSURANCE? THE SCENARIO IS THAT HE BRAKED VERY SUDDEN AND I DID THE SAME BUT THE STREET WAS WET AND I SKATE IN HIM. PLEASE GIVE ME ADVICE ON WHAT I SHOULD DO BECAUSE I NEVER BEEN INVOLVED IN ANY KIND OF CAR INCIDENT.