Can you be charged with a hit and run if you pulled your vehicle over and exchanged money and both parties mutually
Agreed not to involve the ins. company because there wasn't enough damage?
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In order to answer this question one needs to know all the facts. You could both potentially be charged with leaving the scene of an accident, and when there are other humans involved it can be an arrestable offense. Consult with a local attorney about this if you have not already done so.