Traffic Accidents - Instant Settlement

I was recently in a minor accident, not in China, but in a gas station in Menlo Park. It was very minor, a few scrapes and a broken light, and neither of us wanted to deal with insurance, so I paid the guy $100 and away we went. Not that common in the States, but the preferred way to settle such things in China, apparently even encouraged by the police - in some cases a crowd will even assemble and pass judgment on the amount owed (apparently not always a pleasant experience if you are a foreigner). Never-the-less, it is efficient and gets the job done.