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don't do it! go through your insurance. I know the guy you hit seems nice, and that it doesn't seem like much damage. Here's the nightmare scenario:
You pay $1000 in cash. In some states (read your policy) this means that you have assumed the liability from the insurance company, and that they are released from all obligation toward that incident. In 3 months, the guy you hit starts to feel massive ongoing pain in his back from the accident, and racks up $30,000 in medical bills.
You've already assumed liability for the accident, so now your insurance company refuses to get involved. You have no legal help, no financial help, and you're out much more than any raise in premiums.
-sm
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