Do I have to sign a property damage release form in order for the at-fault party's insurer to pay in full?

Question Details: My car was hit while parked, but the driver provided me with his insurance info. The total costs of repair rental car exceed the CA state requirement of $5,000 by about 1.6K. So far the driver's insurance has paid 3.9K, but are requesting I sign a property damage release form so they can pay their remaining 1.1k. However, the form states that I release the at fault driver, not just his insurance company from further claims on this accident. Is this standard procedure? Since my car was hit while parked, am I really required to give up my right to sue the driver for the remaining amount he's not insured for?

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