Unless you have something that looks like this:
The Company shall not compromise any claim hereunder without the consent of the named insured.
in your policy, the authority to settle claims is usually reserved to the insurer. And you usually only find consent to settle clauses in professional liability policies, like medical malpractice policies (not auto policies). Take a moment, read your policy, and see if you can find something that, instead, looks like this:
The Company, in its discretion, has the right to investigate, negotiate and settle any suit or claim.
One way or another, the answer is in your policy.
