Per California law, you must report any accident that results in injury or serious property damage (judged to be more than $750.00 in damages) to the DMV. The law states you must make such a report within ten days of the accident. Failure to do so could result in additional problems, such as the suspension of your driver license. No statutes govern when you must report an accident to your insurance company. Still, best practices state you should inform your insurer of any accident as soon as possible to avail yourself of the protections of your policy.