If i contact my insurance company, will they increase my rates? 
Talking to your agent will not affect your premiums . Traffic violations and at-fault accidents will affect your premium however . Some companies also offer claims-free discounts . Your agent will be able to give you advice , and your policy might only raise slightly . You should get an estimate just in case to see if it would be cheaper to file a claim or pay the $ 700 . Hope this helps ! 