If i contact my insurance company, will they increase my rates? 
If you have the time , contact your agent to get an estimate on the effect of having such a claim against your record . Some companies reward claims free driving and loss of that reward can be substantial . Having said that , however , if you fail to notify your company , you could unnecessarily expose yourself to a personal injury liability claim if you deal directly with the other party . If you have paid damages and then the other party claims a personal injury as the result of the collision you are not in a good position . If you have the claims department of your insurance company handle the matter they can protect you better than you can protect yourself . 