Hello,

I need some advice regarding a small car accident i got into today, Im from Toronto, Canada and this happened in Toronto. I met with a small accident today when i bumped into the car ahead as he suddenly slowed down. There is damage to my car, my headlights got broken and the person i hit, his cars backside broke and will need replacement.
I have taken pics of my car damage, but not his as i didnt have a camera then.

Neither of us called the cops and we just took each others details to settle it later. He went to his mechanic and estimated the cost of fixing his car as $1500 (im sure it less than $1000). and my car fixing will need about $2500 = $4000 in total.

Im not sure if i should pay and get over with this or should i go to my insurance company. If i go to the insurance, how much high would my rates go and for how many years it stays like that - i know no1 can give a firm answer, but im just looking for approximate numbers, trying to think if it makes sense to go to insurance and let the insurance pay for all $4000 damage fixing and pay high rate, which could turn out to be less than $4000 OR if this choice could be more expensive and it would make sense to pay $4000 myself without going to the insurance company.

I currently have my family( 4 adults) insured on 2 cars paying $200 a month).
Any advice with approx numbers would be helpful.