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.