always report to the police (the only good thing they can ever do to you) this way you can either ask the person who hit you pay by their own money or get their insurance to pay the repair for you.
this way if the hitter flaked on you...you can get the police report and claim with your insurance.
I know sometime people rather pay for the damage if it is small so their insurance wont go up.
(1) def call the police!
(2) dont report it to your insurance if you dont need to. regardless if you're at fault, your premium WILL go up.
(3) if you wanna be nice about it, settle for cash under the table. that way, you still get your money, but the other guys won't have to pay a premium for insurance on top of that. its fast, clean, and no paper trails are left behind!