If you are at fault, your coming year's premium would be $300-500 higher depending on which insurance company u are with. Don't try to settle the case privately if it involves any bodily injury. No matter what happens, always notify your insurance company at the first time. Your insurer will help you determine the estimates for the damage. If you decide to pay the damage out of your own pocket, this won't affect your next year's premium, but you still have to let your insurer know.