Technically no as if you decide sort it yourself or other party sorts it directly with cash then you don't need to submit case further. If you do report it stipulate you reporting it but still in debate on submitting details/claim. If you have free legal cover & a phone number it maybe wise use to use it.
Problem is it may still affect premiums as the computers may still tag you for fact you been in an accident & your risk is evaluated higher.
You want read your policy too as they have time frames on reporting accidents before not covering you & that could be as little as 48hrs from accident & this needs to be considered for the other chaps policy too.
Personally I would of checked car for rad, intercooler & other damage behind light & if ok would of called the guy with price around £600 ideally to be safe.
If you got damaged intercooler or few other bits damaged broken you may be best just going insurance & hope you can claim enough personal damages to over balance any premium hike.
If the guy ain't happy with your price then it down to insurance but without witnesses it can be tricky unless he super honest.
All needs to be done quick though.
Last edited by Mr B on 27th December 2014, 2:32 pm; edited 1 time in total