I accidentally rear ended someone's car...what happens now?

I accidentally had rear ended someone's car. We looked at the damage, his car had none, and my entire license plate broke off. Of course, I will admit, it's entirely my fault. We exchanged insurance cards, contact information, took photographs, and photo ID's. We didn't call the cops because we were... show more I accidentally had rear ended someone's car. We looked at the damage, his car had none, and my entire license plate broke off. Of course, I will admit, it's entirely my fault. We exchanged insurance cards, contact information, took photographs, and photo ID's. We didn't call the cops because we were clueless on what to do and there was barely any damage. I apologized and we both departed. What happens from now?

My brother told me to contact them to see if I could just settle out of pocket instead of getting insurance involved. What should I do? Do I contact my insurance provider? Are my premiums going to be raised? Does anything happened to my driving record? Should I take my brothers advice and just settle it with cash without any insurance involved?
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