if the accident is only minor damage, then it is best to settle on the spot ie ask the other party to pay the damage upfront. But there is also a risk that tre workshop may charge us more than what we ask for later.
If the damage is more serious one, then go ahead to report to police and claim insurance. I personally find that insurance claiming process is pretty lengthy and take out some of personal time. And it need both parties to make police report.
Kindly comment if I am wrong. There is pro and cons on both approaches.
Accident 101: i teach u claim loss of use