Auto Insurance Claims: minor accident, chevy tahoe, honda coupe

Question
I was pulling out of my parking space at work and a small 2door honda coupe came speeding into the parking lot passing directly behind me as I pulled out.  I had checked to assure both directions were clear, checking to the right second and then started pulling out.  I looked again to the left but never saw him speed by until I bumped him.  I have a Chevy Tahoe and there is no way he didn't see me coming out and he has a small car, so as he sped by I couldn't see him directly behind me.  I got out and was really upset by the whole thing.  My boss had just pulled up and parked on the outgoing street and was walking up at the time of all this.  He told the guy he was going to fast and had to of seen me pulling out.  The guy said he didn't see me at all.  I had no damge and he had a small acratch in the paint and the bumper may have been pushed in a little, although it was hard to tell.  He assumed me at fault for the whole thing and said we didn't need to involve insurance companies as the damaged appeared to be minor.  He said he would get an estimate and get back to me.  I know now I should have called my insurance company and let them know what had occured, but I didn't.  Somehow I trully thought it wouldn't amount to anything.  Well it has, and so I am looking for some advice.  This whole thing happened almost ten weeks ago.  He shows up at my work and hands me the estimates he had got, both about $1,000.00.  I explained to him I couldn't pay him that kind of money and that he was at fault in the accident too.  He said it sounds like we needed to get the insurance companies involved.  Am I going to get into trouble for not telling them the day it happened and will I be found 100% at fault?  If you were me, would you find a way to just pay the man's $1,000.00 estimate?  What do you suggest?
Thank you,
Tiffany

Answer
Hi Tiffany=

No you won't get in trouble.  Just turn it in now and let the experts determine fault.  Get a written statement form you boss or make sure they call him to get a statement as a witness.  I think with his statement you might come out ok.  Sometimes in these cases they find both drivers 50% at fault and each pay insurance company pay for the losses of their insured.  If that happens it doesn't count against you and your rates won't go up.
Your very luck to have a credible witness.

Sheldon Maughan
Sacramento, Ca