Auto Insurance Claims: Parking Lot Accident, parking lot accident, kia rio

Question
Last night I pulled into a parking lot at school. I parked and was getting ready to get out of the car when I felt this violent bumb. I immediately jumped out of the car and saw a car had backed right into me. The other car then was proceeding to drive away, he probably figured there was no one in my car because I have tinted windows. I made him park to the side and we inspected the damage. My bumper (BMW X5)is scraped right in the middle and a little bent. His bumper (Kia Rio) is more damaged than mine. We exchanged our insurance info and I was on the phone with his Insurance in minutes. I explained what happened, the other driver was there all along, and his Insurance company said they would take care of it and send a Claims adjuster the next day. I'm also going to get a quote from a Body shop for the claims adjuster.
Now do i need to call my Insurance company to report this accident and if I do will my Insurance go up?
Thanks for your help.
Moses

Answer
Very technically speaking, you should report it.

However in a case where the other driver's insurance company is apparently ready to handle the claim, I see no practical reason to involve your own insurance.

Now, if any serious issues develop, you may want to report it to your insurance company so that they can investigate the claim while things are still fresh.

Good luck!