I drove into the back of another car today and minimal damage was caused. His bumper popped off a little and my licence plate has broke. We exchanged details, name, phone number and licence plate details and he said he'd call me on Monday to discuss whether we can settle without involving insurance companies or whether we do need to use them.

Do I still need to let my insurance company know and if we do settle outside should I get some form of confirmation from him stating the matter is now closed? I don't want it coming back and haunting me at a later stage