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Had a bump revering of my driveway,

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Miss judged the distance between my back end on my grand scenic car when revering of my driveway, and bump the passenger side wheel arch area on neighbours car, I have giving insurance details & he's giving me his. This is the first time I have had a accident and not sure of what to do, do I need to notify my insurance company, if it is not going to cost to much, can I offer to pay for the damage. What is the procedor.

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