Help .. Cyclist drove into my car and now trying to claim insurance

Hi All,

Can you please help. I passed my driving just over one year ago and involved in an incident which I have no idea how to approach.

I was involved in an incident with a cyclist. I was turning right from a main road into another road controlled by traffic lights where the lights have already turned green a car also passed in front of me I was the 2nd car going through. suddenly a cyclist came in front of me who was trying to cross the road at pedestrian crossing even though the lights were red for them and I could not break in time and hit him. I got down my car and spoke to the cyclist and he admitted that it was his fault as his breaks failed and he could not break on time and he said to me that he is fine and just had a scratch on his hand. Being a new driver I did not realise I had to exchange details hence I left the scene. I reported the incident to my insurance on the same day and also filed a police report within 24 hrs. as I did not take details.

I got a call from a police man after a few weeks saying that he reported me to police as I failed to stop the car and his finger is fractured and bike damage. I gave my side of explanation to the policeman who is going to file a report and pass on my insurance details to the cyclist.

I want to know what will happen next ? is it a serious offence will I loose my license or be disqualified ? will I be monetarily fined ?

Can the cyclist claim insurance even though it was his fault. If I don't want to go through insurance and want to settle cyclists damages privately will it be legal. How will I proceed with this.

Thanks in advance.