Should I file a auto insurance claim?

Don't pay attention to lucy's answer. Not all collision claims are surcharged, that's a total myth.

Whether or not you file a claim will depend on how much it costs to fix the damage. If the total is less than your Collision deductible, there's no point in filing a claim. If it's much more than your deductible (you decide how much is much more), then you'll want to claim it under your policy. Your insurance company will definitely want a police report, and so will you. Here's why you want to notify the police.

If you don't notify the police (and quickly), the other driver might. Only he won't say he hit your parked vehicle, he'll walk into the police station and say "officer officer, someone just hit my parked car, it was a black Ford truck and I have their plate number" and now the cops will come looking for you (and with a plate number, they'll find you quickly). That scenario doesn't happen a lot, but it does happen. Hitting and running isn't a problem for this guy, so how hard is lying?

A lot depends on your age and driving record. I agree if the damage doesn't meet your deductible say nothing to your insurance. Then fix it if you want to or don't. It doesn't matter if the car is financed or not. All the finance company or bank cares is if you have major damage or a total lost then they will get their money. Minor damage may affect the resale value but that is your problem not the banks. Also if you report to your insurance it will go on your record whether it was your fault, no ones fault or someone else fault. Unless the damage is something you can't afford with it doesn't sound like it is that bad just suck it up and know there are a--holes out there that hit other peoples cars then take off without saying anything.

With a financed vehicle, then yes you must have full coverage till it is paid off.

My suggestion is to go to a body shop and get an estimate of the cost to repair (before) you file a claim. Most likely you have a $500 deductible, so, if the damages are less than $500, don't file and pay out of pocket yourself.

But, say it costs $850, then file a claim and you will still be out of pocket $500, and your insurance will pay $350, the balance of your deductible.

Here is the bad news. Most likely this is a hit/run, but, since no one witness or knows who the culprit is, it is a collision claim, meaning you will be surcharged, even though not at fault, since insurance can't ID the at fault driver.