One of our neighbors, a relatively old man (70), backed into my car tonight while pulling out of our across-the-street neighbor's driveway.  Messed it up pretty good.  

He has offered to pay for it.  I have not called the police at this time, or my insurance company.

I don't want to affect this guy's insurance rates, or something worse, etc.  

Will my rates go up if I report? 

Any opinions here outside of the "legal obligation", which I understand.

Thanks,