and if you don't notify your insurance company about it when it happens they will deny coverage after the fact.

Most insurance companies require you to notify them about an accident.

THAT BEING SAID, my son got in a low speed collision where he rear ended a van (didn't stop in time at a stop light... I'm guessing he was distracted) - the bumper on our car was slightly dented but nothing major. The other car had just under $2k in damages. He did exchange insurance but the other driver just sent us a bill directly. (It was a municipal vehicle for the town he was driving in)

We didn't notify insurance then and didn't even know we were supposed to... We were happy to pay to keep it from showing up on the insurance and jacking up the rates sky high on a teen driver...