The right course of action was exchanging insurance information, just to ensure everything is priced and calculated correctly and all documented. If the third party submits a claim, any repair costs would be settled by your insurer, subject to your policy terms. That said, it is worth considering the cost of the repair before opting to go down the insurance route, as your excess may be more than the repairs, and making a claim would be taken into account at renewal and could impact your future premiums. Even if you choose not to claim through your insurance and settle it personally, you should still make your insurer aware of any incidents, even if a claim hasn’t been made.