I scratched someone car bumper while parking?

I was parking yesterday night in my apartment parking, it was raining heavily(i could barely see anything), and mistakenly scratched 2 inch of back left side bumper from the curve. the other guy was just there and came. he said looks like it would need a paint job and or may be change of bumper; i was surprised... show more I was parking yesterday night in my apartment parking, it was raining heavily(i could barely see anything), and mistakenly scratched 2 inch of back left side bumper from the curve. the other guy was just there and came. he said looks like it would need a paint job and or may be change of bumper; i was surprised change of bumper on 3 inch scratch. we both agreed and left on a note that we will inspect in morning because scratch is hardly visible.

Please suggest what are the options in front of me now?
1.) should i give him my insurance and take his insurance and ask him to file a claim?
2.) should i do out of insurance settlement with apologies

pls help.
thanks
rohit
Update: Thanks all. I will update everyone once i get a resolution
4 answers 4