If I make a claim would my insurance go up?

It's been 3 weeks after an accident and the guy is calling me saying that he wants $1500 for damages. The car is worth $1500 and it was a slight dent. He threatens to make a claim against my insurance and he will lie about what happened.(There is no police report) If I make a claim to my insurance telling them what happened will my insurance go up even though I do not want money. Will it benefit me to tell them? Thank you. I live in New Jersey