My wife recently side swiped a building with our car. We know the building owners and they don't seem to be worried about any damage. A friend in the car body work business suggested it would be ~$1200 to get the car damage fixed. We have collision and comprehensive insurance with a $500 deductible.

My question is, how can I estimate whether or not it's cheaper in the long run to file a claim with the insurance or just pay out of pocket for the repairs?

We haven't had any claims in the last 5 years and our car insurances rates recently dropped quite a bit. I'm worried about jeopardizing that.