Should I tell insurance company? A littl help, pls.

This morning, I scratched my co-worker's car when parking. It probably will
cost a few hundred bucks to fix. My question to those who have similar
expereince is Should I Tell the Insurance Company? My concern is, If I tell, they will cover, but my premium probably will go up too, and it may eventually cost me more. Is this right?

Thank you for the help in advacne.