Advice on collision coverage?

I accidentally reversed my car into a tree and I dog-eared the bumper. I took it to a collision repair shop and they said i have to replace the bumber they give me an estimate of $1,200.00. I have collision coverage next to my insurance. The deductible is $500. So does this mean that i will simply be responsible for paying the first 500 dollars?
If someone can give me a swift advise on this, im not exactly sure how it works.

Additional Details

im worried almost filing a claim because i dont want my insurance rates to skyrocket . Geico states that an catastrophe that results in a minimal payout and does not involve injuries habitually will not result in a premium increase. Does anyone know what is the minimal payout allowed contained by Texas in direct to be exempt from an increase on my premiums?

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Answers:    The surcharge threshhold in Texas is $1,000.

Go Texans.

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You will individual need to remuneration your $500 deductible. I'm not sure if your premium will go up since it is considered a minor twist of fate. If you premium does go up your insurance company will tolerate you know before you policy is up for review. So you can look on you policy and see when it will be up. If they do increase your premium you do hold the option to shop around for cheaper insurance.

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