Friend driving jumped curb, possibly totalled my car

Hello - Recently, a friend was driving my car - I was in the passenger seat - he started driving like a jack-ass, skidded and jumped a curb. He is kind of an idiot, but so am I for letting him drive. He has taken reponsibility, and was working on having it fixed on his dime, but it looks like the damage to suspension etc is enough to effectively total the car. Although he is willing to pay a fair price for the car, I don't want to wipe him out financially. Should I just contact my insurance and explain the situation? The accident occured two weeks ago, will this present any problems? There is no police report since we were able to drive back to his house, and only later realized the extent of the damage. No injuries, no other property damage, no other people/cars involved at all. Any advice? I have a great driving record, and although he has offered to pay for increased insurance costs (which will be difficult to determine exactly) I don't want the this black mark on my record. Any feedback would be greatly appreciated. Thanks - M