What happens after we cancel the insurance claim?

I got into an accident, we both reported to the insurance. But now, we both decided that we are going to take care of it ourselves, because i do not want my insurance to go up (i was at fault)

SO i called the insurance and they said no matter what it will appear on my record as an accident had occurred. So there is no point of cancel the claim? and my insurance rate is just going to be up anyways?

Please reply me as soon as possible. i do need this information