According to my insurance company I only needed to report it to the police if a human was injured or if my car needed to be towed, apart from the fact that the damage is not as bad as first estimated.
At first they thought they may have to replace the reservoir for my radiator plus one of the hoses. However the reservoir had just been bumped out of skew and doesn't need replacing. It will still be around $300-$400 once they have finished, but it could have been a lot more expensive.
I have spoken to my neighbour briefly this morning (he was outside when i went to go to the gym). I know money is a little tight for them but he has agreed to pay me at $50 a week for a few weeks to cover the cost. I did have to point out that his was liable for any damage caused and my friend could very easily have made the quote a lot higher (he offered to do this and we would split the difference 50/50).
It all appears to be resolved relatively amicably, although I have now gone from being the big guy with the loud music at the end of the street to being the big guy with loud music at the end of the street who kills dogs and eats babies according to the looks a few people gave me yesterday.