Car accident - damage might be > value of car...what's my play?

[z28dreams]

So last night, around 2 am in the pouring rain, a 16 year old asian kid on a cell phone decided to pull out into a major road without looking, and I t-boned him at around 20mph or so (slammed on my brakes pretty hard).

I've got an older car, which is worth probably around $3-$4000.

The damage isn't awful, but it affected quite a few parts (hood, bumper, quarter panel, driver door), so I'm expecting the damage to be up there.

If the damage exceeds the value of my car, am I pretty much screwed having to pay the difference for repairs?

Obviously I could just take the money and put it towards a new car, but since mine is paid off and only has 75k miles on it, it doesn't make any sense to do that.

Am I going to be shafted here if repairs exceed the car value?