I just hit a cyclist... now what happens?

At about, 9:40PM or so, not even an hour ago, I was driving home, in my sisters car. The light was red, and I was making a right turn. I waited for all the cars to drive by, I waited a few more seconds, to make sure no one was coming, I pulled out to make right turn, AND BAM. I hit a cyclist who was crossing the sidewalk. I got out of my car, talked to him, he seemed to be fine. He said that his knee was hurting but thats all. His bike was a little messed up as well. We talked and exchanged names and phone numbers. He said that the light was turning yellow, and he thought he could dart across the street quickly and make it through the street. I'm not sure who is at fault, or what to do. Sorry if this is very vague or hard to understand, I am still shaking and frantic. He said he would call me soon to give me an estimate on the bike repairs. No talk about insurance, legal filing, police, etc occurred. He walked home, and I drove off. What now, please, I am so scared, whats next?

Report the loss to your sister's insurance company. You do not wany this guy to turn around and file a bodily injury claim down the road. The insurance company will pay him for his damages after they complete a full liability investigation. It does sound as if he had the right of way, and you were at fault for the incident.

You should have reported the accident to the police. You should now (ASAP) however, report it to your Sisters insurance company. Let them handle the entire matter. That is what insurance is for. The Insurance company may get the police involved, but leave that up to them.

You need documentation. Notify the police, so that a record can be made. It will protect you in the long run.

I almost hit a guy the other day i was so scared.

Whoa sounds like he's pretty cool with it, couldve been way worse! I dont think the cops will be called as long as you and him work something out, pay for any repairs or even split on them if that works, do what you can but he sounds like hes okay for the most part, did he mess up the car at all? Maybe if there are repairs needed on both vehicles, he can do his and you can do your's or split on everything, see what he thinks, as long as you're loyal with each other, insurance or police or lawsuits wont happen, it can remain like a little thing, it wont get big and i think you can relax dude! It was a mistake on both your parts!

Yeah listen to dirty...you need to notify the police ASAP, because a year later he can come back and try and sue you (it happened to my friend long story) you need a good documentation, you should go over and take pictures of the bike and of your car...this is normally not a serious issue but you have to realize that most people now a days will sue at the drop of a hat and will do anything for money, go thier now and get pictures of everything..