accident
Latamier,
I am only an attorney-to-be (assuming I pass the bar in a few months), but I have done work in this field over my summers.
Big E is correct, if your knee hurts, go to the emergency room now.
What kind of coverage do you have? What is the cap on that coverage? Keep in mind that this is the type of case that is ALMOST ALWAYS settled. Personal Injury lawyers work on a contingency, usually 1/3 of what is recovered.
Here is what is likely to happen:
1. Asshole calls lawyer. Lawyer will assess (first) what your insurance situation is and compare that to what his client's injuries are, the likelihood of recovery (including the police report), the expenses he will incur, and what he will pocket after all of the above. If he likes the number, he will file a complaint. If you have no idea what is going on, this can be the scary part: you may get served at work, at home, at your mom's home, etc. The complaint will be written in utterly incomprehensible language and will probably ask for more money than you can imagine.
2. If you have ample insurance, he will not bother with you personally. The insurance company will defend the claim.
3. The insurance company will look at the claim in terms of what it will cost to defend and what juries tend to award in these types of cases. Again, civil litigation is very expensive (discovery, depositions, etc. ) and neither your insurer nor the PI lawyer wants to go to trial. In fact, if most PI lawyers will turn this case down if there is even a fair chance of this going to trial. They are looking for a quick settlement.
4. Your insurance company will settle because they do not want to pay the cost of defending.
5. Your insurance will go up, probably double, and you are fucked.

Your insurer may drop you.
This is a VERY broad sketch. Many factors will determine what ultimately happens (e.g., whether you live in a fault or no fault state, how bad he is really hurt, what your personal assets are, etc.).
By the way, do not say that you were not paying attention, flipping radio stations, lighting a cigarette, etc.
Let me know if I can help you with anything else.