Hey guys n girls

I have a question about insurance claims if an accident is at my fault.

I have just had an accident resulting in hitting another car, I have 3rd party but I am not sure how the insurance work.

Say I have done 3k damage to the other car which they are insured, will my 3rd party insurance need pay for their full repair bill or only their excess? After this I will expect my insurance bill to increase next year?

Cheers everyone