anytime you can avoid turning a claim into your insurance company I would recommend it. If you can do they repairs yourself I bet you can do it for less than $20 if you epoxy it, and less than $100 if you plastic weld it, and that's including the plastic welder.
I like the painted black idea. That would save you a lot of time, hide the imperfections if you had any after the repair and give you a custom look.
If you dont feel comfortable doing the repair yourself then I would probably turn it into your insurance because if you take it to a body shop to have faxed. it will most likely still be over your $500 deductible but like I said try not to turn it into insurance.
If you have more than 1 claim in a year your rates could go up, or they could drop you if you got into another accident.
Just something to think about.