I would put off contacting my insurance agent until I contacted an attorney. I believe the parents of the mini-monster are liable and would proceed against them if the attorney agreed. I'd give them a chance to turn it into their insurance or however they wanted to compensate you, but if they balked I would file in small claims court. If you turn it into your insurance it will affect your rates for something you did not do. I would try to avoid that.
You'll also need an estimate of the damage if you don't have one already. You should not have to pay a dime for others negligence and that should be your goal, unless higher premiums are not an issue for you.
BTW: really nice bike!
