ShouldIyou file a claim if my 17 year old son caused 4000 damage to his truck by hitting a pole in a parking lot first accident will our rates go up and by how much?

It is going to depend on the insurance company. This is a significant enough amount to probably make it worth filing the claim. The best thing to do is to call your agent and speak to them to find out how much the rate will increase and for how long. The agent can rate the policy with the accident charged without notifying the company of the accident until you make up your mind. As a matter of full disclosure, I own and operate a small Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company.