If the cop was to lay a charge, and then get a conviction, that means you were criminally at fault. This means that the insurance company will consider you high risk, as you do things that make them pay out. Speeding, no signal, running red lights, etc, all have a negative impact on their assessment of your risk.
That is good news that the cop will not charge your buddy. If the cop said it will go to insurance, perhaps he was assuming that you/your buddy were going to file a claim... The cop wouldn't just send off the report unless there is a charge. It doesn't go on a drivers abstract w/o a charge either, so there is no real record of it.
A 20 year old filing a claim is going to see a massive rate increase. I would assume that his insurance will double at a minimum. To see the negative impact, go to an online insurance company and get an online quote. They are pretty accurate. Do one with a clean driving record, and one with a claim for an at fault accident. See how much it will cost over time and judge whether or not he should file a claim, or pay out of pocket.
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