What Happens If You Damage an Exotic Rental Car During Your Trip?

I'm planning to rent an exotic car for an upcoming trip and had a question that might help other first-time renters as well.

If a rental car gets accidentally scratched, dented, or damaged while it's in your possession, what is the usual process? Do most luxury rental companies require an immediate report, and how do insurance, security deposits, or damage waivers typically work?

I've been reading the rental terms from Peacock Rentals to better understand what renters are responsible for, but I'm also interested in hearing real-world experiences from others. Have you ever had to report damage to an exotic rental? What happened, and what advice would you give to someone renting a high-end vehicle for the first time?