Yes, if you were found at fault for failure to yield the right of way to the vehicle that hit you then you would be responsible for the repairs to your vehicle as well as the other car.
Your collision coverages would cover the damage to your vehicle, minus the deductible you would owe, and your property damage liability coverages would cover the damages to the other vehicle that sustained damage in this accident. There is no deductible charges for your liability coverages of bodily injury and property damage that the other party could make claims against.
To find out more about how to make a claim and the claim process for the other person in the accident contact your insurance agent or your insurance company's claims department.
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