FIR for road accident, booked under IPC 337

Dear Sir, On 26th January 2014 I was coming from Chennai to Bangalore by my Maruti 800 along with my wife and my 2 daughters, while we were passing by the Mulbagal bypass road, a man on a bike who was coming from the opposite direction and he was behind a bus decided to over take the bus, at the same time my car was coming from opposite direction, he suddenly came to the right side and collided with my car from front left side. This happened very fast, may be in mini seconds. Because of the impact this man fell about 10 ft far from the accident site, my wife also suffered injuries in her left eye and she got 7 stitches above her left eye, thankfully nothing happened to me and my kids. This man is in coma and on a passerby police has in the FIR shown me as a accused. I was not drunk and also all my documents like Insurance and other vehicle documents are in order. I have consulted with few lawyers and everyone has a different opinions, some say that I have nothing to worry as Insurance will take care of any compensation in the event this man dies. Some say that if this man dies then police will add IPC 304 also and then I will be in problem and I should contact this man's family and work out a out of court settlement. I am confused and dont know who to follow. Please guide me. The problem is that I do not follow Kannda language, the FIR is written in Kannda. I look forward to hear from you. Thank you.