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Originally I thought maybe I can get away with buffing it out and using some touch-up paint for the damage. Upon closer inspection, the clearcoat is actually cracked. That means the bumper must be repainted.
I made a claim with my insurance company right away, but will see if it is possible to get it painted below the cost of my deductible. See if the shop will cut me a deal if I can remove and reinstall the bumper myself (easy on the Fit, see my Taillight install post on how).