He sees old sierra, £100 jobby. I doubt he will cough up the cash, personally i would say £500 note today or goes via insurance.

He will piss you bout for weeks and you'll end up then trying to get your insurance to sort it and he will most likely turn out not to have insurance or will try and claim it wasn't him etc.

Act quick, dont get fobbed off and if he wont play ball, insurance asap.