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@handtightenonly
If someone has damaged a car of mine in the past (be it a cyclist tearing of a £300 mirror or a pisshead chundering on it) I've always argued my point well and had the costs as well as my inconvenience covered.
It's not his fault that you a) rode into him and b) don't have that kind of cash laying about.
I would want it repaired within a reasonable time (by which time you'd be able to earn/borrow any cash) which I would be entitled to ask for.