I dunno about the sueing thing, but I know if its over $2000 total you have to report it to the cops.
As long as you got his details off him you'll be ok
I personally wouldn't hold my breathe waiting for money from him, especially if its only $250-$300. And its definately not worth going to the insurance over. Know any lawyers you'll do it for free? or at least write you up a summons notice to give to him??
Either way, take plenty of pics, video, and get a proper written quote from at least 2 separate places, just incase you decide to go to court over it.
Don't fix it without doing the above.
But yeah, it sucks balls dude.
Oh well, maybe you can do the other bog patch at the same time!!!!