Those who tell you to proceed with the report or file civil suit have totally no idea how it works in reality. I kena this exact scenario before and I can tell you, if that fella willing to give you some compensation, take whatever you can get.

Tell him straight, if he want to settle, do it NOW with no delay. Otherwise just proceed to file a police report. And instead of losing NCD, opt to repair out of pocket if the price isn't too much. Otherwise, for such an old car, just use insurance.