Wrecked a Friend's Car

I live in North Carolina.

At a Roebling Road (Savannah, GA) Porsche Club track event last weekend, I rolled a friend's 1981 Porsche 911.

I agreed, at the time, to work with him to get the car back to original condition. We discussed insurance settlement vs. replacement value of the vehicle. The car is street registered, and would be covered by insurance (my understanding) during PCA drivers ed track events.

I offered to reimburse my friend for any difference between insurance award and repair/replacement cost.

Market value of a nice Porsche '81 911 SC is about $16K on a good day. Bluebook value is signifigantly below $10K. Rollover repair cost would probably total the vehicle, in the eyes of an insurance company.

After a couple of days, my "friend" contacted me and demanded that I pay him $30K+ for the car, stating that he had discovered - after talking with his insurance agent - that he had no collision coverage.

So, where do I stand, legally? My desire was (and is) to do the right thing, and get my friend's car fixed or replaced. I am not sure about his claim that he has no collision insurance. The car is worth nowhere near his $30K plus demand.

I feel that he may try and sue me, even though I have confirmed to him in emails my desire to reach a fair and reasonable solution. Furthermore, I have contacted Porsche repair shops specializing in structural repair to view the car and provide estimates.

Your advice?