I wonder if you'd be this philosophical if this guy had demolished your car.

Sorry  --  if you can't stop your vehicle or steer it, you shouldn't be driving it, much less exceeding the speed limit on the Front St hill.  

And if brakes and steering are a low priority for a driver, I imagine insurance probably falls into the same category.  I feel very sorry for the people whose lives have been complicated by this irresponsible driver  --  who is probably not going to pay a dime for the consequences of his choices.