That student’s insurance should have paid for your bike or they should have paid for it out of pocket.
Personally, I wouldn’t ride an expensive carbon bike to school. It’s more likely to get stolen than anything else as most any lock and be defeated in a minute.
Car insurance is relatively cheap for the amount of insurance you get. You are getting vehicle loss, property damage, and liability. Your potential loss could be in the hundreds of thousands of dollars or even a million if you severely injure someone.
Bike insurance, on the other hand, is relatively expensive for the amounts involved.