[OtherRoad]

The insurance company is right if you add up the cost of parts and labor.
Sounds like it is junk or at best a parts bike, might make sense to buy it back for that, IF your are buying the same bike again and plan on keeping that for years and have a place to keep it or figure you can part it out for a profit.
Otherwise count yourself lucky for not being hurt worse, make your best deal and go shopping.