I don't know the insurance laws in your state, but if the guy that is at fault has liability insurance, they should resolve this claim with you.
The normal practice after they have had an opportunity to talk to all the parties (might want to take statements), review the police report, and inspect the damage - is to make a liability decision and offer payment.
If they agree their guy is at fault, they will inspect the car and offer to pay you the actual cash value (the going retail price) based on the condition of the car a split second before the accident. Depending on laws in your state this may also include sales tax and title transfer fees.
If they pay you as a total loss, they will take title to the vehicle and dispose of it on their own. That is how most late model cars get to the junkyard in the first place is they are auctioned off from the insurance company to the salvage yards.
What you need to do now is get on the net and pick up a local auto trader. Get some idea what these cars are selling for - and for goodness sake...be REASONABLE about the condition of your car as to its value. You may be pleasantly surprised to find they offer you more than you even thought it was worth...but if they are offereing much less - be ready to present your documentation of like kind of vehicles in the area available for sale.
Now - they may agree to cash settle and let you keep the car - but it comes at a price.
1. They subtract the reasonable salvage value from what they pay you.
2. They may still process the title into a salvage brand - which means you only can sell it or use it for parts.
Most of the time it is best to let them have it and pay you full value.
In 1998 I put a V8 small block in a 84 Fiero - tricked up with 86 Fiero GT body panels. That car was a blast. Ended up with 17" rims, Viper red paint - VDO gauges...and even cold a/c. I believe we have owned about 7 of these things over the years. The thing is, they can take a heck of a collision and keep in ticking.
Good luck!
