First off, yes the estimate is high. I'd guess in my area that would be close to a $3000 job.
Just because they estimated $8K doesn't mean that's what the insurance company will pay. I know a few body shop owners. They HATE State Farm. Chances are the estimate was so high because that shop doesn't want to do any work for State Farm.
As far as how it works if they total the vehicle....
They'll take the market value (book) value (pre accident), subtract the amount of your deductible. That's what they owe you. If you want to buy it back they will subtract the amount a wrecking yard would pay for it, and cut you a check for the remainder.
Let's say the book value is $4000, your deductible is $1000. They would owe you $3000. They'll get prices from wrecking yards to establish a buy back value. Let's say a yard would pay $750. The insurance company would owe you $2250 if you kept the car.
There will likely be some other expenses. They are supposed to re-title totaled cars with a salvage title.
With 276 rounds on the clock I'd be taking the money and let them take the car.
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