Having just went through this with my insurance on a car, I assume they are paying you out a certain amount over and above that number? For instance, my car was totaled and State Farm gave me $5000 for the car. Should I had wished to purchase it back, I would have received the car, (with a branded title) and a check for $3300. For me it was not worth it. I took the check.
Were it my truck on the other hand it would have been a no-brainer. I have let too many vehicles go that I should not have. In your case though, it sounds as though any settlement would not cover the cost of repairing your truck. Yet in your shoes I would still take the truck and cash and part out as I could. Keep in mind, I have a TON of storage and the vehicle would not be an eyesore to anyone.
Also make sure that you are getting a fair settlement... I lost an antique motorcycle to a fire where they offered me literally nothing for it when it was worth $6000. If you find yourself in this place, don't settle... If you want p. m. me and I can give you some hard won advice.