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Wendy,
STOP!!! Don't do anything until this matter is settled! I just went through this (totalled '89 240), and I have the following advice:
0. "Totalled" means that the estimate for repair at a body shop is more than the actual cash value of the car. That's ALL it means. It's doesn't mean the car is unrepairable. The insurance company must pay you actual cash value of the car, or the cost to repair, whichever is less. What happens next is up to you.
1. The insurance company does not own the car. They cannot tell you what to do with it. The insurance company will not own the car until you sign over title to them. DO NOT sign over the title until you have a satisfactory payment (actual cash value of the car less any deductible). Only sign over the title if you want the insurance company to own the car - after that, you have no say regarding its disposition.
2. They have not settled. A settlement requires an inspection and appraisal. If you have removed parts from the car, that will affect the appraisal! If they have made an settlement offer, you may want to appeal, which will require further appraisals. Don't part out the car until this is settled!
3. If you retain ownership of the car, the insurance company must offer you actual cash value, less what they would get at a salvage auction, less any deductible. This still requires an appraisal and your acceptance of the offer. After that, you can fix it or part it out as you desire.
Note that actual cash value is based the price of similar cars in similar pre-crash condition in your area.
-Ron
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