Rear-ended on Friday in San Diego, can it be saved? Options

[tango-52]

My oldest son (21) and my wife were driving back from taking the dogs (2 welsh terriers) to the dog park. Friday afternoon freeway traffic. Cars in front of them came to a sudden stop, with the car immediately in front of them actually veering into the emergency parking. My son stopped without hitting anyone. Then this teenager (had his license for two months) behind them locks up his brakes and plows into our '73 914. No one was seriously hurt, but my wife has been sore for a couple of days. The kid was driving a Dodge Strattos, and it didn't get much damage. On the Porsche, the rear trunk lid looks ok. The lower valence is smashed and rubbing on the right tire. The right fender is hitting the tire. The top of the left fender is rubbing the tire (it was a close fit before the accident). The brand new Bursch exhaust is smashed and I would bet the heat exchangers are tweeked. The interior of the trunk is crumpled and the rest of the back end is bent in. Apparently he was hard on his brakes and the nose submarined under our car. He even missed the tail lights. Here are some photos:
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The question is, is this repairable? I know it is going to be a fight with the insurance company about the value and I read Dr. Evil's story so I am preparing for that. It just really pisses me off because I had just gotten it running great! The Bursch was really nice. Should I see this as an opportuinty for wide wheelwells and to replace the rusted trunk floor, or is this too much structural damage to save? I checked the gaps around both doors and there is no evidence that the damage went any further than the rear wheelwells. Any suggestions are appreciated.