This happened to me recently, some bint bent the front of my E46.

Insurance said the repair was 109% of the car's value (using their bodyshop, brand new BMW bits etc). So they Cat C'd it and paid me out.

I kept the car, and got £4kish paid out, spent £1k repairing it and its better now than it was before the incident!

In the paperwork I got for keeping the car they just said I'd have to get a VIC check done before I sell it (as they wont issue a new keeping a V5 until its had one)....sounds a peice of cake and will get around to it soon!