Last week I just bought a 1992 944T (silver with dark grey leather interior) with 130K miles on it for $2400. They were asking $2999 at a used car lot.

You can look in www.autotrader.com and other similar sites to find what people are asking for 940s. There are few within 100 miles of zip 92123 for example.

I'm no insurance expert but when I had some flood damage from a washer hot water hose (Replace all your washer hoses with steel belted), they are motivated to settle. You do not have to accept their offer. So if you hold out, they increase their offer. I would assume you could get somewhere between $2000 and $3000.
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1993 240 Classic; 1992 240; 1997 850 GLT