If the insurance company decides to "total" it, then you get a check and you get to keep your bike (as is). Then you can choose whether to use the money to fix the bike, or buy another bike and scrap/part out your damaged bike. Whatever you can get for scrap/parts you get to keep. The impound...
I'm not a mechanic, but my understanding is there are two TP sensors, one towards the front of the bike, and one towards the back. I think I've read it's the front TPS that is usually the bad one, but it's an old bike so I replaced both.
I see you had the Cobra 6 into 6 exhaust. Great sounding pipes! When my motorcycle mechanic was working on mine, his neighbor heard it running and came over and asked "Are you working on a car?"