Insurance paid for my '78 P as well. About $1'200 I think they gave me (about 2x what I paid for it). The adjuster was a guitar player and really understood instrument prices. It was actually a good thing. I had not played for a little over 20 years and not even touched a bass during that time. I kept being asked to play but pushed it off. I let a guy at church use the bass and it was stolen from there. Not his fault at all. When I had to do the research to suggest it's worth and get numbers on my side for the church insurance, I really began to realize how much I missed playing and got sucked back in. In that respect, that bass bass getting stolen was absolutely one of the best things that ever happened. I love playing.
Bonus: Had it not been stolen, I would have never known anyone here, and that's worth a lot.